How to Grow Your Client Base as a Financial Advisor

If you’re tirelessly striving to expand your client base as a financial advisor, but not sure where to start, this is the article for you.

In this article, we’ll discuss attracting people unaware of their need for a financial advisor and lead them on a journey towards being a loyal part of your client base.

We’ll also discuss the ‘They Ask, You Answer’ approach and the advantages of using videos as part of your strategy.

Attracting the Unaware to Grow Your Client Base as a Financial Advisor

In the pursuit of growth as a financial advisor, one often untapped demographic resides in the largest segment of all, those who don’t realise they need your expertise as a financial advisor.

This is stage is by far your best opportunity to grow your client base as a financial advisor. The reality is, most people don’t know that they need a financial advisor. You could say these are dormant clients.

At this juncture, it’s not about directly promoting your services, but rather illuminating the existence of a problem for the reader and leading them to your solution. Here are a few specific strategies you could implement:

Create Educational Content and Host Free Webinars

Create content that focuses on financial issues. This could be articles on various topics such as retirement planning, estate management, tax strategies, or even explainer videos that highlight the benefits of stocks and shares ISAs.

The audience seeking this type of content is already contemplating their financial health and effective money management strategies.

This presents an opportunity to guide them towards understanding the value of financial advice and planning.

Within your content, extend invitations to free online webinars that deliver insightful information on fundamental aspects of financial planning, the value of financial advice and the repercussions of neglecting it.

After exposure to this content, these individuals are now aware of the potential advantages or necessities of financial advisors, thereby progressing along their customer journey.

Use Scorecard Marketing to Grow Your Client Base as a Financial Advisor

Scorecard marketing is an engaging strategy that financial advisors can employ to expand their clientele. Operating as an interactive evaluation tool, it allows prospective clients, who may be unaware of their financial blind spots, to gauge their financial preparedness by responding to a set of inquiries.

These questions could range from their financial objectives to their current challenges and even their available budget. Following their inputs, the scorecard instantly generates a personalised score along with actionable improvement recommendations.

This approach delivers dual benefits: it provides tangible value to potential clients by enlightening them about their financial standings and offering concrete steps to financial improvement.

Simultaneously, it offers financial advisors deep insights into the prospects’ financial situations, goals, and potential roadblocks. This data aids in crafting customised service proposals tailored to each individual’s needs.

By effectively utilising scorecard marketing, you can address the problem unawareness by educating potential clients about their financial situation. In turn, you can convert these leads into clients by providing bespoke solutions, thus fostering client growth and business success.

The “They Ask, You Answer” Approach to Grow Your Client Base as a Financial Advisor

The “They Ask, You Answer” approach, a marketing strategy pioneered by Marcus Sheridan, can significantly bolster your efforts to grow your client base as a financial advisor.

This strategy is about providing straightforward, comprehensive answers to the questions your potential clients have. This approach fosters trust and positions you as a reliable resource.

At the heart of this strategy lies transparency, empathy, and a keen understanding of the customer’s perspective.

In Sheridan’s book “They Ask, You Answer,” he discusses five significant categories of content that typically yield high website traffic, conversions, leads, and sales. These categories are: Pricing and Costs, Problems, Comparisons, Reviews, and Best in Class.

Let’s discuss each one as it pertains to financial advisors.

Pricing and Costs

Clients appreciate and expect transparency in pricing. Your potential clients will be researching, comparing, and assessing numerous financial advisors, and a clear understanding of your pricing structure can significantly sway their decision in your favor, especially if your competitors are not doing so.

Don’t you find it annoying when you’re researching products and services online, and companies hide the pricing?

Transparency in pricing is also not just about listing your services with corresponding fees. It’s about offering an in-depth explanation of the value each service provides. Even if your costs vary based on the client’s unique financial situation and requirements, explaining why and how this variation occurs can help establish trust.

Clients might wonder why a specific service is priced higher than another or how the pricing compares to the industry standard. Address these questions openly and directly.

Establish a section in your Frequently Asked Questions (FAQs) or write blog posts explaining your pricing structure and answering these common questions.

To grow your client base as a financial advisor, remember that trust is a two-way street. By being transparent about your pricing and costs, you’re not only inviting potential clients to trust you, but you’re also demonstrating your trust in them.

You’re showing them that you believe they can understand and appreciate the value you’re offering. This display of mutual trust can go a long way in converting potential clients into loyal ones.

Problems

When individuals are preparing to make a purchase or choose a service provider, their attention often leans towards potential problems rather than the benefits they stand to gain. In the digital age, it’s commonplace for consumers to go online and scour for reviews, both positive and negative, to inform their decision making process.

As a financial advisor, this behaviour presents an opportunity to transform perceived negatives into strengths and stand out from the crowd. Think about the usual criticisms and concerns raised about financial advisors.

These could range from perceptions about the high cost of services to doubts about whether advisors truly have their clients’ best interests at heart. Whatever the perceived negatives are, address them in a direct and honest manner.

Challenge yourself with the question: How can I transparently and honestly mitigate each of these concerns through my website or other channels of communication?

Versus and Comparisons

Potential clients, in their quest for optimal financial advisory services, will likely engage in comprehensive comparisons before making a decision.

They’re unlikely to commit to the first advisor they come across. Instead, they explore a variety of options to identify the one that best suits their financial goals and expectations.

As a financial advisor, understanding and responding to this behaviour could provide you with a significant advantage.

Consider the questions you’ve received from prospects, particularly those that ask you to compare different aspects of financial advising.

These comparisons could span various elements from methods and strategies, comparisons between financial advisor firms, or even contrasts between specific financial products or services.

The objective here is to tap into the comparison based queries potential clients are likely posing and seeking answers to online.

Make a concerted effort to answer these questions in an honest and transparent manner.

Reviews and Best In Class

Consider the scenario where a prospective client is unsure about which financial advisory firm to choose. By offering an unbiased, fact-based review or comparison of different financial advisory services, you’re answering their question: “Which service provider is the best fit for me?”

The transparency and depth of your analysis can provide a sense of clarity and confidence, allowing them to make an informed decision.

Similarly, when you profile other reputable firms in your sector, you’re answering the question: “What are the strengths and strategies of other firms in the industry?”

Your analysis gives clients a comprehensive overview of the landscape, thereby demonstrating your extensive industry knowledge and objectivity.

Doing this enhances your credibility as a financial advisor and empowers your potential clients with the knowledge they need to make informed decisions.

You’re showing them that you understand their concerns and queries and that you’re ready and willing to provide the answers they seek.

The ‘They Ask, You Answer’ method may not be a typical marketing approach, but its logic makes a lot of sense.

Adopting this strategy positions you as an expert, demonstrates your trustworthiness and objectivity, displays your honesty, and shows your genuine concern for your potential clients’ financial wellbeing.

These elements collectively build trust, which is arguably the most critical factor influencing consumers’ buying decisions.

For more insights into this approach, we highly recommend Sheridan’s book, “They Ask, You Answer.”

Using Videos to Grow Your Client Base as a Financial Advisor

Embracing the digital age means harnessing the power of different mediums, and one medium that stands out for its engagement capabilities is video.

As a financial advisor, integrating videos into your marketing approach can dramatically bolster your client acquisition. This is particularly true when aligning your content creation with the principles of the “They Ask, You Answer” strategy.

Animated videos, with their eye-catching visuals and ability to simplify complex topics, can be particularly effective. They offer a unique way to convey financial concepts that might be dry or difficult to grasp in a more traditional format.

Using animated videos would be excellent for the unaware stage we discussed where you create animated videos on topics such as retirement planning, estate management and tax strategies,

Video testimonials are another potent tool in your arsenal. Having clients share their positive experiences with your services can build trust, validate your expertise, and demonstrate the tangible benefits of your advisory services.

The integration of video content in these ways enables you to answer prospective clients’ questions in a dynamic, engaging manner. Doing this underscores your expertise, transparency and positions you as a trusted ally in their financial journey.

Conclusion: How to Grow Your Client Base as a Financial Advisor

For expanding your reach as a financial advisor, you must engage those unaware of their need for financial advice. The most significant opportunity to grow your client base lies in addressing this unaware segment.

Creating educational content and hosting free webinars can guide these potential clients from unawareness to the realization of their need for financial advice. Scorecard marketing can further enhance this process, providing tangible value to your prospects while revealing their financial blind spots.

The “They Ask, You Answer” approach is another effective strategy that will help you win trust and establish your position as a reliable advisor. The goal here is providing clear, honest, and comprehensive answers to potential clients’ questions.

Also remember to implement video content. This engaging communication tool is particularly effective when aligned with the principles of the “They Ask, You Answer” strategy.

At Keystone Media, we specialise in creating animated videos that are tailored to the needs of financial service companies, assisting them in bridging the gap with their potential clients.

If you’re ready to level up your client acquisition strategy through the power of animated video content, contact us.