Advisors share 6 distinct approaches to client development
Advisors share 6 distinct approaches to client development
How do successful independent financial advisors drive client development? Six advisors share their firms’ strategies.
We have interviewed dozens of independent financial advisors over the past five years for Proactive Advisor Magazine. They have advisory practices from every corner of the United States and represent dozens of broker-dealers. All share a passion for seeking excellence in their practices and the way they serve clients.
One of the questions we always ask is, “How do you approach client development?”
The answers often include creative approaches to bringing new clients into an advisor’s practice.
The responses have ranged from fully integrated marketing plans to a singular focus on referrals from current clients. Even in the latter case, progressive-thinking financial advisors usually have an intentional process for encouraging clients to refer friends, family members, or others in their personal network.
We have also sought input from business coaches and other professionals in the financial-services industry on the topic of client development for financial-advisory practices. Two compelling articles in this series include the following:
- “How to ‘replicate’ your firm’s 10 best clients.” This article—based on a webinar presented by Peter Muckley, vice president of marketing at Trust Company of America (TCA)—poses the question “What if you could clone your 10 best clients?” and provides a step-by-step methodology to achieving just that.
- “How do clients view your firm? The questions you should be asking.” This article outlines a process developed by ClientWise’s Ray Sclafani that enables financial advisors to take control of their firm’s “frame” to attract prospects into their pipeline, win the next generation of clients, and deepen their businesses so they can “thrive long into the future.”
We think you will find these articles of great value for your practice.
The best practices in client development that independent advisors have shared with our magazine are equally thought-provoking. They demonstrate that while advisors will play to their own strengths in business development, many of their tactics are applicable to the advisory community at large. Six of these notable strategies are presented here.
Unlike many of his peers, Kevin Brennan does not solely focus on clients that are close to or in retirement in his new business efforts for Brennan Investment Services. In the article, “Building a client base of young families through community events,” Mr. Brennan says of his early days establishing his practice,
Advisor Jay Hardesty, president of Ashton Wealth Management, talks about a creative approach to gaining new clients in “Developing new client prospects using ‘preferrals.’” Mr. Hardesty says,
Daniel Ruben was a successful practicing physician and managed a large health-care group before becoming a financial advisor and the founder of Life Strategies Advisors Inc. He believes the physician community—an attractive and affluent target segment—has specific needs and a behavioral profile that requires “a holistic approach” to helping them improve their financial lives. His website’s “open letter” to the physician community is presented in “Addressing the mindset of physicians on their financial future.”
Jim Hoogasian and Ed Gay have several different approaches for developing new clients. One of the most effective is outlined in “Professional Partners Program provides a winning approach for clients.” Mr. Gay remarks,
Mary Lyons, founder of The Wealth Woman, is known in her area for being an outgoing volunteer and business leader who has forged an impressive network of connections. In “Taking business networking to the next level,” Ms. Lyons says,
Telton Hall’s firm, Advanced Financial Planning, “aims to deliver an exceptional wealth-management experience to financial-planning clients, with a focus on retirees.” In “The benefits of targeting a specific client profile,” Mr. Hall talks about several key factors that have helped his practice successfully grow over the years, especially in the context of working with clients who are a good fit with his firm’s philosophy.
Mr. Hall says,
Also, please check out our article “Wealth-management trends: What defines ‘high-growth financial advisors’?” In this article, research findings from the PriceMetrix study “The State of Retail Wealth Management 2017” identify key trends and factors for the most successful financial advisors.
David Wismer is editor of Proactive Advisor Magazine. Mr. Wismer has deep experience in the communications field and content/editorial development. He has worked across many financial-services categories, including asset management, banking, insurance, financial media, exchange-traded products, and wealth management.
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