An advisory firm’s holistic business model helps attract new prospects

I feel our firm is different from many advisory practices. In the traditional way of doing business, most clients would have a tax professional, an investment advisor, an insurance agent, and an estate planner—all in different locations. Most of the time, the advice that one professional gives can impact the advice of the other professionals, but rarely do these professionals ever talk with each other. At our office, we have access to bookkeepers, tax preparers, accountants, financial planners, investment managers, insurance agents, and estate-planning advisors. Our clients receive guidance from various professionals who can work together in a cohesive fashion. We believe this provides a well-rounded approach to a client’s overall financial health. Our goal is to help clients protect, grow, use wisely, and—over the long run—effectively bestow or transfer their assets. Our advisory firm’s business model is the primary driver of our ability to attract new clients. We will often work with a client first in our capacity as a tax preparer. Toward the end of their tax appointment, we will usually book another appointment and talk to them about our holistic financial-planning model. There is, of course, no obligation on their part, but we will invite them in for an introductory session to see if they might benefit from our financial-planning services. This has been a quite effective way to market our practice. We have also acquired other tax practices, which helps introduce our firm to new potential clients.

Beyond that organic marketing approach, our advisory firm also conducts several client events each year. We invite our clients to attend an educational session on a financial-planning topic of high interest and ask that they also extend an invitation to a friend, family member, or associate. We have found that this is a nonintrusive way to meet new people, and it provides an educational benefit to everyone who attends. Lastly, our firm also has an advisory board of clients. This serves several purposes. First, it helps us with our practice management by keeping us informed about client concerns and how we can best meet their needs. We are always seeking improvements in our process. Second, this helps build very strong relationships with clients on the board, and they enjoy getting together and meeting new people. Third, we find that this group can be an especially valuable resource in terms of providing referrals to people in their personal networks.

Disclosure: Securities offered through American Portfolios Financial Services Inc. (APFS), member: FINRA/SIPC. Investment advisory services offered through American Portfolios Advisors Inc. (APA), an SEC registered investment advisor. Infinity Tax and Financial Planning is not affiliated with APFS and APA. Neither APFS nor its representatives provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional.

Photography by Karen Nicole Photography