Five ways to grow your financial advice business

By Christina Bentley on October 18, 2018

No matter what stage you are at in your career, you will regularly be asking yourself the question of how to grow your financial advisory practice. The financial services industry is big and getting bigger, and this means that it becomes increasingly difficult to differentiate yourself from your competitors.

Of course, the fact of the matter is that very few businesses can ever be said to be devoid of competitors, and in a crowded market like the financial sector, it is almost certainly never the case. Even so, generating financial adviser leads is an essential part of growing your business, and this means that the question of working out how to set yourself apart from the crowd is key to your success.

A 2016 Global Survey of Financial Advisors conducted by Natixis Global Asset Management found that 9.4 per cent of global financial advisers are expecting business growth over the next year. However, only 47 per cent believe that growth will come as the result of market action, according to the study’s findings. In fact, 75 per cent said that their growth will come from either gaining a bigger share of the market from current clients or winning brand-new clients.

Here are five areas that you could work on to grow your financial advice business.

1. Use technology

Anyone seriously looking for leads for financial advisers will already be using technology to aid them in their search. Whether it is customer relationship management (CRM) software to collate and maintain data or new devices to increase productivity and connectivity, technology is a great enabler if used properly.

Today, of course, tech also plays a vital role in actually reaching out to leads. Everyone is used to contacting and being contacted by their preferred method, which means that you need to be set up to communicate online over a range of devices, by phone or in person face to face. If you reach out to prospects in the way that they prefer, it can give you a head start on building a working relationship of trust and gives an immediate impression that you are there for them, not the other way around.

Mobile connectivity is already the most popular way for people to access the internet, and as such it has become an indispensable part of daily life for many. The rise of investing apps and so-called “robo-advice” is only one example of the way that tech is both causing changing behaviours and reflecting them. Simply utilising services such as MailChimp can make reaching out to leads much more straightforward than it used to be.

2. Community action

Being active in your local community doesn’t just mean buying a coffee from a local shop on the way to the office. It can apply equally to home and work locations and can take on a wide range of guises. Giving financial advice is all about building bonds with people based on trust, and involvement in community initiatives is a great way to put this into practice.

Pension leads can be hard to get if you are focused on digital marketing, but by taking a more personal approach based on community opportunities, you can really maximise potential. Giving time to a charity or other non-profit organisation’s events is one way of going about things, while arranging your own help clinics in a community hub is another. Who knew that you could actually make going to the pub a part of how to grow your financial advisory business?

Making friends and building relations are tried-and-tested ways to grow a business, not to mention the satisfaction and pride that can come from knowing that your expertise is helping others who may not normally have come to you.

3. Blow your trumpet

No one likes a show off, but your credentials and experience can be the best tools you have when it comes to finding qualified leads for financial advisers. Official credentials assure prospective customers from an independent standpoint, and that can be really important when it comes to choosing someone to give money advice.

Knowledge, skill and experience are all big selling points for you in your aim of enhancing the public perception of the quality of your advice. Of course, you can take advantage of many different ways to display your attributes, but an often-overlooked one is the professional network LinkedIn. B2B connections are a great way of building up referral networks that are mutually beneficial, and this platform is the established online meeting place for highlighting your qualifications, industry experience, awards and client testimonials.

4. Investor awareness programmes

Today, most major companies take great care in providing information and workshops for their employees. This means that large groups of people can be accessed in one go as businesses across the entire spectrum arrange programmes for their employees on subjects such as time management and skill development, and also on more general lifestyle topics, such as parenting and stress management.

One of the subjects that could provide an opportunity for you is an investor awareness programme (IAP), something that many HR departments will be interested in pursuing. A 60 to 90-minute presentation could put you in front of hundreds of potential prospects, so it is a great example of lateral thinking in action regarding how to grow your financial services business. Explaining the need for saving and investing by taking professional advice should come easily to you, and that’s all an IAP really needs to involve.

5. Customer advisory groups

Collecting accurate and detailed feedback from existing clients is a great way to work out your strengths and weaknesses. This not only allows you to identify the areas that you need to work on but also gives you a better idea of who you already work well with, meaning that you can target similar potential clients.

Ignoring client feedback is never a good idea, and in today’s online referral, comment and review culture, it’s more important than ever to allow clients to have their say and proactively take on board what you hear. Once you start implementing this approach, you will find different ways of attracting quality leads because you’ll know where your strengths lie and can focus on promoting them well.

Grow your business with Lead Tech

Lead Tech provides high-quality leads for the financial advice, equity release, retirement and private medical insurance markets.

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