One of the hardest things for a new financial planner to do is to grow the number of clients.  That is because those that are established, already have a deep client base, which can lead to many client referrals.  Strategic alliances are also easier to build when the planner has a longer list of clients to introduce.  Although difficult, it is not impossible for those new to the industry to bring in new business.

As the “Coach” in the Financial Planning Association’s Coaches Corner giving, advice on Business Growth Strategies, Byrnes Consulting is in a unique position to see how the next generation of financial planners are growing their businesses.

To help those that are getting started or even those that have been around for years, but are struggling to bring new clients, here is five pieces of advice from FPA’s NexGen members.

Network Purposefully

A lot of new people think their job is one where they sit behind a desk. However, when it comes to new business, being locked in the office all the time can be a big hinderance to meeting new people.

“Networking is the most important thing that young planners can do to improve and grow their businesses. You have to be intentional and proactive about connecting with other professionals in related industries, and you need to clearly and succinctly explain what’s unique about your services,” said Kevin Clark, a financial advisor at Comprehensive Wealth Partners, associated with Ameriprise Financial.

“Networking in this manner accomplishes two key things: it makes you invaluable to existing clients, and it aligns you with people who do related work and can identify and refer potential new clients. Many of my clients rely on me to introduce or refer them to professionals for items that have nothing to do with their financial plan. For example, just last month one of my clients asked me for a suggestion on who she could contact to fix her HVAC system,” stated Clark.

He added, “Clients have told me that being a one-stop resource for them is just as important as the planning work I do for them. And in my experience, the more accountants, estate attorneys, insurance agents, realtors and bankers you have in your network, the more likely you are to receive calls referring people who match your ideal client and who need to talk to someone about their money. It took several years of being patient and making diligent effort to build this network, and the result is now that most of my new clients are referrals from those key professionals.”

Collaborate With Accountants

One of the key strategic alliances each financial planner should have is with an accountant.  The financial planning and tax services professions are very complimentary and can even overlap at times.

“I gain new clients by working collaboratively with CPAs.  I help CPAs identify clients with tax-inefficient portfolios, and then work with the client to design a more effective strategy.  These clients are primarily individuals in higher tax-brackets with large capital gain distributions and/or taxable interest and dividends.  Partnering with CPAs improves the transfer of client trust, leading to more natural introductions,” said Joe Bell, manager of advisory services at BFJ Financial Group.

Get Online Leads

The next generation of planners tend to be more tech savvy than their older counterparts and, as a result, can have more success drawing in leads through the internet, if they use it right.

Autumn Campbell, financial planner at The Planning Center, Inc. and the FPA NexGen 2019 President, believes in being easily searchable.  That is why every financial planner should have a focus on search engine optimization.

“I put articles and quotes in every space.  It creates cool credibility.  When people stumble upon it, they will see other things too,” said Campbell.

She has been successful at getting press by making connections with multiple reporters, often offering her expertise on various topics that they might be covering.  She even meets with them in person, when she can, and remembers to write ‘thank you’ notes after engaging with the media.

All the press helps get hits online, which moves things back to the website, where it is important to have good brand messaging to impress online leads, added Campbell.

Create A Podcast

It used to be that having a radio show was a way to build an audience for a financial planner, but it can cost a lot of money to buy airtime.  Now it is easy to create a podcast, which can be a much cheaper way to get to listeners and build awareness.

“One of the biggest impacts we’ve seen from having the podcast is the fact that prospects feel like they ‘know’ me before they even schedule a call or reach out to ask about becoming a client. It gives them a way to connect with us on a human level which is really important to gain trust and establish relationships with the people we want to work with,” said Eric Roberge, founder of My Business: Beyond Your Hammock and former FPA of Massachusetts NexGen director.

“We wanted to reach potential clients with a new medium that allowed them to feel even more connected, and we thought a podcast was a great way to do that because they could then hear the real voice and tone that goes into our content,” added Roberge.

Show Expertise To Close Business

In the courting process, prospective clients want to feel at ease with the decision that they have picked the right financial planner.  That is why Eric Dostal, a VP at Business: Sontag Advisory, LLC and the FPA Co Local Leader Coordinator, tries to wow prospects upfront. 

“I find that the best way to convert a prospect to becoming a client is to essentially give away 99 percent of what you offer as an Advisor. Do the upfront work of walking someone through their specific situation - develop a financial plan and asset allocation that deals with their specific goals. This allows you to demonstrate immediate impactful value to a prospect and results in a higher conversion rate,” said Dostal.

He added, “There will be times when you have a ‘Do It Yourself-er’ take what you’ve done and run.  The thing to ask yourself would be, ‘Is this the type of person who would be a good client?’ Most people seeking a financial advisor want to offload some of the work and responsibility to a specialist. If you can demonstrate you can do the job well, and explain in detail how you’ll do it, more likely than not you’ll find yourself with a new client.”

Mike Byrnes is a national speaker and owner of Byrnes Consulting LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.