For small firms especially, established clients are a primary source of leads and referrals. They can also personally bring more business to an advisor.
“Leverage your existing client base,” said Lee. “Put in a referral program and, in addition, a shared wallet program. Discuss the benefits of you guys managing their entire wealth after looking at their balance sheet.”
Hillgren also recommended small group events. At Beacon Pointe, she occasionally brings in a topical speaker who has little -- or nothing -- to do with finance as a way to get to know clients – and their friends and family – as people. Such events, if held regularly, can be reliable engines of organic growth.
Harness The Experience Of Your Peers
When in doubt, ask another marketer or a fellow RIA, said Lee.
“Marketing is all about trial and error,” said Lee. “Understanding what works well at different companies, having insight, allows me to be less myopic and less siloed. Sharing with my peers has been helpful. I would encourage you to start the dialogue.”