It may come as no surprise, but research shows client acquisition is the top challenge for financial advisors and RIAs – even among those experiencing the highest growth.* If you are looking for a repeatable method for generating a steady stream of new clients, join this client acquisition master class for a five-step process to help you get started.
*Sources: Cerulli Associates, “U.S. Advisor Market,” 2023 and Capital Group, “Pathways to Growth: 2024 Advisor Benchmark Study.”
Financial advisors and RIAs looking to create a more systematic way to acquire ideal clients, expand into new market segments and reach new levels of growth in their business.
4 MIN VIDEO
Finding and engaging ideal clients is the number-one challenge for advisors and RIAs – even among highly successful advisor teams. You may know you need to try new tactics, but not know where to start.
6 MIN VIDEO
By narrowing your focus, you can better capitalize on marketing efforts overall. The first is to pick a profitable niche, by looking at your existing book of clients to identify potential niches.
Related article: 3 client acquisition strategies from an advisor and wilderness survival expert
8 MIN VIDEO
Once you’ve defined your niche, it’s important to speak to them directly and let them know you are the advisor that understands them.
7 MIN VIDEO
Marketing can be confusing and costly if you don’t know where to start. By tailoring your marketing efforts to your niche, you have a better chance of making an impact.
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6 MIN VIDEO
Getting out of the office to meet with clients and prospects can help open up a world of opportunities. These ideas can help you fill your social calendar in a meaningful way.
Related article: A financial advisor’s guide to event planning
PDF download: Event planning ideas for advisors and RIAs
6 MIN VIDEO
Having an advisory board for your business or participating in an industry study group can help drive new business ideas and continuous improvement, but it can also lead to quality referrals and new cheerleaders for your brand.
Related article: Why you need an advisory board (and how to create one)
1 MIN VIDEO
To demonstrate how easy it is to get started, this plan lays out activities to help you make meaningful client acquisition progress in as little as three weeks.
3 MIN QUIZ
Once you have experienced the full course, take this short quiz to test your skills as a niche marketing master.
1. What is the number-one challenge for financial advisors, according to 2023 research from Cerulli?
A) Optimizing portfolio construction
B) Hiring and managing staff
C) New client acquisition
D) Retaining existing clients
2. In Capital Group’s 2024 advisor benchmark research, even advisors experiencing high growth scored themselves low in terms of marketing skills compared to other skills like leadership or portfolio management.
A) True
B) False
3. Which of the following traits have been commonly observed among successful advisors in the field?
A) Have a well-defined niche
B) Great at telling their story
C) Had an advisory board
D) All of the above
4. How much does the average advisor spend on marketing, according to Broadridge?
A) 1%
B) 8.7%
C) 3.1%
D) 15%
5. When considering a potential niche, you should factor in:
A) Level of access
B) Potential for referrals
C) Size of market
D) All of the above
6. When it comes to client events, bigger is better.
A) True
B) False
Answers: 1 C; 2 A; 3 D; 4 C; 5 D; 6 B
Ready to put your results into action? Contact your Capital Group representative for more ideas to help grow your practice.
