Finding new clients is an important part of growing your financial services business. And, as an independent adviser, you will not have the luxury of being delivered clients simply because you are part of a financial house with established members. So, how do you go about getting new business?
Many advisers spend time and energy cold calling a database list or hoping that clients will come to them, either through their own search or via referrals. But research shows that neither of these techniques are particularly effective in creating a sustainable client base. If you want to secure new business, you need to be pro-active and focused. Here are some winning techniques for finding new clients.
Three top ways to find new clients
1. Work your network
While many advisers start with their closest friends and family as clients, it’s a good idea to look beyond your immediate circle to your larger network. You can do this in two ways – join an established networking group where the aim is to connect with like-minded business people and/or potential clients and expand your referral circle through personal interactions. Decide who your ideal clients are and go and talk to those people – from your suppliers to your business contacts to members of your social clubs. A word of warning - don’t just prospect everyone you know – this could be a waste of time and energy. Be clear on the client you’re looking for and go out and find that person.
2. Get the right support
Being an independent financial adviser can be a lonely undertaking. Also, it can be difficult to build up a reputation without the backing of a solid financial house that understands how you work (and why) and can offer you financial management products and systems that will help to attract and reassure new clients that you should be their adviser of choice. Don’t go it alone. Think about how connecting with an established group, while still maintaining your independence, can help grow your business and enrich your clients.
3. Educate, don’t pitch
You might find sales a difficult or uncomfortable process. And the truth is that a straight sales pitch (without any long-term value add) is unlikely to secure you long-term clients in the financial adviser space. With the wealth of information and suppliers out there, you need to move beyond purely selling products. You need to engage in creating and sharing relevant content with your clients and prospective clients. Teach your clients about their finances or about current financial trends and not only will you get in touch with the kind of clients you want, you will make a lasting impression. Start with the materials you give out and consider the ways in which your (ideal) clients interact with the world – are they on social media? Do they enjoy an online newsletter? Do you need to include a regular blog or podcast in your marketing plan? Work towards becoming a thought leader in a chosen field and communicating clearly and proactively to your target market, and your clients will find you as quickly as you find them.
Long-term, happy clients are essential to your practice’s success. At TRG, we understand how much time and effort a good independent adviser puts into establishing and maintaining their client relationships. Looking to work with a team that can help you manage your clients, whether for insurance or investment purposes, while still respecting your independence? Contact us. We could be the perfect financial services partner for you.