Any emerging or growing consultant struggles to develop and maintain a viable client base. Financial advisors may find this task even more difficult. The fiduciary responsibility that comes with money management requires a very high level of trust. Financial advisors, whether or not they are affiliated with a reputable firm, must cultivate a trusting relationship with their prospective clients. Despite the challenges, there are some tried and true ways for financial advisors to acquire new clients.



Word of mouth is still the very best advertising for a financial advisor. People are generally hesitant to discuss their finances with a stranger. However, they will open up a bit easier when they have been introduced by a trusted friend or family member. Treat existing clients well and subtly ask for referrals. Offering referral incentives to existing clients can also help you grow your client base.


Client Base

Selecting specific criteria instead of prospecting in general populations will help financial advisors hone their search. There does not have to be a specific niche, but staying within the same general pool will help maximize search tools and net the highest number of potential new clients. Of course, new clients from any realm are always welcome.


Online Leads

There are numerous ways to increase productivity in finding potential leads without necessarily working harder. Financial advisors are wise to utilize social media and other online outlets to garner new clients. Professional associations usually boast a strong online presence. Sites like LinkedIn offer free and paid subscription level services to help business leaders get connected in their area. A simple profile or page on any reputable site is sure to increase traffic simply based on the increased exposure.



Financial advisors, especially those new to an area, may want to consider thinking outside the box in their search for new customers. Expanded office hours make it possible for customers to visit after traditional work hours or during their free time. Financial advisors who conduct free workshops in local businesses or hotel conference rooms allow people to get to know them personally and learn something in the process. Attending community events and joining the local Chamber of Commerce are other ways for financial advisors to increase their presence. There are plenty of free networking events in virtually every major city and small community.