12 Ways to Get New Clients as a Financial Advisor

Attracting new clients is a challenge that every financial advisor faces at some point in their career. While traditional marketing methods still hold value, the industry’s shift toward digital tools and relationship-driven strategies has opened up new opportunities for growth. For instance, using social media, creating engaging content and optimizing your website for search engines all can help attract potential clients who are actively looking for financial advice. Additionally, investing in your lead generation efforts and purchasing leads can help you achieve consistent client growth.

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1. Leverage Referrals Through a Structured Program

Referral programs are one of the best ways to get new clients as a financial advisor. However, rather than relying on passive word-of-mouth, advisors can establish a structured referral program. This involves encouraging satisfied clients to refer their friends and family in exchange for a reward, such as discounted fees or exclusive services. Structuring this process makes it easier for clients to participate, and it ensures that the referrals you receive are aligned with your business model.

For example, you can send a quarterly email to clients thanking them for their continued trust and including a link to refer a friend in exchange for a portfolio review upgrade. When developing a referral program, consider:

• Which clients are most likely to refer friends and family to your business
• How you will track referrals and conversions
• What will constitute a referral (i.e., booking a meeting, signing a contract for services, etc.)

Most customer relationship management (CRM) platforms include tools to help you manage and track referral programs. If yours does not, you may consider switching to a different CRM or purchasing additional referral tracking software. 

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2. Optimize Your Website for Client Acquisition

Your website is often the first point of contact a potential client will have with your business. In a Broadridge survey of 400 financial advisors, 98% said they planned to increase their investment in website marketing in the future. ¹ By optimizing your website for client acquisition, you can turn it into a lead-generation machine. 

Here are some tips for setting your site up for success:

• Use clear calls-to-action (CTAs) that encourage visitors to book a consultation or sign up for a newsletter. 
• Implement search engine optimization (SEO) techniques to help your site rank higher on Google and attract more traffic. 
• Add informative blog posts, client testimonials and an easy-to-navigate design can further enhance the experience for potential clients.
• Check your site for broken links and slow-loading pages, which can negatively affect the user experience.

If you’re designing a site from scratch or redesigning an existing one, using templates can help speed the process. Financial advisor website templates allow you to update your design with just a few clicks. 

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3. Create Valuable Content Through Thought Leadership

Financial advisors who position themselves as thought leaders within their niche can attract clients looking for expert guidance. By producing valuable content, whether in the form of blogs, whitepapers, webinars or podcasts, advisors can demonstrate their knowledge and build trust with prospects. For example, imagine writing a LinkedIn post that explains how small business owners can reduce their tax liability before year-end. A local CPA sees the post, shares it and introduces you to a client who later hires you for retirement planning.

Consistency is key. Posting content regularly on platforms like LinkedIn or routinely contributing to relevant financial publications can significantly increase visibility and credibility within the industry.

4. Use Social Media Strategically

Social media platforms, especially LinkedIn, are essential for connecting with potential clients in the financial industry. By actively engaging with professionals and sharing insights, financial advisors can build a strong online presence that attracts clients. In the Broadridge survey, 43% of advisors said social media was one of the top marketing channels they invest in.

Effective social media use includes participating in conversations, commenting on relevant posts and providing thoughtful responses to questions posed by the community. Using targeted ads on social media is also an effective way to reach a specific demographic, such as business owners or retirees who may be seeking financial advice.

If you don’t have time in your day to manage social media, you might outsource this task to a virtual assistant. A VA who is skilled in social media management can help with creating and posting content, monitoring comments, and facilitating engagement. 

5. Offer Free Workshops and Webinars

Hosting free webinars or workshops on financial topics of interest can be an effective way to draw in new clients. Topics might include retirement planning, tax strategies or investment tips. For instance, you could host a free webinar on maximizing Social Security benefits and promote it on your social media channels.

These events allow potential clients to get to know you and your approach to financial planning without making an immediate commitment. Plus, by offering free education, you position yourself as a trusted advisor and increase the likelihood that attendees will consider your services when they need financial advice.

Your CRM may include a webinar management tool that you can use to schedule sessions, invite prospects and track attendance. If you’d like to go beyond webinars, you might schedule other events, like a lunch and learn, that offer a casual environment in which to connect. 

6. Automate Your Lead Generation

Investing in automated lead generation by purchasing leads can be an effective way to grow your client base, but it requires careful evaluation. Focus on buying leads from reputable sources that target your ideal demographic. The SmartAsset Advisor Marketing Platform (AMP), for example, is a leading end-to-end marketing solution for fiduciary advisors that offers referrals, automated outreach and dedicated account management to help attract AUM to your firm.

Once you acquire the leads, follow up promptly with personalized communication to build trust. Tracking the ROI on lead purchases helps refine your approach, ensuring that the investment yields profitable results over time.

7. Tap into Professional Networks

Joining professional associations and networking groups is another way to grow your client base. Advisors can connect with other professionals, including accountants, attorneys and real estate agents, who may refer clients to them. By building these mutually beneficial relationships, financial advisors can access a steady flow of referrals from trusted sources. 

Additionally, being part of these networks can offer opportunities to speak at events or contribute to industry publications, further increasing visibility. That’s another building block for establishing yourself as an expert.

8. Use the Right CRM 

Your CRM system can play a vital role in helping to manage current clients while also identifying opportunities for new client acquisition. CRMs allow advisors to track client interactions, segment their client base and implement targeted marketing strategies. For example, financial advisors can use CRM data to send personalized emails based on a prospect’s specific needs or financial goals. 

Automating parts of the client acquisition process helps advisors maintain consistent follow-ups and nurtures leads without the risk of missing critical opportunities. Choosing the CRM that best meets your firm’s needs comes down to:

• Features and functionality
• Integrations
• Ease of use
• Support
• Cost

If you’re ready to make the switch to a new CRM, look for providers who offer a free demo or trial period. That allows you to test out the features before you commit. 

9. Build Relationships with Centers of Influence (COIs)

Centers of influence, such as CPAs, estate attorneys and business consultants, are excellent sources for new client referrals. Building strong relationships with COIs involves showing genuine interest in their work and finding ways to collaborate. These partnerships can lead to referrals from professionals who already have the trust of the clients you want to attract. 

To strengthen these relationships, consider setting up regular check-ins, sharing relevant industry information or even co-hosting events or webinars to showcase both your expertise and theirs. Collaboration and partnerships can be a powerful tool for facilitating new client acquisition. 

10. Get Involved in Your Community

Getting involved in your local community can be another effective way to grow your client base. By sponsoring or participating in local events, you can raise awareness about your services and demonstrate that you are invested in the well-being of the community. Building a local presence helps to foster trust and can lead to more personal referrals from people who have interacted with you directly.

You may also consider doing some pro bono advisory work. Volunteering your time with a local nonprofit may bring you into contact with key people associated with the organization, such as high-net-worth donors. If you’re able to establish a rapport with those individuals that could open the door to a conversation about their financial planning or wealth management needs. 

11. Develop a Niche Market Strategy

Specializing in a niche market can set you apart from other financial advisors and make it easier to attract a specific group of clients. Whether it’s focusing on high-net-worth individuals, business owners or those in a specific profession, having a clear niche allows you to tailor your services to the unique needs of that group.

For example, you could focus on helping dentists transition out of private practice. This specialization can lead to more referrals, as clients in niche markets tend to network within their own circles and may be more likely to recommend an advisor who understands their specific challenges.

If you’re unsure who your target clients are, consider developing one or more buyer personas. A persona is a hypothetical picture of the type of client(s) you want to serve, their preferences, needs, and goals. 

12. Use Targeted Advertising Campaigns

Digital advertising platforms, such as Google Ads and Facebook Ads, allow financial advisors to target specific audiences with tailored messages. By using data-driven insights, advisors can create ad campaigns that reach individuals most likely to need financial services, whether they are nearing retirement, managing significant assets or planning for business succession. The ability to refine your ad targeting based on factors like age, income and location ensures that your message reaches the right prospects and increases the chances of client acquisition.

Before you invest in ads, consider which social media platforms your ideal clients use and how much you’re comfortable spending. A smaller budget initially can give you an idea of how much exposure ads might yield, and the expected return on your investment. 

Bottom Line

Financial advisors have many strategies at their disposal to grow their client base. From enhancing online visibility and building referral programs to offering educational events and forming professional partnerships, there are numerous ways to connect with potential clients. Developing a niche market, investing in automated lead generation and utilizing customer relationship management systems can further streamline client acquisition efforts.

Client Acquisition Tips

• Measure how many prospects turn into clients by tracking conversion rates at each stage of the acquisition process – initial outreach, consultation and onboarding. This helps identify bottlenecks or areas for improvement in your approach, such as refining your pitch or client onboarding process.
• The same financial advisor survey referenced above found that those with defined marketing plans generated 168% more leads from their websites per month than advisors without defined marketing plans. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.

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