Marketing Strategies for Independent RIAs

Going independent as a registered investment advisor can open the door to greater freedom and flexibility in the way you do business and the clients you serve. It’s also an opportunity to acquire new skills if you’re doing all of the behind-the-scenes work yourself, including marketing your new firm to attract clients. Independent RIA marketing relies on many of the same strategies that larger firms use, but the difference is that you’re in control of your messaging.

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Independent RIA Marketing Strategies

To lay the groundwork for your RIA marketing plan, ask yourself two questions: what are my goals and what is my budget?

Having a clear set of goals and a budget in place can help you make better use of your time and money. Your goals should reflect not only the type of results you want to see but the type of clients you want to attract. If you haven’t developed an ideal client profile or buyer persona yet, think carefully about who you want to serve and the unique value proposition you offer.

Once you’ve completed that step, consider how you might put these independent RIA marketing tactics to work.

1. Start Locally

If you want to connect with clients in your community, you’ll need a local marketing plan. Local marketing includes offline and online strategies that are designed to attract prospective clients and build trust face-to-face.

Some of the ways you can market offline include hosting a free workshop or lunch-and-learn event at a local college or community center and starting a direct mail campaign. Volunteering with local nonprofits or sponsoring community organizations can also increase visibility.

Marketing online locally involves search engine optimization or SEO. With SEO, the goal is to increase your advisor website’s rankings using keywords that prospects are likely to search for. For instance, if someone searches for “retirement advisor near me,” you want to be at the top of the rankings for that term if that’s a service you offer.

Learning SEO and creating a Google Business profile are good places to start growing a local presence online. If you have some clients already, you may ask them to leave a Google review, which can help build trust with prospects who may be searching for an advisor. Just be sure to review the SEC’s marketing rule to ensure compliance when including testimonials or reviews in your marketing materials.

2. Leverage Referrals

Referrals are the marketing strategy advisors rely on the most, according to a 2024 Kitces report on how financial planners market their services. ¹ When you’re newly independent, how you go about getting referrals can depend on where you’re starting from.

If you have some clients on the roster already, you can encourage referrals by delivering a top-tier experience, sponsoring client events to show appreciation, offering a referral program with incentives or simply asking your clients to tell others about you. You can start with the method you feel most comfortable with to test its success, then branch out.

Independent RIAs with zero assets under management can look to their network and centers of influence for referrals. A center of influence is another professional with whom you can trade referrals. For instance, a CPA you know may recommend working with you on investment management or financial planning, while you recommend one of your clients to the CPA for help with tax return preparation. These relationships are most effective when you share a similar type of clientele.

3. Automate and Outsource

If you’re running a smaller boutique firm or you’re wearing all the hats behind the scenes, automating your marketing could save you valuable time. Tech tools and lead generation services can help you spread your marketing message and connect with prospective clients, without being tied to your laptop or phone.

For example, SmartAsset’s Advisor Marketing Platform (AMP) enables you to automate text and email campaigns to nurture new lead relationships. Each time you receive a new lead through the platform, they’re automatically added to your campaigns. Schedule a free demo to learn more about this lead generation tool.

You may also choose to outsource marketing tasks to an independent contractor or agency. For example, you might hire a freelance social media manager to build and manage your presence online. Automating and outsourcing can require a financial investment if you’re purchasing software or hiring third-party service providers, so consider the return you can expect to determine if it’s worth it.

4. Focus on Lead Quality vs. Lead Quantity

Lead generation is partly about numbers and how many new leads you gain, but it’s also important to consider the quality of those leads. Getting a high volume of leads may be meaningless at the end of the day if only a small percentage are prospects who are interested in what you have to offer.

Quality leads are individuals who meet your ideal client profile, are ready to buy and have engaged with your brand or would likely be receptive to doing so. As you shape your marketing strategy, ask whether it’s built to put more names into your funnel or attract prospects who are more likely to become clients.

Again, this is where a lead generation platform can prove helpful. Lead gen services like SmartAsset AMP can match you with prospects based on their location and asset level. If you’re considering buying leads, research the provider to understand what type of vetting takes place before they’re passed on to you.

5. Build Trust Signals Into Your Marketing

Trust is the foundation of the advisor-client relationship, and the sooner you can begin building it, the better your chances may be of converting a prospect. Conveying trust through your marketing can create positive feelings among prospects well before a first meeting takes place.

Advisor trust signals can include testimonials or reviews shared on your website, case studies that demonstrate quantifiable results you’ve achieved for clients, media mentions, highly visible collaborations and professional designations or credentials. Consider how you can add these layers to your marketing plan.

For example, if you ask a client for a testimonial, include the proper disclosures on your website to demonstrate transparency. Write up a case study and share it on your blog or use it as the basis for a livestream Q&A on social media. Reach out to financial influencers to ask about sharing a guest post or appearing on their podcast, and consider whether you may benefit from pursuing CFP® marks or another credential.

Building trust can take time, but it can be worth the effort if you’re sending the right signals through your marketing and capturing prospective clients’ attention.

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Bottom Line

Independent RIA marketing can feel daunting initially, but it gets easier when you understand the strategies that work best for your firm. Reading marketing books or listening to marketing podcasts can help you stay up to date on the latest trends. You may also consider talking with an advisor marketing consultant for ideas on how to improve your plan.

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Tips to Improve Advisor Marketing

• Partnering with an established advisor marketing platform can save you time, money and frustration if you’re not yet getting the results you desire. 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.
• Social media can help you share your marketing message across a large-scale platform. The sites you rely on should reflect your target audience and where they spend time online. If you primarily cater to professionals, for instance, LinkedIn could provide a valuable pool of leads. With any platform you use, consider testing different types of marketing content and posting schedules to learn what generates the best results.

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