Client Acquisition Tips For Financial Advisors

11 Client Acquisition Tips For Financial Advisors

Not all financial advisors have the same client acquisition strategies. For example, some may focus on inbound marketing and use digital channels like social media and blogs. Others will rely on outbound efforts such as cold calling or attending more networking events to find new clients. Some strategies, however, can be applied to any financial advisory business to help increase new client acquisition. In this article, we’ll review 11 tips for growing your practice by acquiring new clients from scratch or increasing your existing list of clients so you can generate more revenue with less effort! 

Prospect Up To Increase Your Chances Of Working With High-Net-Worth Individuals (HNWI)

For financial advisors who want to work with high-net-worth individuals (HNWI), it’s important to prospect. Prospecting up means you’re going after the most valuable prospects available—the ones with the most money (or more money than the person who gave you the referral).

When you reach out to HNWIs, you’ll find that many of them don’t respond to cold-calling or cold emails from salespeople. These individuals don’t just have money—they have lots and lots of money! And because they’re so wealthy, they tend to be more selective when choosing who will manage their finances.

One way to do this is by prospecting up. What does it mean?

It is a strategy you use to make your current client identify those individuals in their circle who they look up to for their financial accomplishments. Because here is the thing: as a financial advisor, you’re going to make as much money as your clients make. So if you only have clients who make $100K per year, you’ll make $100k per year. But through “prospecting up”, if you start meeting clients who make $1M per year, you’ll eventually be on your way to making $1M per year also.

For more on this incredibly effective tactic, check out the Taylor Method – financial advisors can’t stop raving about this training program; I’m confident you’ll join them too

Ask For Referrals From The Start!

It’s critical that you start asking for referrals as early as possible in your relationship with your client. When you first meet a new prospect, ask them if they have associates, friends, or family members who “would also find value in the work that you did for them”.

The key here is to set the table early on, and establish that “IF” you provide them value, that they would introduce you to some others they know who can also benefit from this value. Now the ball is in your court – so do a good job of fact finding and make sure you add value! This can be a great way for advisors to expand their referral base and for prospects to hear about your services from someone they trust.

Establish Yourself As An Expert In Your Area

You can establish yourself as an expert in your area by:

Create a blog or website that is dedicated to your area of expertise. You can use this space to share ideas, write about industry news, and further develop your thought leadership in the space.

Writing for a publication in the financial services industry, such as Investment Advisor Magazine or InvestmentNews. These publications are read by many advisors, who will see you as an authority when they read your articles.

Performing speaking engagements at conferences and events related to financing and investment planning. Attendees at these events may be potential clients that would find value in working with you.

Content marketing can help you build awareness and credibility and attract new clients.

For example:

Create an infographic or other visual representation of a popular topic related to personal finance (like “The 10 Best Retirement Plans Explained”). This type of content allows people interested in learning more about financial topics to find answers quickly. And it gives them something specific they can share with their friends on social media (which also helps promote your practice). 

Create an eBook that summarizes key points from one of your blog posts; then offer it free when people sign up for a newsletter subscription (this will encourage readers who would otherwise ignore the email altogether). 

Consider Social Media

Social media, especially Twitter and LinkedIn, is a great way for financial advisors to connect with future clients. Use social media as an opportunity to share valuable content that is relevant to your target audience, and build relationships with potential clients by posting regularly.

Social media also allows you to reach out directly to those who could be interested in the services you offer. It can be an effective tool if you’re looking for referrals from other professionals in your industry, such as other financial advisors or mortgage brokers.

For compliance purposes, you do need to be careful about what you post, but think about social media as a way to build brand awareness and build trust.

Collaborate With Other Professionals

It’s important to get to know other professionals in your area. You can do this by attending networking events, participating on social media platforms, and forming associations with other advisors with similar interests or expertise. You can also collaborate with them on projects, especially if they are related to your services. Collaborating with other professionals will build relationships that can result in referrals and opportunities for future partnerships.

When You Attend Networking Events, Keep A Tight Rein On Your Instinct To Sell

It’s easy to get into the mindset of “I’m here to sell my products and services.” But that mindset is wrong. Attending these events isn’t to sell; it’s to meet people and build lasting relationships.

So, focus on learning about other people’s businesses and what they do well (or not so well). This way, you’ll see where there might be opportunities for collaboration down the road if needed — or offer advice based on what you’ve heard them say about their business needs or concerns.


Get Involved In Your Community

Volunteer at a local charity or school, or get involved in local events for the community. It will help you to gain exposure and build relationships with people who might be able to refer clients to you.

Master The Art Of Overcoming Objections

Make no mistake; objections are your friend. They allow you to demonstrate your expertise, build trust and strengthen the relationship. What you have to do is overcome them by learning the right “language” and positioning.

One key skill to unlocking a trove of clients you’ll learn with the Taylor Method is how to overcome objections. It’s a critical skill for any salesperson but especially important for financial advisors. If someone is considering working with you and suddenly doubts about it, what do you do?

Let’s get practical: Two common objections you’ll face as a financial advisor are “I’m all set,” meaning they have everything covered, and “I have another person doing all of my planning for me.”

Now don’t get fazed by these objections – like we tell our students, in most cases, they’re but just a ruse. Let’s face it – even amongst financial advisors, how many are truly “all set” regarding insurance and retirement planning? From experience, the average American (or non-American, for that matter) is hardly “all set.”

If the prospect says he’s all set, it could just mean they’re comfortable with their current situation or feel they don’t need further advice and help. More than likely, they’re just trying to brush you off. You can counter this by letting them understand that you only want to provide them with “the information to make educated decisions”. You can bet that a good number of people will be willing to get the “free” information you want to provide -who in their right minds will refuse?

Overcome the second objection by assuring them that you won’t overturn the good things the other agent has done. Simply tell them: “I will never undo any good work you’ve done.

Go further and say:

“If, for example, you need five areas of planning to be safe financially, and you’ve effectively done three of them, I won’t change those three things. However, I will highlight the other two areas of vulnerability, and more importantly, I will give you a means and a mechanism to solve those problems.”

Do this and watch them let their guards down – then you can take it up from there.

Sign up for the Taylor Method to learn more about the strategies that can help you anticipate objections and quell them before they even arise.

Get Mentorship

Mentors can help you understand your target market and create a marketing plan from scratch. They’ll also give you valuable feedback on your progress and support when you feel discouraged. As a bonus: mentors can be instrumental in reaching out to potential clients and building relationships with them over time.

With that in mind, what can be better than having an ACTIVE Million Dollar Round Table Top of the Table Producer as your mentor? You’ll learn the ins and outs of financial planning so fast that it’ll make other advisors jealous. You can also learn something from other top producers in your industry, as long as they have good intentions for helping others. Bonus: These senior advisors will have access to their referral network and can connect you with their existing clients.

Do Not Be A Salesman, Be A “Solutions Provider”

The premise is simple:

You are not selling a product. You are selling an outcome that your product can help deliver. If you come off as trying to sell something, it makes it harder for people to trust you and the value you bring to the table.

We’ve heard clients say, “The difference between being perceived as someone who wants to sell me something versus someone who wants to help me achieve my goals is critical… if I feel like you’re trying to sell me something, then I’m closed off.”

Why does it work?

It is basic human nature: we feel a sense of gratitude when someone helps us with a problem. This is especially true regarding money because our financial problems are often very personal and emotional. When you help people solve problems, they’ll appreciate that and do whatever it takes to reciprocate the favor.

Bonus Tip – How to Book Appointments with Decision Makers

Last Words On Growing Your Business As a Financial Advisor

Financial advisors have to be able to evolve with the times. As with other walks of life, learning, practicing, and perfecting your art is the key to success. The same goes for financial advisors. You need to be able to evolve with the times. And the best solution to find new clients for your financial advisory practice is a system that provides you with the latest knowledge and tips (like the ones mentioned in this post), offers you opportunities to put your knowledge into practice, and also creates an apparatus of accountability to help ensure you are taking action. One such system is The Taylor Method, designed specifically for financial advisors looking to grow their businesses. It offers everything you need to succeed as a financial advisor.

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Eszylfie Taylor is the founder and president of Taylor Insurance and Financial Services and the Creator of The Taylor Method, his online sales system for financial advisors. He attended Concordia University on a basketball scholarship and graduated Magna Cum Laude with a Bachelor’s Degree in Business Management. Prior to founding his own brokerage, he was a standout financial advisor at New York Life, finishing his career there as the highest producing advisor in the history of the African American market.

Mr. Taylor has been a Million Dollar Round Table Top of the Table producer since 2011, which places him in the top 1% of advisors worldwide. In 2015, he was the recipient of NAIFA’s Advisor Today Top 4 Under Forty award. Today, as an active advisor, he continues to build on the sales language, concepts, and tips that contribute to the curriculum on The Taylor Method.