Growth Strategies for Independent Financial Advisors

Going independent can mark the beginning of an exciting new phase of your career. You’ll immediately have freedom and flexibility, but what you might need next are clients to help your firm grow. The challenges are real: You may have less money to pour into your marketing budget, fewer labor resources to rely on, and a smaller network than the competitors whose ranks you aspire to join. However, growth is not out of reach for indie advisors who start with a solid plan.

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How to Grow as an Independent Financial Advisor

Your goals for going independent may look different from another advisor’s. It’s important to remember this, and keep those goals in mind as you develop a growth plan. You’ll also need to consider your budget and the amount of time you can dedicate to growth-focused tasks while you’re assisting clients and juggling all the other responsibilities of running a business.

With that in mind, here are some practical growth strategies for independent financial advisors.

1. Find Your People

Your people are the clients that you’re best suited to serve. They’re the clients that you know, with certainty, only you can serve based on your unique knowledge, expertise and skills.

Maybe you’ve read some articles on advisor marketing that talk about finding your niche. Your niche and your people are essentially the same thing. They define who you help, and what you do for them.

So, how do you find your people?

You may start an independent RIA firm with a clear buyer persona in mind already. If so, you’re a step ahead. If not, then you’ll need to spend some time thinking about what you bring to the table, who that could benefit and how those two things align with your ideal client vision.

Identifying your niche makes it easier to shape the rest of your marketing plan in a way that’s designed to encourage growth. Exploring financial advisor niche examples can help you figure out where your sweet spot lies.

2. Don’t Wait to Build Your Brand

Your brand is how prospects identify you. It’s your logo, the fonts you use, your color scheme; everything that makes your firm distinguishable from another advisor’s.

Branding is something you can do on a relatively low budget, so there’s no reason to put it off. For example, you may use low-cost or free tools to design your logo, or hire a freelancer for a fixed price. Reading up on color psychology and visual marketing can offer insight into how to create an impactful brand image.

Beyond the visual aspects of your brand, consider the statement you want to make. Developing a catchphrase or slogan can help make your brand memorable and pique prospects’ interest in who you are and what you do. Learn how to create a branding statement if you don’t already have one.

3. Make Your Website Your Sales Pitch

A group of advisors discuss marketing strategies.

If you’re trying to market your new firm on a limited budget, you may be focused on free channels. Often, that means social media platforms. While social media marketing definitely has its place, strategic investment in a well-built website could pay dividends for years to come.

What elements go into creating a website for a newly independent advisor who’s trying to grow? Here’s a checklist that can help you build a site that’s user-friendly, but more importantly, converts:

Research SEO. Search engine optimization (SEO) is a set of strategies for ranking website pages in search engines. A higher ranking can help bring more visitors to your site, which means more opportunities to book calls. SEO starts with keywords, but goes beyond that to include helpful content, interlinking and functional navigation.
Identify a problem and how you help solve it. Prospects come to your website to learn how you can help them, so it makes sense to speak to the challenges they face. Your site should clearly and concisely explain your unique value proposition against the backdrop of the pain points your ideal clients struggle with.
Provide value. If you want prospects to linger on your site and, more importantly, book a call with you, you need to give them a reason to do so. Sharing your best tips or insights through blog posts, articles and lead magnets can demonstrate value and underscore your expertise. A lead magnet is a free resource you offer in exchange for a prospect’s email address, which opens the door to another marketing opportunity.
Include a strong CTA. A CTA or call to action tells visitors to your site what to do next. For example, you might add a CTA directing prospects to join your email list or book a call. Whatever it is you want prospects to do, your site should make that as clear as possible and easy to execute.
Clear the path. You want prospects to get on your calendar, and your website should make that as simple as possible. Adding a contact form or a link to your calendar in several locations on your site gives visitors multiple options for getting in touch.

Does your design matter? Of course, since you want your site to be visually appealing. Reviewing some financial advisor website examples can give you an idea of what to include. But don’t get so bogged down in the design details that you neglect what prospects are really coming to your site for.

4. Network, Network, Network

When you’re just starting out as an independent advisor, your professional circle may be small. Expanding it could open up pathways to connect with prospective clients, and, for the most part, it doesn’t require anything more than your time.

How do you network as an independent advisor? Here are some ideas you might try:

LinkedIn. LinkedIn is a networking hotspot, and a simple search turns up thousands of advisors who use the platform. You can build your network by first connecting with friends or colleagues you already know, then branching out to send connect requests to professionals you’d like to add to your circle. Avoid generic messages and create a personalized note for each request you send. If you’re unsure who to add, LinkedIn offers personalized recommendations for you.
Conferences. RIA conferences bring advisors from a variety of backgrounds together for networking, learning and community. If you have limited time or funds to spend on attending conferences, research the ones that are most likely to attract professionals you’d like to connect with. Even if you only attend one conference per year, that could have a substantial impact on your growth if you meet the right people.
Get local. A lot of networking happens online, but there’s value to be had in making local connections. For example, you may be able to build circles of influence with local attorneys or tax professionals, who can end up being referral sources for your business. If you want to get involved, consider joining a local business association or service group, or participating in community events that spotlight area businesses.

While you’re working on building your network, consider whether you might benefit from finding a mentor, as well. Experienced advisors may be willing to share their expertise with you to help you grow, with no expectation of being paid for their time.

5. Focus on Low-Cost, High-Value Marketing

A good marketing plan can make a difference in how quickly your firm grows. In the initial stages of your business, you may have to be selective about where you direct your marketing budget.

The best marketing strategies for advisors deliver maximum results, without eating up your entire budget. If you’re bootstrapping your marketing as an independent advisor, you might consider:

Building a following on the social media platforms that your niche clients use most often
Growing an email newsletter subscriber list by offering free lead magnets on your website and social media accounts
Collaborating with other professionals in the financial space (for example, you might write a guest post for a financial website’s blog or snag a guest spot on a finfluencer’s podcast)

Investing in digital ad campaigns, TV ads or print campaigns is something you might consider a little later once you’ve found your footing. You could also consider buying leads, if the leads you’re getting are high-quality.

If you have a marketing budget, you may want to try partnering with an advisor marketing platform like SmartAsset AMP. A third-party platform could help elevate your brand and put your business in front of prospects who are ready to work with an advisor.

Bottom Line

Two advisors discuss how to grow as an independent financial advisor.

Growing as an independent advisor can sometimes feel like reliving your teen years. Nothing seems to happen at first, then you shoot up suddenly, followed by a plateau, then another growth spurt. While the ups and downs can be frustrating, they’re not unusual. What matters most is having a plan for growth that works for you, and staying committed to it.

Tips for Growing Your Advisory Business

When you’re ready to level up your business, a little help can go a long way. Working with an advi s or marketing platform is something you might consider if you’re ready to bring in new leads. 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.
Client referrals are a powerful tool for growth, as they’re a mark of your clients’ trust in your abilities. The best way to generate referrals organically is to offer a superior client experience, but you may ask for them directly or indirectly. Developing a referral program, for instance, is a fantastic way to encourage your clients to tell their friends and family about you.