Building a strong relationship with your clients is essential as a financial advisor, not only to show you’re thinking of them (without pestering them all the time!), but also to be on top of mind for possible introductions to their friends and connections who can use your wealth management services.
However, it can be challenging to maintain that connection as you also don’t want to keep calling them, and you already held your quarterly or semi-annual review meetings with them.
Staying in front of your clients, without overwhelming them, is no simple feat, but there are small things that you can do to strengthen your client-advisor relationship.
As a sales training firm for financial advisors and sales coach for wealth management companies, we have outlined below a few bespoke and high-touch marketing strategies for your RIA clients that don’t require hours of your personal time, but can help you be on top of mind with your client base.
Let’s dive into three wealth management client communication best practices.
1) Celebrate Anniversaries of their tenure with your firm
A simple "anniversary" email, congratulating your clients on their first, second, or even fortieth year with your practice, could go a long way.
When it comes to building client loyalty, small gestures of gratitude can make your clients feel valued and appreciated. Make sure to personalize your congratulatory message to make it more meaningful.
Acknowledging milestones and highlighting how far you've come together could rekindle the trust and confidence they have in your services.
2) Host Client-Specific Lunches (and we don’t mean chicken and peas lunch and learns!)
Offer to host a lunch centered around one client, for which the client gets to bring 5-6 of their best friends for a fancy lunch, tea party or dinner (but the advisor is invited too!)
Inviting the client and their best friends for a small sit-down lunch or wine event can be the perfect way to make your client feel important and appreciated, all while giving them an opportunity to introduce their friends to you, their trusted advisor, in a highly inviting and nurturing fashion.
This creates a positive image of you in front of potential clients while strengthening the bond between you and your existing clients.
3) Connect with them on Social Media Platforms (just make sure your contacts are private):
Asking clients to connect with you on social media could be a good way to maintain communication and stay current without hounding them with email drips.
While most advisors assume LinkedIn may be the most appropriate and professional, it's essential to choose platforms that your clients are actually on. For example, once someone is retired, most likely they are not active on Linkedin.
How can you make sure you are connected to your clients on social media?
Send an update or email signature with your social media links can also make it easier for them to connect with you. Engaging with your clients on social media platforms can give them insights into your professional expertise and demonstrate your commitment to their financial well-being.
And it can hint you’re “open for business!”
Read more about our Top Social Media Strategies for Financial Advisors.
4) Send Monthly Video Updates:
Regular communication doesn't have to involve long, complicated meetings. Recording short, monthly video updates on what's going on that's relevant for your clients can be a powerful way to connect with them.
It doesn't have to be long—just a one-minute snippet could help your clients feel like they connected with you. You can touch on important market trends, provide insights, or share tips that could benefit them. This personal touch allows your clients to see your face and hear your voice, reinforcing the human connection in your professional relationship.
We highly suggest YOU being in the video, rather than a stock video or an infographic to increase that authenticy.
Make sure at the end of each video you let your clients and centers of influence to forward and share this video with three friends.
5) Host Virtual Fireside Chats
Hosting webinars or Zoom educational events on relevant financial topics can be a great way to engage with your clients and offer valuable insights without spending much.
In these virtual events, you can provide educational content, answer questions, and offer advice in a group setting. By positioning yourself as a knowledgeable resource, you strengthen your clients' trust in your expertise while providing educational opportunities that empower them to make informed financial decisions.
6) Send a Bi-Weekly “letter” to your clients
Sending out regular newsletter but in a letter format can be an effective way to share valuable information, market updates, and helpful resources with your clients. Make sure the content is tailored to their needs and interests. Incorporate educational pieces, insightful articles, and tips for managing their finances effectively. By curating valuable content and delivering it directly to their inbox, you position yourself as a trusted source of financial knowledge and support.
Building a strong relationship with your clients beyond managing their money and speaking about their finances can be one of the most critical components to growing your practice.
Small gestures of appreciation can have a significant impact. By sending anniversary emails, hosting client-specific events, encouraging social media connections, producing monthly video updates, organizing webinars and educational events, and sharing regular newsletters, you can maintain a more robust connection with your clients without much hassle. These efforts show you care and help your clients trust you more, keeping them loyal to you over the long-term.
The strategies we outlined above are simple, yet time consuming! They require a lot of planning, strategy and implementation. If you don’t have the internal resources within your practice to execute these financial planner and wealth management marketing strategies for more referrals, please contact us using the button below!
Brand plays a crucial role in financial services as it goes beyond logos and business cards. It defines the company, builds trust with prospects, and alleviates financial stress for clients. Transparency, honesty, and prompt communication are essential in building long-term relationships and securing customer loyalty. By developing a personal, trustworthy brand that meets clients' unique needs, firms can earn trust and introduce new products and services.
Marketing automation is a game-changer for financial advisors. By streamlining processes, automating tasks, and delivering personalized messages, it helps attract and retain clients effectively. Learn how to automate your marketing in this article!
This article discusses the importance of marketing for financial advisors and provides 20 marketing tips to help them attract and convert prospects, as well as reengage existing clients. It emphasizes the need to target the right audience and highlights the significance of personalization and differentiation. The tips range from optimizing websites and leveraging technology to hosting events and being involved in the community. The article also suggests focusing on content marketing campaigns directed at target clients through social media platforms. By following these tips, financial advisors can enhance their marketing strategies and grow their business effectively.
This article is about financial advisor marketing. It talks about the top financial advisor marketing tips and the ways you can enhance your growth and visibility as a wealth management firm. Whether you’re an RIA, independent advisor, wirehouse advisor, or any other fiduciary that services end investors, you can stand out through customized marketing. Read our article to learn how!
What are the components of financial advisor marketing so you can stand out from the crowd, get new clients, and become a household name? As a one-stop done-for-you outsourced CMO and marketing agency to financial advisors and wealth management firms, we have got the answers for you. Read our blog to learn more!
This article is about financial advisor marketing. It talks about the top financial advisor marketing tips and the ways you can enhance your growth and visibility as a wealth management firm.
In a competitive landscape where referrals are a key driver of success, financial advisors must continually evolve their strategies to stay ahead. Referralytics is the integration of research methodologies which offers a dynamic and strategic approach to maximizing referral potential, deepening client connections, and expanding opportunities for growth. Learn more in this article!
Improve Your Sales Performance: Tips for Financial Advisors in the Second Half of the Year. Discover how to refocus and achieve your sales targets as a financial advisor, even with limited time left in the year. Learn visualization techniques, target client prioritization, and effective networking strategies. Get back on track with expert coaching and support. Stay committed and take proactive steps to meet your business development goals.
Bringing in new clients into an advisory practice is the lifeblood of any business, yet there are still sour thoughts from some professionals on the old-fashioned way of cold calling prospects. In this article we discuss the new methods for growing a wealth management practice, by serving as a true consultant to those who can benefit.
Rather than getting “I don’t know anyone right now” to your hint at getting more referrals from your clients, utilize the Referralytics™ methodology! Read this article to learn more.
Are you a financial advisor looking to get more referrals from attorneys and/or CPA’s? Or are you a CPA/attorney and looking for more referrals from financial advisors? Whichever camp you fall into, this interview can help!
Building a strong relationship with your clients beyond managing their money and speaking about their finances can be one of the most critical components to growing your practice.
Small gestures of appreciation can have a significant impact. By sending anniversary emails, hosting client-specific events, encouraging social media connections, producing monthly video updates, organizing webinars and educational events, and sharing regular newsletters, you can maintain a more robust connection with your clients without much hassle. These efforts show you care and help your clients trust you more, keeping them loyal to you over the long-term.
Just like in investment management, the golden rule with marketing is Diversification. In this article, published in Kitces.com, we discuss the marketing “asset classes” you should be investing in using the WAVE method, and the “sub asset classes” within those to get you to your long-term growth goals.
Select Advisors Institute offers comprehensive marketing solutions tailored specifically for financial advisors. With expertise in digital marketing, their services include email marketing, social media management, website design, search engine optimization, and advertising. These strategies aim to increase visibility, generate leads, and drive revenue for financial advisors. The agency also specializes in seminar marketing, strategies for registered investment advisors (RIA), and marketing plans. Select Advisors Institute's personalized approach ensures that each client's unique needs are met, helping them stand out in the competitive landscape of the financial advisory industry. By outsourcing marketing to the agency, financial advisors can save valuable time and benefit from the agency's industry knowledge and specialized resources. The article emphasizes the benefits of working with an investor-specific CMO, such as avoiding the costs and challenges of hiring an in-house marketing team. Overall, Select Advisors Institute offers a range of services and expertise to help financial advisors succeed in their marketing efforts.
This blog post explores the importance of improving referral quality for financial advisors. While receiving referrals is typically viewed positively, advisors often encounter referrals that don't align with their target client profile or fail to convert into actual clients. The post highlights three key factors contributing to this issue. Firstly, the lack of clarity on the advisor's niche market, emphasizing the need for a specific and well-defined ideal client. Secondly, referrals driven by niceness rather than suitability, necessitating client education on making appropriate referrals. Lastly, the importance of strong sales coaching and consultative skills to effectively convert referrals into clients. Addressing these factors can optimize referral processes, attract ideal clients, and foster business growth.
A January 2024 report showed that more than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m!
So how can financial advisors and financial planners maximize their social media marketing strategy so they can better engage with their clients and find new prospects? This article goes into some strategies and methods!
In a fiercely competitive industry, financial advisors must prioritize effective marketing to attract clients and drive business growth. Crafting a well-structured marketing plan, leveraging the power of digital marketing and social media, collaborating with specialized marketing agencies, and providing valuable content through content marketing are key strategies to achieve success. By adopting innovative tactics and utilizing marketing automation, financial advisors can differentiate themselves, build credibility, and establish strong client relationships.
Select Advisors understands the challenges businesses face when integrating AI into their practices. Our AI consulting services offer tailored guidance and solutions to fully leverage the potential of AI. From devising bespoke AI strategies to selecting the right development partner and providing ongoing optimization, we ensure sustainable growth and success.
Networking is crucial for career development and business growth. Mastering networking skills leads to valuable connections and opportunities. Strategies include making connections during introductions, confidently approaching groups, excelling at small talk, avoiding controversial topics, and knowing when to move on.
This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
Are you finding that your marketing and sales efforts are falling short of expectations, leaving you frustrated or surrounded by excuses? It's time to break free from the mundane routine and discover a more intentional approach to your growth efforts. This article outlines how, by first understanding the difference between a marketing strategy and a marketing plan.
YOU and your clients believe you are trustworthy. But how can you prove that to those who don’t know you? Is there a benchmark for measuring your trust level against, so you can measure your stats and improve them if need be? We believe so, and we want to show you the building blocks around measuring “trust.”
Gamification is a powerful tool that can enhance performance and growth in finance, law, and accounting. By applying game mechanics to non-game contexts, it drives engagement and motivation. This article highlights the benefits of gamification and offers five strategies for financial and legal professionals to implement. These strategies include referral contests, financial education quizzes, thought leadership contests, and more. Gamification can increase engagement, improve knowledge retention, foster collaboration, provide real-time feedback, and support continuous learning and development. By embracing gamification, professionals can create an exciting and dynamic workplace culture while empowering their teams to succeed.
Why you may want to outsource your Chief Marketing Officer Role to a full agency that focuses exclusively on the financial and legal industries, rather than looking to do it all inhouse. This article is about financial advisor marketing through a wealth management marketing agency that can help you, with a CMO and entire team of experts.
A branding case study on turning a mundane product or service into a rebellious, heavy metal-inspired brand that resonates with consumers. Dive into this fascinating case study and uncover the power of daring to be different, embracing authenticity, and disrupting traditional marketing norms, and learn lessons on applying it to your financial, legal or accounting practice.
Advisors are starting to be modernized to the 2020’s by the SEC! In this video interview with attorney Chris Stanely, we learn more about the details of the new adopted amendments to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of investment adviser advertising and solicitation practices. More importantly, we discuss how to maximize these updates for your practice’s marketing efforts!
People envision the ultra high net worth lifestyle to be nothing short of perfect - Glamorous, fun, relaxing and liberating. What most people don’t know is the downside of extreme wealth. We have covered those challenges in this article.
Managing a sales team, or developing a new one, can be frustrating, especially if you don’t know how to best coach your team around sales to develop their pipeline. In this article, we’ve outlined 10 questions to help shape your meetings for better outcome.
Have you ever wondered what goes on behind the doors of the world’s most private members clubs? Discover the opulence of London's newest and most private enclave; where history, art, and extravagance converge. We unveil the secrets of Apollo's Muse, redefining luxury and exclusivity.
As a recap, in this article we have discussed:
Sales training for financial firms
Sales coaching for RIAs
sales coaching for financial advisors
Best sales strategies for financial firms
How to get more referrals for more AUM as a wealth manager
Investment advisor sales strategies
Top sales training programs for financial executives
sales training financial advisors
Sales training RIAs
Are you too busy to grow your practice, get more referrals from clients, improve your career or find a job that you’re passionate about? If so, read this blog to get inspired for change. This is what we discuss in our sales training for financial advisors sessions.