How to Formulate a Growth Strategy as a Financial Advisor

Building a financial advisory firm from the ground up is a big undertaking. Building a financial advisory firm that stands the test of time is an even larger feat.

Financial advising is a competitive career path, so what can you do to ensure long-term success? How can you secure the future of your firm? You must take proactive steps to build your business and maintain it, which means you need to develop and follow a business growth strategy.

10 Critical Components of a Business Growth Strategy

Whether you are new to the financial services realm or an established veteran, a business growth strategy is always necessary.

If you are a financial advisor just starting out, making the right moves from the get-go can accelerate the success of your business. The guidance and direction of a proven business model is invaluable.

And if you are a financial advisor with years of experience, staying stationary is the worst move you can make. You could easily lose your clients to competitors without a plan to propel your business forward.

What should a business growth strategy include? These 10 key elements can help you formulate a business model that is sure to shift your business into high gear.

1 – Set Goals

An effective growth strategy contains more than just vague ideas. You need to pinpoint exactly what you strive to achieve to direct your progress. Do you want to expand your client base? Do you hope to increase your revenue stream? Do you desire to train a junior partner or hire additional employees? Setting specific goals gives you clear direction.

2 – Find a Niche

Finding a niche is about identifying a particular problem that you are passionate about and then finding clients that need solutions to that problem. When you specialize in a specific area, your advice becomes more valuable. You put yourself in a position to be that go-to person that everyone wants to learn from.

3 – Develop a Plan

Once you know your target audience, create a client experience that caters to their needs. Understand their pain points and use that knowledge and your expertise to address those concerns.

4 – Set a Price

Never undervalue yourself and don’t sell yourself short. Pricing your services appropriately is key. Your rates should be based on the type of services you offer, your qualifications, and the demographics of your target audience.

5 – Focus on Client Satisfaction

Sharing life experiences is the basis of human relationships. Your clients will talk, and it is worth the effort to make sure they have a positive report to share with their friends, family, coworkers, and neighbors. Nothing can bring you down faster than negative reviews. Do not underestimate the power of worth-of-mouth referrals.

6 – Be Sincere

Clients want to feel heard. They want to know you understand their concerns and will offer individualized solutions to their personal financial goals. When you show you genuinely care, that sincerity will naturally grow your business. How so? Once again, humans love to share helpful and beneficial information with others. Connecting with clients on an authentic level will make an impact that your clients will want to talk about.

7 – Establish Trust

No one wants to put their finances in the hands of someone they don’t trust. You must establish yourself as a trusted financial advisor to be successful. Sharpen your skills. Go above and beyond. Stand out from the competition.

8 – Communicate with Clients

A strategic communication strategy is just as important as a business growth strategy. In fact, no amount of expertise can grow your business if you don’t know how to effectively communicate your knowledge with your clients. You have to portray, in a purposeful way, your skills and attributes.

9 – Advertise, Advertise, Advertise

Market yourself to your target audience. Get your information out to your community by making the most of technology. Be active on social media. Host webinars. Create a stellar website. Produce content, such as blog posts and informational videos. Utilize email marketing. If you only take advantage of one particular marketing technique, you will undoubtedly miss the mark. Your ideal clients will not be found in one location only. You must reach people where they can be found.

10 – Pivot if Needed

Take the time to evaluate your circumstances. The best financial advisors will always review their effectiveness and adjust accordingly. Self reflection is a skill that can grow your business even when the going gets tough. Be willing to alter your plans if your first (or second or third) business growth strategy doesn’t pan out like you planned.

If you need help identifying elements of your business that need improvement, consider working with a financial planner coach. A financial advisor life coaching program could be the essential component you are missing in your business growth strategy.


How to Formulate a Growth Strategy as a Financial Advisor