4 Strategies to Grow Your Wealth Management Business

The sparkle of New Year’s Resolutions is beginning to fade — the gyms aren’t full every day, a half-read book sits on many nightstands, and your resolution to improve your business is getting lost in the day-to-day tasks it takes to keep afloat. It’s time to recommit to taking steps each day to enhance your business. Whether you are an experienced business leader looking for ways to make the most of your year or a new leader looking for ways to build your business, here are four strategies to help you grow your list of wealth management clients.

4 Business Growth Strategies for Financial Advisors to Consider

1.      Make Thorough Plans

Although planning is a time-consuming process, it’s critical for earning wealth management clients — the old adage “failing to plan is planning to fail” didn’t come out of nowhere. Businesses typically have a variety of plans, the most basic being a budget, which defines your priorities for the year.

Keep your priorities in mind, continually connecting your goals back to these priorities and understanding how they fit within the three major “currents” of business:

  1. Bringing in revenue
  2. Building your pipeline
  3. Optimizing your systems

Set realistic but impactful goals for each of these business currents and ensure that these goals feed into your overall business plan so that all your efforts are focused on success.

In addition to a budget and a business plan, you should also have a transition plan. Whether transitioning people out as they leave/retire or adding to your team, it is important for you to consider not just how you plan to transition individual tasks (e.g., managing your social media accounts) but also key responsibilities (e.g., overall brand management). A transition plan helps ensure that work can continue — and that it won’t all fall on you.

2.      Reflect Often

After the plans have been made, it’s important to evaluate the successes and challenges of what you have implemented. Reflect daily on tasks and weekly or monthly on projects, strategies and approaches. Let go of things that didn’t work or aren’t working; trying to focus on too many things, even if they are all successful, can harm your bottom line by pulling you in too many directions. Dropping things that haven’t worked as well as you anticipated is one way to narrow your focus so your energy is being spent on the goals you have identified.

3.      Promote Your Business Regularly and Consistently

The first step in marketing your business is to have a clear understanding of what your brand is. These three questions can help you determine what your brand is and how to position it:

  1. What do you want people to say about your business?
  2. What does your business offer that’s different than what other businesses offer?
  3. What story do you want your clients to tell about the value you added to their lives?

Your brand determines how you are going to market yourself. Once that has been established, you’ll begin the hard work of introducing that brand to the public. If you’re not already involved in the community as well as a business organization/networking group, those are great places to start. Everything you do to promote yourself should feed into the brand you have established so that you have one clear message you’re sharing with your community about who you are.

4.      Maintain Balance in Your Life

You can’t fill the cups of others when your cup is empty. Take measures to ensure that you and your team don’t burn out; take vacations (where you’re not checking your email on your phone), learn something new and exciting to gain a fresh perspective (whether its related to your business or not), rely on your team, make your surroundings inspiring, and work to ensure that everyone understands how important and valued they are.


With Farm Bureau Financial Services, you’re never alone. As a Farm Bureau Wealth Management Advisor, you’ll have the resources to help propel your business forward. Contact the Regional Manager in your area to learn more.