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6 Marketing Strategies for Wealth Management Advisors

Stand out in a crowded field with these tips that do more than just market your business; they help you fulfill the needs of current and prospective clients.

Whether it’s making small tweaks to managing client relationships or big-picture shifts in how you position yourself in the wealth management industry, these six marketing strategies for financial advisors will elevate you above the masses. 

1. Define Your Target Market

As you build your book of business, consider exactly who it is that you’d like to comprise the business. In other words: Who is your ideal client? What are the demographics? How do they think? What are their needs?

You should be able to visualize your perfect client and describe them in detail. Instead of marketing to everybody and pleasing nobody, aim to appeal to prospective clients whom you know you can serve well. Be specific on what makes them unique, and likewise, what makes your services as a wealth management advisor unique. Then you’ll be well on your way to creating a long, fulfilling and mutually beneficial client-advisor relationship. 

2. Maintain Regular Outreach

As the saying goes: “Out of sight, out of mind.” If clients or prospects haven’t heard from you in awhile, chances are they won’t think of you first when it comes to their investment needs. And you know as well as anyone that people’s wealth management needs shift over the course of a lifetime. Thus, it’s important to position yourself as their trusted, go-to advisor.

To do this, create a revolving calendar of outreach. Build time into your schedule — perhaps once per quarter — to touch base with both existing clients and potential clients. Connect with a simple phone call or drop them a quick email. The goal isn’t necessarily to discuss portfolio changes, although that could be something that arises from the touch-base, but it’s more to let clients and prospects know that you’re here if and when they need you. 

3. Meet Nights and Weekends

The value clients find in their wealth management advisor isn’t solely based on your investment strategy know-how; it’s also in the relationship they have with you. As in any healthy relationship, compromise works wonders at building trust.

One way to do this is to show clients and prospects that you understand, and appreciate, their time. Work hours, childcare, school commitments and daily commutes all impact a client’s ability to make — and keep — an appointment with you. Eliminate this added stress by offering to fit into their schedule instead of asking them to fit into yours. Open up your calendar to meet in the evenings or on weekends.  

4. Join Marketing Associations

Take advantage of the resources available that assist with the specific marketing needs of wealth management advisors. A few to consider include:

At Farm Bureau, we offer our advisors access to a professional, in-house marketing team that provides designed and approved materials and resources that allow our advisors to communicate with their audience in myriad ways.

5. Celebrate Current Clients

When it comes to marketing your services, a personal touch goes a long way. For example, send a handwritten note on the anniversary of when a client started with you. Acknowledge a client’s achievement of a financial goal, such as a home purchase, with a card. Celebrate a life milestone with a party at a public venue — a two-birds-one-stone scenario that gives a nod to your current client and also attracts attention that can lead to new clients.  

6. Host a Learning Experience

Increase your profile in both the community and the industry, as well as broaden your network, by hosting an event designed to educate. For example:

  • Schedule a lunch and learn where speakers share insights on themed topics.
  • Teach a free workshop on money management at the local library.
  • Host a webinar on retirement planning.

Elevate Your Impact

If your future is to make a difference in the lives of others, then becoming a Farm Bureau wealth management advisor might be right for you. Contact us to learn more about our wealth management advisor opportunities.