If you’re making the move to be an independent advisor, there are steps that you should consider in order to maximize your chances of success. There will be some uncertainty as you step out of the brokerage world, but this will give you plenty of opportunities to thrive on your own. Your main goals when you are establishing your brand as an independent advisor should be to retain your existing clients and find new clients in your target demographic.
When you decide to make the jump to become an independent advisor, it’s crucial that you both identify your specialty and define your target audience. What specific skills do you bring to the table?
Throughout the history of financial advisement, many planners have done a little bit of everything in the financial world. However, in the last decade or so, it’s become increasingly clear that just being an experienced advisor who gives comprehensive planning advice is not enough. Most clients are looking for someone who has a specialty with the situation that they are in.
It’s true that many planners are apprehensive about focusing on a niche, as that may narrow their client base. However, if you can identify a niche that you can succeed at, you’ll not only become more of an expert, your leads are more likely to be qualified and become a continued client with you. If you advertise to everyone, you are likely to find more potential clients, but not as many actual clients.
Refining your target audience is a must once you have determined your focus or niche. It’s important that you have a target clientele that you are able to serve, the knowledge of how to serve them, and a business model that will work with the relationship between you, the advisor, and your client.
Generally, your chosen niche does most of the work for you when it comes to finding your audience. If you specialize in creating retirement income portfolios, your target audience will most likely be retirees with high AUM. Once you determine this, you can look into ways of reaching these potential clients.
Online marketing can be a four-letter word to many, as there can be a steep learning curve. It’s also intimidating because you don’t want to waste your money on advertising that isn’t bringing in the right clients. Many independent advisors fall into the trap of advertising to anyone seeking out financial services, with the hopes of finding qualified leads. This is often a waste of money and more trouble than it’s worth.
As noted previously, identifying your niche and target audience will help to guide you as to whom you will be advertising to. Below are items to take care of before you start an online ad campaign.
Establishing your brand as an independent advisor necessitates a healthy use of social media and a well-optimized website. Staying active on these platforms builds authority in your niche.
Social media can be a wonderful tool to find new audiences without spending much money. If done correctly, the ROI on a social media platform like Facebook can be more beneficial than any kind of physical advertising. You can use social media to host webinars, share relevant content, and talk and answer questions from your followers. It’s a free way of getting yourself out there.
Because so many seek out financial services online, it’s critical that your website is optimized and updated on a frequent basis. Make sure that you are focused on SEO and that you are adding keyword-focused relevant content on a consistent basis. Hiring a contract writer who specializes in financial writing may be key here—you can guide them on what to write and they can bring it to fruition. After all, you may be an expert in financial advice, but web writing is a skill set you may not have.
There’s a lot to focus on when you decide to jump into being an independent advisor, but the crux of it comes down to knowing your niche, identifying your audience, and using the internet as a tool to find leads. You may find yourself reaching out to contractors or agencies focused on online advertising or SEO, which will only help your business.
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