Getting ready to branch out on your own as a new RIA can be an exciting time. You have spent years developing your skills and knowledge, and now you are interested in creating your firm.
While many people are seeking your assistance as a registered financial advisor, it is essential to have an idea of whom you want as your ideal client. As you consider your experience and past clientele, it will become easier to identify your niche in this diverse industry.
Here’s what you should consider as you are establishing your clientele and creating your marketing approach.
Stick with what you know
While you intend to diversify your investing knowledge as your firm grows, you may find more positive movement by staying in familiar territory. Whether your clients are first-time investors or people who are more experienced, they will look for your confidence in the areas where they have questions.
When you have confidence in your role as an investment advisor and the specific types of investments your clients are looking at, they will feel more comfortable with your advice. Keep in mind, your clients are looking to take calculated risks with their money; they do not want to feel like they are taking a risk with you as an advisor.
Consider the type of firm you want
Living through pandemic conditions has changed the way many people do business. People who used to drive to an office and chain themselves to a desk now work from home. Still, others long for human contact and crave opportunities to visit someone in an office.
Think about how you want to conduct your workday and the type of clients you intend to attract. Consider whether they prefer to email or visit an office. Decisions like these could dictate where your clients live and your reach as an investment advisor.
Do not forget your competition
As you think about your future clients, consider whether they already have an advisor and what it will take to get them to make a change. On the other hand, you may also think about new investors who are unsure if they want to start investing and need your services.
Establishing a target market can help you narrow your approach when marketing and talking about your new firm. As you develop this intentional customer base, your clients can help you grow your business by talking to more people who have similar interests.