Break Away From The Pack

How to build your client base for your new financial firm

On Behalf of | Aug 11, 2022 | Practice Migration |

Opening a financial firm requires clients to be successful. Even if you take clients with you from your former position, you must take steps to find new clients to continue to grow. 

Finding effective ways to grow your client base can be challenging, but some tips can help. 

Acquiring clients as a new financial advisor

Direct marketing and cold calling are outdated methods of acquiring new clients. Not only is cold calling widely unsuccessful, but it can also be a waste of time for smaller firms trying to compete with large, established companies. Direct marketing materials are largely ignored and thrown away. 

Today, there are more effective prospecting ideas, including:

  • Narrow your client’s focus
  • Determine what your ideal client looks like
  • Create content marketing campaigns
  • Stay active on social platforms

In the financial niche, it’s impossible to start a small firm and be successful trying to do it all. Find your specialty and focus on growing clients for that service. 

Engage existing clients

While finding new clients is essential for your new company, you can’t forget about those who have followed you to your new position. After addressing all the potential legal aspects of this move, be sure to understand your client’s expectations. 

Moving from a big firm to a small, independent company can concern some clients. By engaging with them, connecting regularly and taking steps to show they are appreciated, you can keep them engaged and satisfied with your services. 

Building your new financial advising service

Establishing a new company in the financial industry is challenging. There are legal aspects of this you need to understand and seeking help and guidance can help ensure you don’t make mistakes that may cost you in the future.