If Your Financial Advisor Practice Isn’t Growing…

April 1, 2021 by

Advisor Wealth Mastery Team

Like many things, the growth of your practice can plateau. And your financial advisor practice isn’t growing, your livelihood is at risk. When this happens, you can find yourself searching for answers. You feel that you’re doing the right things, but they aren’t working. When this happens, it’s time to stop and take a holistic view of how you market your practice. Are you really doing everything the right way, or are you putting minimum effort into the right things? There’s a big difference between the two, and by not putting in your best effort you can negate any potential growth. If you find that your practice’s growth has stalled, consider these three things as you rethink your marketing process. 

You’re not putting yourself out there

If your practice isn’t growing, it’s time to reevaluate what people are seeing in your marketing. People need to know who you are, but they also need to know that you’re trustworthy. They want to know that you value them and their business. Look at your marketing collateral. If the pictures of you seem cold and stiff, it’s time to switch things up. Those pictures should help prospective clients see a part of who you are as a person. Add photos of you playing with your dog or enjoying quality time with your family. Another way to increase your visibility is to participate in community events. When you’re active in your community, you become a familiar face. That familiarity makes it much easier for people to see you as trustworthy. 

Your marketing is one dimensional

When you say that you’re marketing your services, what does that mean to you? If you’re only relying on referrals or running Facebook ads, your marketing plan is incomplete. By only focusing on a single method, you’re missing a lot of potential clients. Successful marketing has multiple facets that create redundancy. That redundancy means that people you miss on one marketing channel can be reached with other methods. Since you’re reaching more prospects, you’re more likely to bring in new business and see growth. 

You’re getting advice from the wrong people

If you’re getting growth and marketing advice from anyone other than a professional marketing coach, you’re probably listening to the wrong people. Even advice from a highly successful financial advisor can be unhelpful. There’s no guarantee that you’ll be able to recreate the circumstances that led to their success. A good marketing coach will offer guidance that’s tested and proven to work because they’ve worked with multiple clients in your field. If a coach is outside your budget right now, resources, like books or courses, created by one are still more helpful than the guy in your Facebook group. 

When marketing your practice, it’s important that you give it your best effort. Employing the right methods with intent and focus will help grow your practice. We can help with that. If you’re ready to break out of your slump, schedule your consultation today.  

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