Importance of Networking for Financial Advisors and Wealth Managers

As a financial advisor or wealth manager, one of the most important elements of your success is building a client base. But you don’t want to just get names and numbers. You want to find a client base that needs true wealth management. 

You already know how important networking is to your business. Now you need to work in a way that finds you those high-value customers. Then you can manage their wealth and they prove to be lucrative clients for you too.

So what can you do to find those clients to grow your customer base that you’re not already doing? Read on for some additional ideas for finding more and better clients going forward. Use these networking ideas to build your client base.

Get Involved in Your Community

Getting involved in your community can be hugely important. Not only do you benefit the community with your time and service, but you also gain notable visibility too. The more people get to know you, like you, trust you, the more likely they want to have you handle their money.

It makes sense to be involved in the community where you live and work. You can show yourself as an established financial advisor who’s ready to help out your neighbors.

There are a number of ways to get involved. Be authentic in your involvement and it will show. If you love sports, sponsor a local baseball team and get involved by cheering on the team. 

If you are comfortable talking to people about what you do, teach a class at a community event. Then collect the names of participants to follow up with them about your services. 

Get Those Referrals

You can’t be shy about tapping into the resources of your current clients. Let’s assume your current clients are happy with your services. Why would they not want to share your name with their friends? Why would they not connect you with their friends and family who might also benefit from your services?

Your current (happy) clients offer a wealth of possible future clients. 

Nobody likes the pushy salesperson approach. But if you have worked hard to develop a relationship with your clients; if they trust you and believe you are doing a good job for them, why would they not be willing to tell their friends about what a good job you are doing for them? 

Connect With Other Professionals

One smart way to build your client base is to connect with other like-minded professionals. If you both are hustling to gain clients and customers, why not share the wealth and work together?

You can create a partnership to gain clients. Maybe you work together on a promotion or an event to get potential names. Maybe you agree to share potential names with each other. 

Suddenly, the work you are doing to gain clients not only benefits you but also fellow community professionals. You get the same benefit from their referrals and client lists too. 

Think about other professionals in your community who might be working to gain a client base. This might be area realtors, attorneys, insurance agents, or accountants. 

Remember too, these are also people who have financial needs and could become your clients too.

Use LinkedIn

You already know social media is important for connecting with clients. Let’s specifically focus on the many valuable ways LinkedIn can benefit you as a professional.

LinkedIn is a social media platform for professionals. Create an account that shares information about you as a financial planner and wealth manager. Look at this as a way to sell yourself in the digital world. 

Include your schooling background and your professional accomplishments. Then start to make connections. Use your online address book and start to look for people you know first. Connect with:

• Clients
• Potential clients
• Colleagues
• Friends
• Acquaintances
• Neighbors 

Connect with these people on this platform even if they aren’t clients now. It allows you to present yourself as the professional wealth manager you are and to showcase how you take care of clients. You never know when one (or more) of these contacts will become a client too. 

Then once you have established yourself on LinkedIn you can start to broaden your reach. Look at your contacts, who you can connect with in their contact list. 

Connect with other professionals on LinkedIn. Ask them to make online introductions for you so you can make contact with more possible clients. 

Use Your Hobbies and Interests to Make Connections

Think about your own hobbies and interests outside of the workday. How can you use those to cultivate leads without being too pushy?

Maybe you love to play golf. Join a golf league and build a rapport with your fellow golfers. As they get to know you and you get to know them, you naturally start to share. 

You have built a common relationship through your common hobby. But you now also become approachable to a potential client. You can bring up investing or financial planning without being pushy and answer questions without them feeling like they need to make an immediate commitment to you.

Also, people are funny about their money. Many people are uncomfortable talking about it. If you have developed a relationship with them, it’s easier for them to open up about their needs from you as a financial planner. 

Power of Social Media

You cannot underestimate the power of using social media to connect with current clients and find new ones. 73% of marketers believe that social media platforms can benefit a business. And with users spending up to 3 hours per day on social media, you have a big window to connect with them. 

Facebook is the most widely used platform. Instagram boasts 500 million active users on a daily basis. 

The key to using social media effectively is engagement. You have multiple platforms to showcase your knowledge, skills, and expertise to clients and potential clients. Start conversations and respond when people comment on your social media. This is another way to develop relationships that can make potential clients trust you.

Remember that 91% of all users are looking at social media through their mobile devices. Make sure your content is mobile-friendly. It’s also worth remembering that followers love video content. If you are comfortable with the video running, talk to, and engage with your users via this medium. 

Connect With the Unlikely Potential Clients Too

You know it makes sense to look to clients or potential clients who have wealth. Those who have been working for awhile, are professionals, and those inching up on retirement age. 

Yet, don’t underestimate the value in tapping into a group that might not traditionally use financial planners or wealth managers. 

Many young professionals start out with nice salaries. Teach them the value of starting to invest at a young age. Show them how they can truly build wealth by starting to invest even small amounts of money at a young age. 

This same group of people are potential clients who will be easier to connect with on places like LinkedIn and other social media platforms. 

This group also offers a huge opportunity to have long term clients who will need your services. If you become a trusted partner and teach them what they need to know about planning for their financial future, you have huge potential in clients. 

Connect With Area Companies and Organizations

As simple as it sounds, go where the people are. Make connections with area companies that have employees that could benefit from your services. See if you can come in to provide some information during their lunch or break times. 

This gives you a big pool of potential clients all in one place. As you get more and more employees to sign on and use your services, word of mouth, and referrals from employee to employee can get you many new names. 

Professional organizations will work the same way. You have groups of people that come together that you connect with through their events. Consider asking to come in and speak at an event. Be ready to network, connect with people, and collect the names and contact information of potential clients going forward.

Wealth Managers and Financial Advisors, the Importance of Networking

To be a successful financial planner or wealth manager, you need a strong client base. Your role in financial planning means you must constantly be working to network and build your client base. 

Use these tips to network with clients and potential clients. 

If you want more ideas for marketing your business, consider coaching from Stephen Oliver, an industry leader in marketing for financial planners. For more on his team and to connect with them, contact us today.