4 Ways to Get Leads as a Financial Advisor (Develop a Better Client Pipeline)

To get leads as a financial advisor:

• Target a specific niche
• Create partnerships
• Host small-group events
• Build a strong referral system

Targeting a specific financial advisor niche allows you to hyper-focus on one area. This builds trust and attracts the right leads. Plus, you stand out by offering a tailored service, rather than trying to help everyone. One Reddit user points out that saying you work with everyone is not an impactful message. People will hardly understand your marketing message if it’s too broad.

Partnering with other professionals who work with your ideal clients makes referrals easy. For example, if you specialize in financial planning for small business owners, you could partner with accountants who handle their taxes. These accountants refer you to their clients, and since the accountants are trusted, the clients will likely hire you. In return, give your partner a commission, an incentive, or refer your clients back to them. 

Hosting small financial advisor events shows what your services are like. Let people see your expertise and how you can help them. Use this to build trust and foster personal connections.

Building a strong referral system starts with providing excellent financial advice. 67% of financial advisors confirm that quality service naturally encourages client referrals. If you’re reliable and client-focused, they’ll spread the word about you, bringing in more leads. 

In this article, we show you how to build a steady pipeline of financial advisor clients. We go over financial niches to choose from, who to partner with, how to host a financial event, and more. We also show you how to track return on investment (ROI) for your lead generation efforts.

1. Target a Specific Finance Advisor Niche 

Targeting a financial advisor niche demonstrates to potential clients that you’re an expert. People who need the specialized service you offer will choose you over a generic advisor. One study found that financial advisors who specialize earn 25% more than those who don’t. Also, targeting one audience with personalized solutions reduces marketing costs. Here are a few niche markets to choose from:

• Financial planning for female entrepreneurs.
• Retirement planning for teachers.
• Tax strategy for real estate investors.
• Wealth management for doctors in private practice.
• College planning for divorced parents.
• Financial advice for millennial tech professionals.
• Estate planning for high-net-worth lawyers.
• Financial coaching for small business owners in retail.
• Financial planning for special needs families.

To find the right financial advisor niche, think about your expertise and who you want to serve. Also, consider which one brings in the most profit. Once you’ve picked your niche, here’s how to focus on it and attract the right leads:

• Conduct market research. Take time to understand the financial challenges of your chosen niche. Read publications and join professional groups where your target audience gathers. For example, if you’re targeting healthcare professionals, subscribe to medical journals. Join online forums where physicians discuss their financial troubles. Interview 5 to 10 doctors to find their concerns, such as student loan debt or management costs. 
• Improve your financial knowledge. Take specialized training for your specific niche. If you focus on helping small business owners exit, get a Certified Exit Planning Advisor (CEPA) designation. You’ll know exactly what to advise, and the owners will trust you more when they see your certification. Continuously develop your expertise to stay updated with industry best practices. 
• Create a website. This lets people in your area find you when they search for your specific service on Google. Use a website builder like Snapps.ai to quickly get your site up with zero coding. Then, use niche keywords, like ‘divorce financial planner in [your city],’ to appear in search results. To build trust, include client testimonials and showcase your expertise on your website.
• Engage with your niche community. Join forums, attend events, and connect on social media where your audience gathers. Engage in conversations and add value to establish yourself as an expert. When these people see you know what you’re talking about, they’ll want to hire you.

Margeaux J acknowledges you might not find the right niche on your first attempt. She shares the story of Juliana Crummell, an African American financial advisor. Crummell initially wanted to give financial advice to parents of special needs children. But that didn’t work out for her. She then changed her niche to helping sorority sisters, which led to success and many new clients. Margeaux’s point is not to get discouraged, but to find the right niche that best fits you.

2. Create Partnerships With Financial Professionals

Building partnerships with other financial professionals allows you to share clients. By teaming up, you either refer clients to each other or work together on their financial needs. With this, you both get access to a wider audience and attract more leads to your services. Financial advisors who build these kinds of relationships report generating 45% more leads. To improve lead quality, here are the best professionals to work with as a financial advisor:

• Accountants
• Attorneys (estate planning, divorce, or business lawyers)
• Real estate agents
• Insurance professionals
• Business consultants

Here is how to build good partnerships:

• Make sure it benefits both parties. For example, if you partner with an estate planning attorney, refer your clients who need wills or trusts. In return, they send clients your way for financial planning. A win-win setup makes the partnership last.
• Consistently communicate with each other. Check in through emails, calls, or meetings. Share updates on your financial advisor services and ask about theirs. Talk about your shared prospects. The more you communicate, the more they will remember to send leads your way.
• Offer value beyond just referrals. Share helpful industry insights, invite them to networking events, or introduce them to potential clients. When they see you as a valuable connection, they’ll be more likely to return the favor.

Bedros Keuilian stresses the need for adding value to a partnership. The real test of a partnership is how it holds up during tough times. If your referral partner faces challenges, step up. Offer support, share useful insights, or connect them with helpful resources. Being reliable when it matters most builds trust and makes them do the same for you. Plus, your partners will refer you to their clients and tell other colleagues about you. This leads to more partnerships and more shared clients.

3. Host Small-Group Financial Events 

Hosting small-group events allows prospects to experience your financial advising firsthand. Attendees get to see your expertise, communication style, and personality in action. Use the time to build trust and establish authority. As a result, these events often bring in 2x or 3x more qualified leads. Here are a few event ideas financial advisors can host to attract leads:

• Educational workshops on financial planning topics (e.g., retirement, investing).
• Client appreciation events where they bring a friend or family member.
• Discussions that address specific financial concerns (e.g., estate planning for business owners).
• Virtual Q&A sessions or expert panels that focus on important financial topics.

Here is how to ensure financial advisor events get more qualified leads:

• Select the right event size. Keep groups small enough for meaningful interaction but large enough for discussions. For educational events, aim for 8 to 12 attendees. Social activities should be even smaller, like 6 to 8 participants. Workshops usually hold 10 people. Small groups like these have a higher chance (40%) of converting leads into clients.
• Focus on specific pain points. Rather than hosting general events, address particular challenges that your target audience faces. Instead of a broad topic like ‘retirement finances,’ focus on something specific, such as ‘5 Strategies to Reduce Taxes in Retirement’. These targeted topics attract 3x as many people as general ones.
• Create an exclusive atmosphere. Make your event invitation-only rather than opening it to the public. The exclusivity improves attendance rates and gives premium experiences for prospects. When these people feel special and valued, they’re more likely to hire you.
• Follow up after the event. Within 24 hours, send personalized thank-you messages. Then, within 3 days, share more resources about the questions raised. In the next week, reach out to these leads for one-on-one consultations. Consistent follow-ups turn 35% of event attendees into clients.
• Track results. See how successful your event was. Track metrics like attendee engagement, follow-up responses, and conversion rates. For example, how many attendees expressed interest in scheduling a one-on-one consultation? Did you gather enough contact information to follow up effectively? These results lets you see which aspects of the event were most effective and where you can improve.
• Host more events to get more leads. The more events you host, the more opportunities to connect with potential clients. After hosting 3 to 4 events, you’ll start seeing results, such as attracting 30% to 40% of attendees as new clients. This builds a steady stream of leads over time.

Chuck Failla says that hosting virtual events is more beneficial for him. He likes that it requires less effort but attracts a wider audience. Failla points out that virtual formats also make it easier to get high-profile guests. These people are more likely to decline in-person invitations. According to him, these online connections are authentic and encourage in-person meetings later.

4. Build a Solid Financial Advisor Referral System

Building a solid referral system begins with offering excellent financial advice. This makes it easy for clients to refer you to others. At first, you might have to ask them to recommend you to people they know who need your service. You may even need to give them an incentive to encourage action. But over time, your reputation will build and produce a pipeline of leads. A study found that a referral system boosts revenue by 43%. Here are some things to consider when asking for referrals from clients:

• Demonstrate value before asking for referrals.
• Avoid sounding scripted or insincere.
• Be cautious with cash payments for referrals, as it feels transactional.
• Provide quality service to maintain trust with both the new client and the referrer.

Here are the strategies to improve your referral system:

• Build a foundation. Exceed client expectations with regular check-ins, birthday acknowledgements, and tax planning sessions. A strong foundation increases referrals by 35% as clients feel valued and well-served.
• Ask for referrals at the right moment. The best time for this is when your clients share their good experiences. Ask, “Who else could benefit from this kind of financial planning?” This approach generates around 24 referrals in three months. Generic, untimed requests get fewer results.
• Tell clients about the best people to refer. Create a “Who We Serve Best” document and send it to them. Let your clients know the prospects that match your ideal profile. This improves referral quality.

Rick Silva, a referral coach for financial advisors, recommends this strategy. He says great service lets advisors focus less on chasing new leads. Instead, take your time building strong relationships with your current clients. Happy clients will talk about you to others, creating a positive referral cycle. Pretty soon, you won’t have to ask for referrals – they’ll come naturally.

 

How Do I Track the ROI of My Lead Generation Efforts as a Financial Advisor?

• Check where leads come from. Record how each prospect found you. This lets you understand what brings in potential clients. See if leads from certain sources stay longer.
• Calculate the cost per lead. Divide the money spent on each marketing method by the number of leads it generates. Decide if your marketing is worth the cost.
• Measure conversion rates. Figure out what percentage of leads become paying clients. Warm leads for financial advisors usually convert better than cold contacts.
• Know your total acquisition cost. Add up all expenses (including your time) needed to turn leads into clients.
• Rate lead quality. Create a scoring system to separate serious prospects. Focus on them for follow-up efforts.
• Track your lead generation activities. Keep a record of calls, meetings, and other actions. Identify what gets results.
• Assess short- and long-term success. Compare quick wins with strategies that build a strong marketing foundation.

Can a Website Builder Grow My Financial Advisor Business?

A website builder for financial advisors can grow your business. Not only will it get your website up quickly, but it also improves your online visibility. When you appear at the top of local searches for financial advisors, you get noticed first. That means 30% to 40% of all clicks land on your site, generating more leads and clients.

Some website builders, such as Snapps.ai, offer tools for local SEO and lead generation. These include built-in SEO settings, fast loading times, and mobile-friendly design. You can easily add your Google Business Profile, client reviews, and service areas. Snapps.ai also lets you create lead capture forms and call-to-action buttons. These features make it easier for local financial advisor clients to find you and reach out.