The ClientWise Blog

How Successful Financial Advisors Find New Clients

Posted by Chris Holman on Oct 4, 2012 10:50:00 AM

find new clientsWhether you call it “client acquisition”, “business development”, or “prospecting”, one thing is true. Successful financial advisors are becoming more creative and unique with regard to finding new clients these days.

One other observation is correspondingly true. With respect to finding new clients, there is no Holy Grail, i.e. no single, universal approach that works equally well for all financial advisors. Quite the opposite, in fact. Every successful financial advisor arrives at their own client acquisition process through a combination of: trial-and-error, passions, competencies, diligence, and chutzpah. Whatever their method, they're very good at it because they enjoy finding new clients in the manner they've chosen.

One financial advisor we know organizes the complicated financial affairs of CEO’s by making site visits to the home of the harried executive…and organizes everything financially related, A-to-Z, top-to-bottom.  Another financial advisor is an activist and specialist with regard to families dealing with dementia. Another networks with C-level executives and directors by attending annual shareholder meetings and trade conferences within a specific industry. Still another works within a 100% referral-based model of executives and managers of one specific company only. One advisor works with the roughnecks in the burgeoning oil fields of western North Dakota. A still different approach is the advisor who works with single mothers who are parents of special-needs children. The list is endless.

[Check out this SmartMoney article for additional client acquisition approaches…some of which seem mildly off-putting to us.]

For all of these successful client acquisition approaches, there are common characteristics of success. Here’s what we see:


The best financial advisors love what they do. This “love” manifests itself on multiple levels. They love serving their clients, and love the clients they serve. They love the wealth management process that they've created that offers special value to clients they serve. Critical to the client acquisition activity, they love how they meet new, prospective clients. They enjoy client acquisition because they are good at it, and successful…which, by itself, becomes a self-fulfilling virtuous circle.

They know who their clients AREN’T. The best financial advisors know exactly who their clients are…and aren’t. This sounds obvious, but isn’t easy. Oftentimes, we see financial advisors make exceptions to their Ideal Client Type. This can end badly. The most successful financial advisors have the courage to avoid (and cull) potential clients who do not fit…and remain laser-focused on finding clients who do.

Goals, Strategy, Process, and Pipeline. Elite financial advisors are not willy-nilly and haphazard. They diligently set client acquisition goals periodically and consistently, and are constantly referring to them. They have a well-defined client acquisition strategy and process. They use a pipeline and database of leads and opportunities and maintain this pipeline rigorously.

They use a coach. OK, this sounds self-serving…since we happen to be executive coaches who serve financial advisors exclusively. However, from our perspective there is much truth in this observation. Financial advisors who excel at client acquisition are seekers of continual improvement in their learning, self-awareness, individual performance, and productivity. Financial advisors who excel at client acquisition are also not beholden to cookie-cutter, me-too, paint-by-the-numbers and “you-must-do-it-this-way” instruction. The most successful financial advisors want to find their OWN way, without preconceptions or judgments. This is where coaching, true coaching, is critical.


We could go on and on. Finding new clients is a favorite topic of ours, and one in which we have much familiarity. We’ve discussed client acquisition in many previous posts…here, here, and here, and will continue to do so in the future.


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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Business Development