Sales Practice

12 Growth Strategies For Financial Advisors (2024)

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Recent case studies have uncovered a game-changing truth: your lack of experience in the industry doesn't have to hold you back from building a million-dollar financial advisory business. 

Now, you might be wondering, "How is this possible?" 

Well, that's where the brilliance of the following 12 growth strategies comes into play. These strategies have been meticulously crafted to help reel in those top-tier clients, boost your revenue to the max, and establish your dominance in the world of financial advisory.

They are:

1: Tribe Targeting

We are going to be blunt:

In this jam-packed marketplace, where competition is fierce and attention spans are fleeting, being a run-of-the-mill clone is a guaranteed ticket to obscurity. 

So, instead of spreading yourself thin and trying to cater to everyone, it's time to narrow your sights and focus on a specific group of clients that you can serve like a champion. Welcome to the strategy of tribe targeting.

Why tribe targeting, you may ask? 

3 reasons:

  • You set yourself apart from the mediocre masses. Translates as you develop a unique value proposition.

  • You establish an ironclad reputation as the go-to expert in your field. 

  • You become the advisor who understands the unique challenges, aspirations, and dreams of your tribe.

It all adds up.

In doing so, you not only attract clients who resonate deeply with your message but also repel those who don't align with your values and expertise while increasing your chances to earn more -  AssetMark reports that “advisors who pick a niche earn an average of 12% more than generalists that don't pick select groups to target.” Plus it allows you to focus your energy and resources on those who truly appreciate your distinct value proposition.

To make tribe targeting work for you, here's a pro tip: 

Immerse yourself in the world of your tribe. Dive headfirst into their communities, attend their events, participate in their discussions, and listen intently to their needs. Understand their desires, pain points, and aspirations better than anyone else. When you can speak their language, empathize with their struggles, and offer tailored solutions, you'll become an indispensable guide, earning their trust and loyalty.

Of course, find below a few examples of niche targeting for a dose of inspiration:

  • Retirement planning for small business owners

  • Sustainable investing for millennials 

  • Divorce financial planning for women 

  • Wealth management for physicians

2: Nail Your Offer And Pricing

The mission is clear: convert more prospects into paying customers. 

To accomplish this, your primary focus should revolve around effectively communicating the value of your services and positioning it as an undeniable win for the prospective client when considering the price.

Here's how you can make it happen.

  • Embrace Transparent Pricing: Be upfront about your fees, ensuring there are no hidden costs or surprises - this fosters trust and establishes a foundation of honesty in your client relationships.

  • Offer Pricing Options: Consider creating tiered packages or flexible pricing structures to accommodate various budgets and preferences. The aim is to empower people to choose the option that aligns best with their unique circumstances, enhancing their satisfaction and your ability to serve them effectively.

  • Demonstrate Value First: To put it differently, show potential clients how you can help them overcome their challenges and achieve their financial aspirations. This way you can create a compelling case for the investment they will make in your services.

That's not all:

Resist the urge to merely focus on the features. Highlight the transformative benefits your clients will experience. Will they gain peace of mind, financial freedom, or a newfound sense of confidence? Will they save time, reduce stress, or achieve their financial goals faster? Paint a vivid picture of the value your clients will derive from working with you, both in terms of tangible outcomes and emotional fulfillment.

Finally, remember, the process of nailing your offer and pricing is an ongoing journey of refinement. Continuously evaluate and adjust your value proposition based on feedback, market dynamics, and the evolving needs of your clients. By consistently delivering exceptional value and aligning your pricing strategy with the worth you provide, you will attract and retain clients who recognize the significance of your expertise. 

3: Maximize Referrals

Let us lay it out plain and simple: referrals are the lifeblood of explosive advisory practice growth. When your satisfied clients sing your praises and recommend your services to others, you've hit the jackpot. Not only do you attract new prospects, but you also gain an instant edge of trust right from the get-go. 

Pro Tip:

Prospect-up: We've seen this tactic transform the fortunes of our students in the Taylor Method. Basically, you ask your current clients for names of individuals they look up to financially then proceed to connect with these individuals of higher financial clout. Consider this a shortcut to prospecting with high-net-worth individuals and ultimately a million-dollar practice.          

To take referrals to the absolute max and unleash their full potential, consider the following:

  1. Blow Clients' Minds: Referral mastery starts with dishing out mind-blowing service that leaves clients in awe. Make it your sacred duty to exceed their expectations out of the water - go the extra mile to create personalized experiences, tackle their needs pronto, and make them feel like royalty. When clients have a mind-blowing experience with you, they can't help but rave about you in their inner circle.

  2. Ask: Sure, satisfied clients might throw you some referrals out of the blue, but don't leave it up to chance. It's your job to proactively ask for referrals. 

  3. Make it an integral part of your client engagement process to request referrals at the right moments, especially at the onset of your meetings (recommended by Mr. Taylor) where you have an opportunity to set expectations. You can access this specific referral talk and more on the ESSENTIAL PLAN with lifetime access.

  4. Stay Glued to Their Minds: Stay in constant contact through personalized emails, newsletters, or social media updates. Share valuable content and insights that hit home and resonate with their financial needs. Executed right, you'll be etched into their memory, ready to be summoned at the opportune moment.

4: Multiply Profits With Cross-Selling

Here is the thing:

The likelihood of an existing client converting is as high as 70% compared 

to a mere 5-20% for a new prospect because it leverages the existing trust and relationship you've built. That's where the fourth growth strategy comes into play: multiply profits with cross-selling.

  • Cross-selling involves offering additional products or services that complement what your clients already have. For example, if you're helping a client with investments, you could cross-sell by offering them insurance products that align with their long-term goals and provide needed diversification and risk management. 

But here's the crucial insight: focusing solely on cross-selling without maintaining a genuine commitment to your clients' best interests can backfire. It's important to strike a delicate balance between revenue generation and providing ethical, client-centered advice. 

5: Position Yourself As A Life Coach

In this day and age, information is just a click away, and clients are not relying solely on us for their financial knowledge fix. To rise above the noise, you need to break free from the ordinary and embrace a new identity: that of a behavioral life coach

  • Recognize that your clients' financial well-being is intricately linked to their overall life goals and aspirations. So…

  • Adopt a holistic approach, where you can guide them not only in matters of finance but also in navigating the complexities of life.

  • Establish yourself as the go-to source for trusted information and guidance, empowering your clients to become savvy decision-makers. 

  • Assist your clients in setting meaningful goals, developing healthy money mindsets, and creating actionable plans to achieve their desired lifestyle.

6: Power Up Your Skills: Continuous Professional Development

Let's face it - the financial services landscape is a wild ride. Technology never stops evolving, the industry is constantly transforming, there are a ton of regulations to keep up with, and consistent challenges (did we hear you say name flow?) are always lurking around the corner. And this is the very essence of the 6th growth strategy financial advisors must undertake.

To be honest:

Continuous professional development is more than just a buzzword.

When you engage in continuous professional development, you're showing the world (insert clients and pesky competitors) that you're no slouch.

It's your way of saying, "I'm here to stay, and I'm up to date with the latest and greatest in my field." It's an opportunity to deepen your expertise, broaden your horizons, and equip yourself with shiny new tools and techniques. 

Whether you're hitting the books, attending workshops and conferences, diving into online courses, or mastering your craft through self-study, the possibilities for expanding your knowledge and skills are endless.

And guess what? It doesn't stop there.

Continuous learning not only sharpens competence but also amps up the professional credibility of advisors. Which is an invaluable shining testament to your unwavering commitment to excellence and going the extra mile. Employers, clients, and colleagues will take notice and hold you in high regard for your dedication to continuous improvement. Before you know it, you'll be the go-to person that everyone wants on their team.

But there is a catch:

When you're bombarded with countless trainings, all claiming to be the ultimate solution for advisors, and you're working with limited time and resources, how on earth do you make the right choice?

Keep these golden nuggets in mind:

  1. Define Your Objectives: Get crystal clear on what you want to achieve. Are you looking to enhance specific skills, broaden your knowledge, or tackle a particular challenge? Knowing your objectives will serve as your guiding light when assessing potential training.

  2. Do Your Homework: Research, research, research! Don't just rely on flashy marketing materials or empty promises. Dig deep and gather as much information as you can about the training options available. Look for testimonials, reviews, and success stories from past participants. A little detective work goes a long way.

  3. Seek Relevance: Avoid the one-size-fits-all approach. Seek out programs that address the unique challenges and opportunities you face as an advisor. 

  4. Evaluate the Trainer: Pay close attention to the trainer's credentials, experience, and expertise. Are they respected in the industry? Do they have a track record of delivering valuable content? A skilled and knowledgeable trainer can make all the difference in the effectiveness of a training program.

  5. Consider the Format:  Consider the format that aligns with your learning preferences and will keep you engaged throughout the training. Do you thrive in interactive workshops or prefer self-paced online courses? Your choice.

  6. Assess the Investment: Determine your budget and weigh it against the potential return on investment then look for the sweet spot where quality and affordability intersect.

  7. Look for Ongoing Support: Seek out trainings that offer ongoing support, resources, and a community of like-minded professionals. Why is this crucial? You'll have a support system to lean on even after the training is complete.

The Taylor Method is your best bet: It ticks all of the above considerations and more. What's more? 

It is the result of a proven objection-free sales training system that works for advisors irrespective of experience level and learning temperament. The results don’t lie - check it out.

7: Convince With A Compelling Personal Brand

Your brand is the total of everything that makes you unique—the things that set you apart from the crowd. It's like a lighthouse that guides potential clients through the vast ocean of options straight to your doorstep.

Here's our advice:

To craft a personal brand that resonates with your dream clients, start with some serious soul-searching. Dig deep and discover the essence of who you are and what makes you tick as a financial advisor. Embrace your quirks, your oddities, and your unconventional perspectives because that's where your true magic lies.

Now, here's the deal.

Authenticity is the secret sauce that builds trust, and clients are drawn to advisors who aren't afraid to be their unfiltered selves. Share your stories, your wins, and even your epic fails - being vulnerable builds unbreakable connections.

Next, hone your messaging with precision and clarity. Craft a captivating narrative that articulates your unique value proposition and showcases the transformative impact you can have on your client's financial lives. Remember, it's not about boasting or grandiosity; it's about resonating with the aspirations, fears, and desires of those you seek to serve.

In this digital jungle we live in, your online presence is your storefront. Embrace the power of technology to amplify your voice and conquer new territories. Create a visually compelling website that exudes professionalism and captures the essence of your brand. Leverage social media platforms to engage with your audience, share valuable insights, ad foster meaningful conversations.

Lastly, be consistent with your messaging and brand assets across the board. The last thing you want to do is to confuse your target audience.

8: Embrace Digital Disruption

Like most industries, the world of finance is undergoing a digital revolution, and you can't afford to be left in the dust. In case you don't know what we mean: the old ways are fading away, and those who adapt and innovate will thrive in this digital age.

One crucial aspect of embracing digital disruption is harnessing the power of data. We live in an age overflowing with information, and the smartest advisors know how to tap into that goldmine. Invest in top-notch data analytics tools that allow you to gather, analyze, and extract meaningful insights from the wealth of data available. 

Personalization is the name of the game. 

With the power of data on your side, you can uncover patterns, spot trends, and make informed decisions that will supercharge the quality and relevance of your financial advice that aligns perfectly with the goals of your clients.

Moreover, don't be afraid to make the most of digital channels for client acquisition and engagement. Tap into the vast potential of social media, email marketing, and content creation to expand your reach and forge genuine connections. Build a formidable online presence by sharing valuable insights, establishing yourself as a thought leader, and engaging in meaningful conversations that provide real value to your target market

There is more…

Of course, embracing digital disruption also means exploring cutting-edge technologies that can revolutionize your operations and enhance the client experience. Consider adopting tools like robo-advisors, AI-driven chatbots, and automated workflows. These innovative solutions can supercharge your capabilities, streamline administrative tasks, and free up precious time for more impactful client interactions.

But remember, while technology is a game-changer, never lose sight of the human touch. The personal connection between advisor and client is irreplaceable. Meaning, use digital tools to augment and enhance the relationships you cultivate with your clients, not to replace them.

9: Explode Your Growth With Strategic Partnerships

Strategic partnerships create a synergistic force that amplifies your brand's reach and influence. By aligning with complementary businesses, you combine your strengths and resources, creating a formidable force that is greater than the sum of its parts.

Imagine the impact of joining forces with a company or professional that possesses expertise in an area where you may be lacking. You can outpace your competitors and seize opportunities that were previously out of reach.

Another benefit:

Alliances help you gain credibility within the industry. The endorsement and support of reputable partners can significantly boost your brand's reputation and increase customer trust.

To embark on this growth-explosion journey take the following steps:

  • Start by identifying potential partners who share your vision and target similar customer segments. 

  • Seek out businesses that complement your offerings, enhancing the overall value proposition for your customers.

  • Once you've identified potential partners, approach them with a compelling proposal that highlights the mutual benefits and opportunities for collaboration. Show them how a strategic alliance can accelerate their growth while delivering substantial value to their customers.

  • Nurture these relationships through open dialogue, regular collaboration, and a commitment to mutual success.

10: New Product Or Service Development

Investing in new product or service development can help you unlock doors to untapped markets, spark unparalleled excitement among your customers, and lock down a bulletproof competitive advantage.

“How can I come up with new products or services?” We hear you.

It can range from the creation of innovative financial tools to the development of personalized advisory services that cater to the evolving needs of clients. The key lies in identifying unmet needs and crafting solutions that address those pain points with finesse and ingenuity.

Consider the following:

  • Empathy-Driven Ideation: Begin by deeply understanding the challenges and aspirations of your clients.

  • Iterative Prototyping: Adopt a culture of experimentation and rapid prototyping. By iterating quickly and gathering feedback, you can continuously improve your offerings and ensure they are truly tailored to your client's requirements.

  • Leveraging Technology: Explore automation tools, artificial intelligence, and data analytics to gain insigts and provide personalized recommendations to your clients. Additionally, you can use tech to deliver scalable solutions to a wider client base.

  • Client-Centric Co-Creation: Involve your clients in the product or service development process. Solicit their feedback, engage them in co-creation sessions, and incorporate their perspectives into your offerings.

11: Market Development And Penetration

Market development and penetration are powerful strategies that allow you to leverage your existing offerings and expertise to reach new customers and drive revenue growth. You can achieve this by exploring new geographic regions or targeting previously untapped customer segments, you can expand your business's footprint and capitalize on new opportunities.

But before you charge in, you need to gather intel. Do your research, scout the competition, and identify the hottest trends and emerging markets. Armed with this knowledge, you'll have a clear target in sight and a plan to conquer.

Adopt a multi-channel approach. 

  • Utilize various marketing channels and platforms to reach your target audience, including online advertising, social media, content marketing, and traditional advertising methods. 

  • Craft targeted messaging that resonates with your audience and showcases the value your offerings provide.

  • Invest in robust customer support and after-sales services to build trust and loyalty. 

  • Stay agile and responsive to market dynamics, making adjustments as necessary to optimize your approach.

Take note: Market development and penetration aren't for the faint of heart. It takes guts, grit, and a hunger for success. So, strap on your boots, and good luck!

12: Deliver Unforgettable Client Experiences

Here is an analogy to help set the stage:

Imagine yourself stepping into a charming café on a rainy afternoon. The aroma of freshly brewed coffee envelops your senses, and a warm smile welcomes you at the door. As you settle into a cozy corner, the barista approaches, not just to take your order but to understand your preferences. Within minutes, they craft a personalized concoction that surpasses your expectations, leaving an indelible mark on your memory.

Now, transpose this scene to the realm of financial advising. Just like the barista in the café, your aim is to create an unforgettable experience for your clients. You want them to feel a sense of excitement, anticipation, and trust when they engage with your services.

Here are some strategies that can help you deliver such exceptional client experiences:

  • Personalize, Personalize, Personalize: Treat each client as an individual with unique needs and circumstances. Tailor your advice and recommendations accordingly. Personalization goes beyond just knowing their financial situation; it also means understanding their values, preferences, and communication style.

  • Simplify Complex Concepts: Financial matters can be overwhelming for many people. Your role as a trusted advisor is to break down jargon, use relatable examples, and present information clearly and concisely.

  • Active Listening: Communication is a two-way street. Practice active listening by giving your full attention to your clients. Show genuine interest in their concerns, ask probing questions, and ensure they feel heard and understood. This not only builds trust but also helps you provide more relevant and valuable advice.

  • Embrace Technology: Offer user-friendly online portals for easy access to account information, use digital tools for financial planning and tracking progress, and provide regular updates through phone calls, email, or other appropriate digital channels.

  • Be Proactive: For instance, stay ahead of changes in the financial landscape and reach out to clients with relevant information or recommendations before they even ask. This demonstrates your commitment to their financial well-being.

  • Create Meaningful Touchpoints: Identify key moments in your client's financial journeys and create memorable touchpoints around those events. Whether it's a personalized birthday message, an anniversary gift, or a congratulatory note for achieving a milestone, these gestures show that you genuinely care about their success.

  • Keep in Touch: Maintaining regular communication with your clients is a vital ingredient in nurturing lasting relationships. Consistently provide valuable content and foster community reflecting the unique needs and aspirations of each client.

In Conclusion: Join The Elite Group Of Financial Advisors Who Dominate The Industry

Imagine a life where you effortlessly attract high-quality leads, close high-net-worth customers repeatedly, and enjoy the freedom to live life on your terms. That is what the Taylor Method stands for - a world of limitless possibilities, where your dreams become your reality.

Don't just take our word for it – this system has been tried, tested, and proven to deliver exceptional results for thousands of advisors worldwide. And the good news is: slots are open for enrolling today. When you join, it is almost 100% guaranteed that:

  • Your productivity, case rate, and average case size will experience a significant boost 

  • You'll master the art of prospecting high-profile individuals who match your income aspirations. you'll receive valuable coaching from an actively engaged MDRT Top of the Table producer, guaranteeing you access to the best strategies and insights. 

  • Plus, bid farewell to financial worries once and for all. 

Head over here to learn more and see what advisors like yourself are saying.


Eszylfie Taylor

I hope you enjoyed reading this article

If you want me to coach you or your team,click here.

Eszylfie Taylor

I hope you enjoyed reading this article

If you want me to coach you or your team, click here.

About Eszylfie Taylor

hero photo

Eszylfie Taylor is the founder and president of Taylor Insurance and Financial Services and the Creator of The Taylor Method, his online sales system for financial advisors. He attended Concordia University on a basketball scholarship and graduated Magna Cum Laude with a Bachelor`s Degree in Business Management. Prior to founding his own brokerage, he was a standout financial advisor at New York Life, finishing his career there as the highest producing advisor in the history of the African American market.

Mr. Taylor has been a Million Dollar Round Table Top of the Table producer since 2011, which places him in the top 1% of advisors worldwide. In 2015, he was the recipient of NAIFA`s Advisor Today Top 4 Under Forty award. Today, as an active advisor, he continues to build on the sales language, concepts, and tips that contribute to the curriculum on The Taylor Method.

About Eszylfie Taylor

hero photo

Eszylfie Taylor is the founder and president of Taylor Insurance and Financial Services and the Creator of The Taylor Method, his online sales system for financial advisors. He attended Concordia University on a basketball scholarship and graduated Magna Cum Laude with a Bachelor`s Degree in Business Management. Prior to founding his own brokerage, he was a standout financial advisor at New York Life, finishing his career there as the highest producing advisor in the history of the African American market.

Mr. Taylor has been a Million Dollar Round Table Top of the Table producer since 2011, which places him in the top 1% of advisors worldwide. In 2015, he was the recipient of NAIFA`s Advisor Today Top 4 Under Forty award. Today, as an active advisor, he continues to build on the sales language, concepts, and tips that contribute to the curriculum on The Taylor Method.