Growing a firm can be challenging, especially with an increase in robo-advisors, more demand for financial advice, and a fast-paced, changing industry. However, to stay relevant and profitable, advisors have to continually look for growth opportunities.
Unsure where to start? Here are five effective growth strategies for financial advisors:
1. Develop a Niche
In today’s fast-changing wealth management landscape, growth isn’t just about finding more clients — it’s about optimizing how you serve them. Manual data entry, disjointed systems, and clunky onboarding slow down your team and frustrate your clients.
If you’re looking for ways to expand your firm while improving the client experience, PreciseFP can help. By automating data gathering, client engagement, and key onboarding workflows, you unlock time, efficiency, and scale — without adding headcount.
Here are five practical strategies to grow your firm more effectively:
2. Build Multi-Generational Relationships
Successful financial advisors don’t just develop strong relationships with their current clients — they set the stage for the next generation of clients. By 2048, an estimated $124 trillion is expected to be handed down to heirs. Even with all that money changing hands, around 80% of high-net-worth clients don’t want to work with their parent’s advisors.
Advisors now have a great opportunity to build relationships with the next generation and showcase their expertise and skills. Advisors who understand the nuance of wealth transfers and can provide personalized, effective recommendations are more likely to retain their current client’s children.
3. Prioritize Client Referrals
More than half of the average financial advisor’s business comes from referrals. People are 400% more likely to become clients when their friend refers them to an advisor. That means your current clients are your biggest champions and can help grow the firm as they share it with friends and family.
Gaining referrals obviously starts with providing great service that clients feel comfortable sharing with others. If clients have to work through clunky processes or technology or don’t feel valued by their advisor, they are less likely to recommend the service to others.
A big part of gaining client referrals is simply asking for them. Create a referral program where clients can easily share your business with their friends and family and gain something in return, such as additional services, entries into a raffle, or a discount on their advising fee.
4. Grow Your Online Presence
It used to be that financial advisors had to live in the same geographic area as their clients so they could meet face-to-face. However, with the growth of digital services and video connectivity, financial advisors can now work with clients nationwide. That opens the doors to a wider pool of potential customers and more growth opportunities. Take advantage of that by growing your online presence.
Establish your presence on social media and a website and keep it updated with current contact information. Content marketing, such as sharing blog posts, videos, or podcasts about financial topics, can also help you gain traction online and establish yourself as a trusted advisor with potential clients.
5. Embrace Automation
You didn’t become a financial advisor to chase paperwork. The more your team is bogged down in prep work, data entry, and task management, the less time you have for strategic growth.
By identifying areas where manual work slows things down — like client onboarding, document collection, or meeting prep — you can design systems that reduce the burden on your team and improve the client experience at the same time. The right automation tools won’t replace your team — they’ll free them to focus on deeper, more impactful work.
If you’re looking to reduce friction in your processes, deliver a better client experience, and create space to scale, PreciseFP can help. Our platform simplifies client onboarding, automates data gathering, and connects your systems so you never have to rekey information again.
