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Secret of Financial Advisor Marketing
2024-03-26 • 2 minute read

Client retention is the strategy

Is your business growing as fast as you'd like? Or is Client churn taking a toll on your practice? These are a major challenge for financial advisors, but it doesn't have to be this way. 

Who are you really marketing to? 

Financial advisors often think of marketing as a tool solely for attracting new clients. But what if I told you that strong marketing is one of the keys to keeping your existing clients happy and loyal?

This article dives into the surprising truth about marketing for financial advisors: it's not just about acquiring new business, it's about nurturing the relationships you already have. Our experience from coaching financial advisors, has shown us that keeping your existing clients informed will also translate  into client referrals in the future.

The NOT SO Shocking Reason Clients Leave Their Financial Advisors (and How to Stop It)

What is the number one reason that clients leave their advisors? Studies show that a staggering 71% of clients leave their advisors due to a lack of communication [source: https://www.cerulli.com/research].

They feel out of the loop and unimportant. By the time this issue comes to light, during that dreaded exit meeting, it's often too late. 

Imagine this: Sarah, a young professional, finally felt confident enough to meet with a financial advisor. She met with Jeremy, who seemed knowledgeable and put together a solid financial plan. But after the initial investment, communication dwindled. Sarah received generic quarterly reports, but no explanation of market fluctuations or how they impacted her portfolio. Months turned into a year, and Sarah felt increasingly out of the loop. Feeling unimportant, Sarah started researching other advisors.

So, how do you prevent this scenario and keep your clients engaged? The answer is simple: consistent marketing.

Marketing for Client Retention: A Win-Win Situation

Think of financial advisor marketing as a two-way street. Yes, it helps you attract new prospects, but it also allows you to consistently communicate with your current clients.

Imagine your client is saying this, "I never felt like I understood what was happening with my money. Then I found Ann, who shares regular updates explaining market trends and how they might affect my portfolio. She even hosted a client webinar on retirement planning that was incredibly informative. It feels like she genuinely cares and wants me to be successful."

Every marketing touchpoint, from emails and social media posts to educational content and client events, is an opportunity to connect with your existing client base. By consistently delivering valuable content and reinforcing your brand message, you're reminding them why they chose you in the place.

The Power of Consistent Communication Builds Loyalty

The same marketing strategy you use to attract new clients can be equally effective in retaining your current business.

Take this Client Testimonial: "I've been working with David for over 10 years now. He doesn't just manage my investments; he takes the time to understand my goals and concerns. He sends regular newsletters with financial tips and even throws client appreciation events where we can socialize and learn more about the market. It feels like a true partnership." - Michael L., Business Owner

The key lies in ongoing communication. Don't rely solely on annual meetings to connect with your clients. Regular marketing efforts ensure they see you, hear from you, and stay informed about your approach. 

Consistent Marketing Means More Referrals

Imagine having a team of loyal clients who rave about your services and refer their friends and family. This is the power of effective marketing. 

By consistently showcasing your brand, values, and process through various channels (email, videos, social media, events), you become a trusted figure in your clients' minds. This consistency builds trust and makes you the go-to financial advisor for their network.

Related Articles:

The Key Takeaways for Financial Advisors

  • Marketing is one of the Keys to Client Retention: Don't underestimate the power of marketing to keep your existing clients happy and engaged.
  • Brand Consistency is a must: Clearly communicate your people, practice and process through all marketing materials.
  • Multi-Channel Marketing Communication is Essential: Utilize a variety of channels (email marketing, social media marketing, etc.) to reach your clients.
  • Content is King (or Queen): Tailor your marketing content to resonate with your ideal client and their financial goals and interests. We recommend AdvisorStream as a turnkey marketing tool for Financial Advisors.
  • Focus on Building Relationships: Marketing is all about nurturing trust and connection with your clients.

By prioritizing consistent communication and building strong relationships, you can combat client churn and ensure your financial advisor business thrives. Let effective marketing be your secret weapon for client retention.


Contributed by: Duncan MacPherson, author, speaker and Financial Advisor Coach


Do you want to learn how to implement these financial advisor marketing & branding strategies? Speak with a Pareto Systems expert. 

Or learn more about our financial Advisor business coaching at paretosystems.com

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