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How the Right Clients Will Help You Successfully Grow Your Wealth Management Practice


Despite the pandemic, you still need to work to build your practice. If you're in wealth management or even if you have a standard tax practice, financial expert Lawrence Sprung recommends focusing your efforts on the right clients, rather than taking just anyone. 

Aug 4th 2020
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Attracting the right clients for a wealth management and/or tax practice is more of an art form than a science, but there are some key components that a firm should have in place to be able to attract, retain and receive referrals. To build a practice that is beneficial to you and your clients, you will not want to be everything to everyone.

Aspiring to be everything to everyone tends to put you on an unsustainable path to creating a business that is going to be extremely demanding and difficult to maintain over the long term. Instead, I suggest trying to be everything to a small, select group of clients. The more alike and homogenous they are, the easier it will be to anticipate, plan for and help them find solutions to their issues. This will also help you retain and attract referrals to like-minded people.

Here are the top things you and your firm should consider when trying to attract the right clients:

1. Know Who Your Ideal Clients Are and Everything About Them

The better you are at outlining the traits, characteristics, goals, issues and challenges of your ideal client, the better your position will be when it comes to assisting them. Become familiar with the general issues and concerns facing the group you identified. Typically, people with similar profiles also face similar challenges and problems.

Having this outline or overview of what the client “looks like” will also allow you to evaluate whether or not a potential new client will be “ideal.” The more your prospective clients look like your ideal client profile, the better. It will also be important to not engage clients who don’t match the outline. You want to make sure they are going to be a good fit; the more they represent your ideal client profile, the higher the chances of this coming to fruition.

2. Focus Your Outreach Efforts 

Once you know what your ideal client looks like, it is time to discern where they congregate. Is there a specific trade organization, industry group, organization, country club or recreational activity where a large contingency of these ideal clients hang out? Finding these pockets will allow you to hone in your efforts on where you would be best served spending time and energy.

Becoming a known expert in your field to this community will put you in a better position to attract the right people. You can achieve this by authoring articles for publications that serve the group you are looking to attract.

Also, holding events (virtual or otherwise, when we can) will help people get to know you on a personal level. Events can be formal and focus on business topics, especially those important to your ideal clients, or they can be more relaxed and informal, perhaps focusing on education or simply fun. People do business with people they like and this a great way for individuals to see if they have a personal connection with you and help them decide if they want to explore a business relationship.

3. Have a Plan

Now that you know who your ideal client is and where you should go to find them, have a process in place to attract and retain them. Formulate a plan that your firm will follow to elevate the potential clients' experience.

Mapping out the journey of the ideal client from the time they are a prospect to the point where they become a fully-fledged client is important, as it will help you make the onboarding process uniform for everyone and allow you to identify areas that need improvement. Being able to deliver the same experience consistently will only lead to even more clients.

Make a visual of the process and name it. You may want to consult with your legal counsel about obtaining a trademark for your personalized, branded process.

4. Stick to the Process

My last tip is to make sure you follow the steps you have laid out. It will not help if you define your ideal client, hold events for them, attract them and then simply take anyone on. You do not want to get distracted by a potential client and the revenue they may generate for your firm.

Taking on too many non-ideal clients will simply hinder your ability to deliver on your process to the ones that count most: the ideal clients. This will then dilute the experience, which, in turn, will hinder your ability to receive more referrals for the people you really want.

Building your practice intentionally is important to attracting, retaining and receiving referrals. Maintaining a narrow focus on ideal clients with a deep understanding of their needs, goals, wants and concerns will allow you to concentrate on becoming an expert in the areas most important to them.

This, in turn, will permit you to grow your business in a way that will provide you with focus, order and the ability to easily scale for more ideal clients. Ultimately, this should provide you with a business that you enjoy working in, clients you like to work with, and problems you are adept in solving and enjoy helping your clients to fix.

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