Focus on Clients

Part 3: Focus on Clients

Understanding your ideal client can help you in your client acquisition efforts.

Sponsored by Raymond James

Understanding your ideal client can help you in your client acquisition efforts. Although most advisors (61%) identify wealth as a main focus of their client selection process, many of those same advisors also typically target a specific niche of potential clients, whether that is an LGBTQ audience, young professionals or women in transition, to name just a few. Advisors’ use of social media can help them reach these niches. Three-quarters of advisors surveyed are active on social media platforms such as Facebook and LinkedIn for both business and personal use. These platforms enable advisors to reach networks of potential clients that have been built around issues that may align with their niche strategies.

Meanwhile, it’s important to stay flexible when it comes to client acquisitions. Case in point: Only one in 10 advisors report strict enforcement of minimum asset requirements. Advisors often are willing to grant exceptions to prospective clients that have been referred by current clients or other advisors.

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