3 ways to attract more ideal clients to your financial planning business

Feeling like your financial planning services are the best-kept secret in an overcrowded market? Struggling to attract the right clients to your financial planning business? Frustrated that your marketing efforts are not translating into the quality client relationships you aim for?

In the rapidly evolving financial advice industry, finding your ideal client has become more nuanced than ever before. Gone are the days of broad targeting and generic messaging. The digital age has introduced a new era of client engagement, where understanding and meeting the specific needs of your audience is key.

"Have you heard of the mirror test?"

It was back in my licensee days, and I was running a marketing workshop where I'd asked a group of financial advisers, "Who is your ideal client?"

This adviser demonstrated to me the action of holding a mirror up to someone's face. "If the mirror fogs up, they are an ideal client." Essentially, if they breathe, they are ideal, was his answer.

Needless to say, my mouth dropped in shock.

While this approach might have worked with some level of success many, many years ago, the financial planning industry has evolved significantly since that workshop 15 years ago.

Here's a quick example: You'll find over 1 BILLION Google results when you search for "Financial Planner", and still over 23 MILLION results when you narrow that search to just Australia.

So what does this mean for your financial planning business? 

Put simply, it means that the "if they breathe, they are ideal" approach no longer works.

When you speak to everyone, you speak to no one. - Seth Godin

Now you and I know that not all financial planners are created equal, but to the client wanting to engage the services of an adviser for the first time, they have no idea where to start — so you need to get your business’ foot into their mental door.

Your perfect clients need a little place in their brain to put you.

There are 3 steps to take within your own business to do that: 

1. Get clear on the types of clients you enjoy working with. 

2. Target your website messaging and your marketing material to speak directly to them. 

3. Let your referral sources know about it!

Let's break those 3 steps down.

1. Define your ideal client

When you have the skills and knowledge to help everyone between the ages of 20 and 100, it's hard to narrow it down to specific types of people. You're probably even worried that if you niche down, you'll lose business.

And in truth, you might not receive some inquiries when you get more targeted in your approach, BUT those inquiries you lose will be from clients who aren't the right fit for your business.

Instead, you will start attracting inquiries from more of the right clients, the clients who energise you, who value what you do, and who are prepared to pay for your expertise. 

Let's figure out who those right clients are. 

Think about your favourite client (and how great it would be if you could clone them). The client you would go to the end of the earth for.

I want you to step out of your financial advisor headspace and imagine you are that client. Get inside their heart and mind and think how they would think as you answer the following questions. 

1. Demographics

   • How old are they?

   • What do they do for a job?

   • What is their family situation?

   • Where do they live?

2. Financials

   • Household income?

   • Value of family home?

   • Investment properties?

   • Shares?

   • Super?

   • Home Mortgage?

   • Investment debt?

   • Insurances?

3. Personality traits

   • What are their dominant personality traits?

   • What do they value?

4. Life goals and aspirations

   • What do they want out of life?

   • What does their ideal lifestyle look like?

   • What money goals do they have?

5. Problems (as it relates to money) 

   • What keeps them awake at night?

   • What are their fears around money?

   • What is it about money and their financial life that makes them feel overwhelmed and stressed?

   • Why do they need your help? What are the advice triggers (in the client's words)

6. Communication and social media

   • Which social media platforms do they use regularly? 

   • Do they prefer face-to-face or Zoom meetings?

   • Do they like email communications or do they prefer phone calls? 

Capture this information in a document to continually refer to it.

2. Target your marketing message

Once you've determined the types of clients you want to attract to your business, it's time to get their attention. 

You know exactly how they think, feel and behave, as well as the worries that keep them awake at night and the goals they want to achieve in life. 

You are uniquely positioned to update your marketing messaging to speak directly to them and create helpful content that deeply resonates. 

Inadvertently, you'll be presenting your business as the solution they've been looking for to solve their financial challenges.

This content can come in many forms. Key examples include:

• A website with relatable and targeted messaging that invites your ideal clients into a story that feels like it has been written just for them.

• A freebie download on your website in the form of a checklist or guide that they can use and implement. Also referred to as a 'lead magnet', this resource needs to be practical to take people from ‘maybe’ to ‘yes please!'

• A sequence of automated nurture emails where you solve problems, answer questions and provide insights relevant to your ideal client's problems and goals. 

• Blog articles answering common questions. 

• Educational social media posts. 

Whatever marketing content you create, it must speak to them in their own words. Ditch the financial jargon — you're not like (and don't want to be like) every other financial planner on Google. You GET your clients, understand what they're going through, and know how to make financial advice approachable and relevant. 

You want prospective clients to absorb this marketing content and think, "Wow. This business gets me. They are the experts I need to work with." By tailoring your content, you'll significantly increase engagement and conversion rates.

So, what's the next action? Audit your current marketing materials and ask yourself, "do they speak directly to the profile of my ideal client?" As you refine your messaging, craft content that addresses the specific concerns and aspirations of your ideal client, using language and examples that resonate with them. Remember to refer back to your answers to the checklist above.

If in doubt, consider checking with a close business contact or your most trusted client. Don't underestimate the value of getting second opinions and advice from people who know you well and want you to succeed.

3. Tell your referral sources

Armed with complete clarity around the types of people you want to attract to your business, share this information with other professionals and referral sources. Watch their faces light up as they picture clients who would be the perfect fit. 

Picture it — your business name is now like a spotlight that goes off in their mind anytime your ideal client is sitting in front of them. 

To support your referral sources, consider integrating the following steps:

1. Create a referral kit: Develop a concise document or digital kit that clearly outlines who your ideal client is, the specific problems you solve, and the unique benefits of your service. This kit can include case studies, testimonials, and a brief overview of your approach.

2. Schedule informative meetings: Set up brief meetings or calls with key referral sources to walk them through your referral kit. Use this opportunity to explain your ideal client profile and discuss how you can mutually benefit from referring clients to each other. Make sure you facilitate opportunities for questions as well.

3. Provide referral guidelines: Offer clear instructions on how to refer someone to you, including any referral incentives if applicable. Make it as easy as possible for them to send ideal clients your way.

4. Follow-up and feedback: After a referral has been made, follow up with the referral source to thank them, and if possible, provide feedback on the outcome. This keeps the communication line open and builds a stronger referral relationship.

5. Regular updates: Keep your referral sources updated with any changes in your ideal client profile or service offerings. Take this opportunity to check in with your referral partner to see if there are any additional ways you can support them or their clients.

These steps encourage proactive engagement with your referral sources and make it easier for them to understand and support your financial advisory goals.

When we know who we want to connect with, we can become more intentional in how we capture their attention. And when we capture the attention of a client who immediately feels seen, heard and understood by your business, you suddenly become the ONLY option to help them.

Summary of key points

In a market saturated with countless financial advice practices, attracting the right clients to your financial planning business is about precision and personal connection.

1. Define your ideal client: Get specific about the traits of clients that energise you and create a document you can continually refer to.

2. Target your marketing message: Craft content that resonates deeply, using relatable language and examples.

3. Inform your referral sources: Share clear profiles of your ideal client and how your services meet their needs.

By actioning the above, you'll position your financial advisory as the go-to solution for your ideal client.

Here's to having an inbox filled with inquiries from more of your favourite types of clients! 

Curious to learn about how we can help you target more ideal clients to your financial advice business? Book a complimentary 20 minute Zoom chat.