Articles About Financial Advisor Marketing

For the last 20 years, Risk Tolerance Questionnaires (RTQs) have served as a standard tool in the advisory space for assessing a client's long-term attitudes and behavior toward investment risk. Yet despite their widespread use, many advisors remain unsatisfied with current RTQ technology. The newest Kitces Research on The Technology That Financial Advisors Actually Use (And Like), presented for the first time in this article, found that while risk tolerance tools are considered important, satisfaction continues to lag – highlighting a disconnect between the perceived value of these tools and how they're currently being used.

One overlooked reason for this dissatisfaction may be that RTQs are often used only after a client relationship has already been established – by which point most advisors are already applying a holistic approach to align a client's portfolio with their risk tolerance, goals, and reactions toward market volatility. And at that stage, a client's true perspective on risk may no longer be fully reflected by their behavior, as their risk attitudes may be filtered through the ongoing presence of their financial advisor – making the value of the RTQ less clear.

However, when used earlier in the process – before the relationship begins – RTQs can serve a different and perhaps more powerful role. Rather than simply measuring risk to inform portfolio design, they can help prospects recognize overlooked risks in their current portfolio, along with the gap between how they understand risk and how they actually behave. This, in turn, helps clarify the financial advisor's value by illustrating how their services can address these gaps. When used at the prospecting stage, RTQs can offer a tangible, personal reason for people who are otherwise 'on the fence' about hiring an advisor – serving as effective self-persuasion tools that allow prospects to articulate their own reasons for seeking advice.

To use RTQs as an effective prospecting tool, three elements are especially important: 1) Personal data inputs to make results feel relevant and accurate; 2) a clear (but brief) explanation of how risk is being scored, to build trust in the methodology; and 3) a visible connection between the results and the advisor's recommendations, so prospects can see the difference between their current approach and the guidance available.

Ultimately, the key point is that RTQs can be most effective when used with investment-focused prospects – not clients. When results are framed in a way that feels personal and actionable, RTQs can help prospects identify their concerns, recognize what's at stake, and clarify their own reasons for engaging a financial advisor – without needing to be explicitly persuaded of the value of financial advice. And for those who are open to working with an advisor but haven't yet found a reason to take the first step, that shift may be all it takes to move them from ambivalence to action!

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One of the more intriguing challenges in advisor marketing is that the qualities that attract new clients aren't always the same ones that make long-term advisor-client relationships 'stick'. In other words, while current clients may value certain advisor traits over time, new prospects – who are often still exploring their options – may prioritize something entirely different. This can create a dilemma: Advisors need to market themselves to bring in new business, but the message that resonates with prospects may not reflect the traits that keep clients loyal over time. And with limited time and resources, advisors who want to grow can't afford to opt out of the marketing game. Which means understanding what today's prospects actually want becomes essential.

In this article, Philip Palaveev, CEO and owner of the Ensemble Practice, explores new survey data from investors with $1–$5M in investable assets. The findings offer insight into what attracts clients to advisors, what keeps them in the relationship, and what ultimately leads them to consider switching. This last point is particularly relevant for advisory firms targeting delegator clients within that asset range who haven't previously worked with an advisor. The data suggests this ideal profile is relatively rare – and of those who fit it, only 6% are likely to hire an advisor in the next two years. By contrast, 24% of current clients are considering changing advisors within that same timeframe, highlighting that while retention is common, it's never guaranteed.

Interestingly, prospects who are already in (or who have recently left) advisory relationships tend to have more specific preferences, often shaped by what hasn't worked for them in the past. Events that trigger a search for a new advisor include significant market downturns resulting in portfolio losses, as well as major life changes like divorce, the death of a spouse, relocation, inheritance, or a health scare. While advisors can't prevent these events, they can prepare for them by identifying the potential risks and proactively communicating during times of change.

When it comes to choosing a new advisor, prospects are especially interested in the firm's financial planning approach, investment philosophy, and pricing. Perhaps unsurprisingly, those who are thinking of leaving their current advisor place particular value on the prospective advisory firm team. Which reinforces how difficult it is to be all things to all people while still providing the level of specificity needed to attract prospects – so staying focused on the target client remains essential.

Ultimately, the key point is that advisors may benefit not only from targeting new prospects but also from appealing to current clients who may be quietly considering a change. Being transparent and specific about the firm's philosophy, structure, and approach can go a long way in helping both types of clients find the right fit. And by staying alert to the life changes that often lead clients to consider leaving, advisors can adjust their communication and services to meet potential departures with the kind of connection that keeps relationships strong. And with consistency and proactive communication focused on those actively looking for new relationships, advisors can help to communicate their value in the right way to the right future clients!

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A common structure at many advisory firms is for the owner to handle most of the sales and prospecting, while employee advisors focus on delivering planning and analysis for existing clients. While this model can work well in the early stages of a firm, it often becomes a bottleneck over time, limiting growth to the firm owner's marketing capacity and leaving employee advisors underprepared for more senior roles that require business development skills. Empowering employee advisors to contribute to growth not only helps the firm scale more sustainably, but can also create a more fulfilling career path for the advisors themselves.

The challenge, however, is that many employee advisors have limited networks, less business development experience, and fewer natural opportunities to generate referrals. Which means firms that want to support advisors in building marketing skills may need to offer more than just encouragement — they may need to provide structure. One of the most effective ways to do that is by directing the advisor toward a specific niche. When advisors focus on a clearly defined audience, they're more likely to stand out, speak to real pain points, and attract clients without needing deep personal connections.

In addition, encouraging a niche focus can help the firm deepen its presence within a broader market. For instance, while a firm may serve the healthcare industry generally, an employee advisor might focus specifically on nurses, allowing the firm to connect with a more specific segment without undermining its larger brand. That said, firms will want to be thoughtful about how the niche aligns with the firm's overall mission, pricing, and the financial characteristics of the target audience.

Once there's alignment on the niche, the next step is to support the advisor with a focused marketing plan. This includes public positioning, such as creating a dedicated webpage or updating directory profiles, as well as a set of measurable outreach activities to help the advisor gain traction. Setting realistic expectations, defining specific outreach goals, and supporting the advisor along the way can all help build confidence and momentum.

One helpful structure for getting started is the "Who, What, How" framework: identifying who the advisor wants to reach, what message will resonate most with that audience, and how to connect through consistent, intentional outreach. This gives the marketing process a repeatable foundation that's easier to sustain over time.

Ultimately, the key point is that while developing business development skills takes time, an employee advisor with the right support, structure, and strategic focus can grow into a powerful contributor to the firm's long-term success — opening new doors for firm growth, team development, and future leadership that's built from within!

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An advisory firm's website often serves as the hub for attracting new clients, with various forms of content acting as 'spokes' that attract prospective clients to the firm. But for many advisors, the hardest part of creating a content marketing strategy is knowing where to start. Without a structured approach, content creation can cost the advisor valuable time without leading to meaningful leads.

In this guest post, Mikel Bruce, CEO of TinyFrog Technologies, discusses how financial advisory firms can leverage the AIDA (Awareness, Interest, Desire, Action) framework that outlines the stages of a prospect's decision-making process to create a clear, effective content marketing strategy. By aligning website content to the AIDA journey, firms can engage visitors in a way that encourages them along a sequential path toward becoming clients. This structured approach helps ensure that marketing efforts translate into measurable results rather than scattered content that fails to gain traction.

Because very few consumers wake up one day with the sudden realization that they need a financial advisor (let alone know which advisor they want to use), firms can focus their efforts on guiding prospects through the decision process. The first step of the AIDA process, Awareness, centers on helping prospects recognize the firm's existence. This can be done through various forms of content – including blogs, videos, and/or podcast episodes – that address common pain points of the firm's ideal client. Additionally, firms can extend their content's reach by repurposing materials across different platforms (e.g., turning a blog post into a video that both explains a topic and showcases the advisor's personality).

Once a prospect's attention has been captured, the next step is to build Interest by encouraging them to explore their problem in more depth. At this stage, prospects begin researching solutions and engaging with educational resources. Firms can support this engagement by offering high-value content (e.g., white papers or in-depth articles), while requesting the prospect's contact information in exchange. This allows firms to follow up with email sequences that introduce the firm, highlight key services, share relevant resources, and invite prospects to take the next step, such as scheduling a call.

As prospects learn more about how the firm can address their specific concerns, they may begin to develop a stronger Desire to engage. At this stage, building trust is essential. Firms can showcase credibility by providing client testimonials, case studies, and success stories that illustrate how they have helped others achieve similar goals.

Finally, at the Action stage, prospects are ready to decide whether to engage with the firm.  A well-structured process page on the firm's website can provide clarity on next steps, reinforce the value of working with the firm, and establish clear expectations for the advisor-client relationship. Additionally, a simple, compelling Call To Action (CTA) – such as a scheduling link, contact form, or direct phone number – helps guide prospects toward taking the final step.

Ultimately, the key point is that a well-designed website, built with lead generation in mind, can be one of an advisory firm's most powerful tools for attracting and converting highly qualified prospects. The key lies in creating a thoughtful, targeted content strategy that meets prospects where they are – guiding them from initial Awareness to taking Action. And by doing so, firms can transform their website from a passive digital presence into an effective catalyst for long-term growth and success!

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Centers Of Influence (COIs) play a vital role in the growth and service capabilities of a financial advisory firm. When cultivated with care, these relationships can become valuable sources of client referrals and collaborative insight – especially because COIs and advisors often work with similar client profiles. However, establishing these relationships isn't always easy. Advisors must first identify potential COI relationships, then find a way to get 'in the room' with them, assess for mutual fit, and set clear expectations for building a long-term, productive partnership.

In this article, Tiffany Charles, Chief Growth Officer at Destiny Capital, and Kitces.com Senior Financial Planning Nerd Sydney Squires offer a thoughtful framework for approaching COI relationship development with greater intentionality. Drawing from Tiffany's real-world process, they provide not only practical guidance for building productive COI partnerships, but also strategic insights into why a more structured approach can lead to stronger, more sustainable results. The goal is to help advisors move beyond surface-level networking and into truly collaborative relationships that can benefit both professionals – and the clients they serve.

As a starting point, recognizing that COI prospecting deserves the same level of structure and care as client prospecting is crucial to developing fruitful COI relationships. When initial meetings are focused solely on small talk with only a vague mention of "doing business together", the results often lead to little, if any, follow-through. Tiffany's process, by contrast, begins with those who are already within her own – and her clients' – network and progresses over a three-meeting framework that lends structure to the early stages of a COI relationship while creating space for genuine connection, thoughtful evaluation, and meaningful alignment.

The first meeting is focused on building rapport and conducting an initial assessment. It serves as an introductory conversation with COIs who may be a valuable resource, with the primary goal of exploring values, communication styles, ideal client profile, and experience working with other professionals. In the second meeting, the goal is for both the advisor and COI to deepen their understanding of each other's services and client experiences, comparing ideal clients, service models, and overall business value propositions. If there's alignment and mutual interest, a third meeting is arranged to commit to a working relationship – agreeing on shared goals, referral expectations, and how to communicate effectively moving forward. From there, Tiffany recommends evaluating the relationship at regular six-month intervals to evaluate what's working and where opportunities for deeper collaboration might be possible.

Ultimately, the key point is that COI relationships can flourish when there's a shared commitment to collaboration, clarity, and long-term value. By following a repeatable process and prioritizing genuine alignment, advisors can build COI partnerships that don't just generate referrals – they help both professionals grow together and better serve the clients they support!

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Online reviews are commonly given and used by consumers across many industries, from finding a good restaurant in a new town to reviewing a lawn care service provider. Nonetheless, fewer than 10% of SEC-registered investment advisers report using them, even though the SEC’s updated investment adviser marketing rule allows financial advisors to proactively encourage testimonials (from clients), use endorsements (from non-clients), and highlight their own ratings on various third-party review sites. Which suggests that advisers have an opportunity to leverage the power of online reviews, which can act as "evergreen referrals" and drive more prospects to seek out the firm’s services, all while adhering to their firm’s compliance requirements.

While some advisors might be concerned that reviews they encourage clients to make on the firm’s Google Business Profile could be seen as advertisements (creating additional compliance requirements), the language of the rule (and the SEC’s stated intent behind it) suggests that by providing all clients an equal opportunity to leave candid feedback on a Google Business Profile would not in and of itself turn that content into an advertisement (unless the content was later endorsed or approved by the adviser). However, selectively asking a subset of clients for testimonials, or guiding their responses to encourage more positive content (involving themselves in the preparation of the content), would likely result in the content being considered a communication of the adviser, potentially rendering it an advertisement subject to the disclosure and compliance requirements of the marketing rule.

Even though the updated marketing rule has enhanced advisers’ ability to leverage online reviews, some advisers might wonder whether clients will actually leave reviews (and, if, so, whether they will be positive). However, an analysis of thousands of Google reviews from financial advisory firms around the country shows not only that clients are willing to leave reviews (particularly if the firm has a proactive strategy for review generation), but also that firms with the most reviews tended to have higher than average ratings for advisory firms overall. Further, advisers tend to have higher ratings than businesses in other industries (perhaps reflecting the financial planning industry’s high retention rates and ability to make a difference in clients’ lives!).

To create an effective (and compliant) Google review strategy, a starting point for advisers is to update their Form ADV to reflect the use of testimonials and their Policies & Procedures to govern their approach to collecting, approving, and sharing testimonials. Next, by taking a proactive approach to reinforcing where they add value (e.g., because the most enthusiastic testimonials related to clients feeling like their adviser was delivering a personalized plan, advisers who address client concerns directly and make them feel a part of the process could generate more positive reviews). Further, advisers can potentially reduce the number of negative reviews received by ensuring that prospect and client relationships that do not work out (e.g., when a prospect does not meet the firm’s asset minimum) are handled respectfully (e.g., by referring the prospect to another advisor who might be able to better meet their needs) so that the individual does not feel compelled to leave a negative review.

Ultimately, the key point is that the SEC’s updated marketing rule provides advisers with the opportunity to boost their online reputation through the use of online reviews. And by taking a proactive approach (both to encouraging reviews and to meeting the rule’s requirements), advisers can potentially increase the number of inbound prospects they attract while remaining in compliance with the marketing rule’s requirements!

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Soliciting prospect referrals can often be an effective way for financial advisors to grow their firms with clients who are ready to act and who will benefit from the firm since many referrals come from sources that are familiar not just with the advisor and the services they offer, but also with the prospect being referred and the needs they seek. This is particularly true when referrals come from Centers of Influence (COIs) – professionals who are trusted by their circles to influence ideal prospects to consider an advisor in the first place. Yet, many advisors might not prioritize networking with COIs or approaching them for client referrals and, as a result, may miss potential opportunities for valuable client referrals.

In this guest post, Michael Schein, founder of MicroFame Media and author of The Hype Handbook, helps advisors recognize how COIs can be powerful referral generators and shares his process of building connections with COIs using the power of their own "soft assets" that help them identify and leverage shared interests and skills not necessarily related to professional achievements.

Soft assets are talents, interests, and skills that are not directly related to one's professional field. They tend to come naturally, are plentiful, and are easy and pleasurable to share with others (such as an enthusiasm for cars, cooking, or closely held values). And the financial advisor who can find an overlap between their soft assets and the interests of a COI they'd like to connect with is much more likely to be successful in their outreach efforts. This is because they demonstrate that they are paying attention and want to 'deposit' something meaningful with the COI, rather than just seeking to 'withdraw' from whatever services the COI may have to offer.

In order to identify a match of soft assets, something as simple as following potential COIs on social media and noting the issues and interests that are shared at any given time can be a great starting point. From there, when the advisor is ready to reach out (whether via email, social media messaging, or something similar), leading with soft assets is key to building common ground. Often, sharing a connection through soft assets can be more valuable than the professional services of the COI – at least at first. Of course, the professional 'ask' can (and should) still be present, but "burying the lede" by placing this ask deeper in the email or message can help advisors establish connection-oriented alliances with these COIs – and from there, unlock the door to long-lasting professional relationships!

Ultimately, the key point is that building connections with COIs can sometimes take time and effort – but when advisors can align overlapping soft assets with a COI and identify shared, more personal common interests, they are far more likely to develop relationships that offer mutually beneficial outcomes. Which means that introspection and awareness of their own personal interests can take advisors a long way to connecting with COIs and new clients – and, in the end, leading to arrangements that benefit everyone!  

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