Talented advisors have more advantages than ever when it comes to leaving the wirehouse and branching out independently. Going independent is exhilarating and potentially very lucrative, but what’s the smartest way to attract the kind of clients you need to grow?

While it might be challenging to differentiate yourself from your competition, it’s certainly not impossible. It’s all about your approach to problem-solving and client relationship management.

We’ve done some of the work for you by compiling insights from thought leaders across the business world on how you can stand out from the crowd and find your ideal customers. 

Craft the Perfect Plan

The first step to any successful startup is creating a solid business plan. This is the foundation of your work and serves as a roadmap for your future. It’s a living document that should grow and evolve over time as you learn more about your capabilities and preferences.

Most business plans fall into one of two categories: traditional or lean. The traditional style is what you would present to potential lenders or investors. You may find it makes more sense to start out with the high-focus outline of the lean style and then add more detail as needed. 

There are no hard and fast rules but you should begin by determining the essentials:

  • Your brand and core competencies
  • The services you’re offering
  • Identifying your niche
  • Partnerships and key resources
  • Pricing structure
  • Operating budget
  • Quarterly and yearly goals

The executive summary at the top of your business plan combines these elements into a comprehensive and cohesive mission statement and raison d’être. 

Determining your target audience means conducting some market research. Who are my competitors in my market, and what are they doing right? What services do they have and lack? What can you offer clients that will solve their problems and soothe their pain points?

Leverage Today’s Tech

Seemingly every day, a new SaaS (software as a service) platform rises that offers the opportunity to streamline your processes for compliance, administration, marketing, business development, and customer service.

Automating as much as you can will give you more time to focus on doing what you love — manage and build wealth for your clients. 

As an independent RIA, having an eye-catching professional website with a superb user experience will help your brand shine. 70-80% of Americans review their choices online before making any decisions or purchases, and you should ensure your page showcases your value to potential clients.

Outsourcing your marketing to a specialized company could be the right choice if you have the funds in your budget, and it’s not as expensive as you might think. Email marketing automation and social media are effective ways to promote your brand without a huge upfront cost.

There are also many portfolio management and financial planning tools available that can make your life easier. Here are just a few that you may want to explore:

Exciting developments in artificial intelligence are also making it easier than ever before for entrepreneurial financial advisors looking to move away from a traditional wirehouse. There are also turn-key options for breakaway RIAs that can give you the benefits of both independence and being part of a larger firm. 

Stay Customer Obsessed

Providing a legendary customer experience is one of the most critical aspects of your success. Nothing beats the “loyalty-generating power of remarkable customer support,” according to Forbes Magazine. 

Create a culture that puts your clients at the heart of your strategic business decisions. When you’re first starting out as an independent advisor, you should strive to develop strong personal relationships so you’re perfectly placed to offer the solutions they need. 

People have nearly endless choices today, especially when it comes to online trading apps and robo-advisories. You can distinguish your company by delivering what consumers truly want: highly personalized service and one-on-one attention. 

Understanding their needs and goals is the first step. Customer relationship management software can help you collect valuable data. Client feedback is crucial for solving problems and correcting any missteps. 

In addition to boosting your organic marketing efforts, staying in touch with your customers via blogging and social media messaging helps build your network, reassures clients that you share the same affinities, and enhances your value proposition. 

Be Socially Responsible

Another quality consumers look for these days is corporate social responsibility (CSR). This can take several different forms, depending on what your beliefs are, your location, and where you feel your efforts would be the most beneficial.

Studies show that over three-quarters of millennials (a prime audience for financial planning services) look into a company’s position on social or environmental issues before making any commitments. 

Volunteering for local community service organizations is a fun way to network with other professionals as well as meet your CSR goals. Rotary Clubs, Habitat for Humanity, and the Humane Society are well-known and beloved national charity-oriented groups that likely have a chapter in your area.

Adopting sustainability practices into your business plan is good for the environment as well as your bottom line. There are many easy actions you can take, such as recycling and utilizing recycled products whenever possible, reducing energy usage, cutting waste, and partnering with other green companies.

Keep the Conversation Going

Making the break from a large brokerage or wirehouse and starting your own business can seem overwhelming, especially if you have little experience as an entrepreneur.

Thankfully, you’re not alone in this journey. At Terrana Group, we’re dedicated to ensuring your success. We have over 30 years of experience helping talented Advisors find the perfect ecosystem for maximum growth. 

Reach out today for your personal copy of our crucial industry-insider white paper, “12 Things Advisors Need to Know to Go From Employee to Independent.”