5 simple ways to find key opportunities for growth within your existing client base

Of the many financial advisers we have worked with, we’ve found that most want the same thing: growth. Growth of their client base, their business, and their revenue.

Achieving growth across the board sounds complex, but it can be much simpler if you break this down into a few practical strategies.

5 ways to rapidly grow your business from within

We’ve put together five ways to best invest your time, money, and energy to create the kind of client-adviser relationship where everyone wins.

1. Communicate

How many times do you contact your clients throughout the year? While your frequency of communication no doubt changes depending on the service tier of your clients, some advisers are only contacting clients once a year when they come in for a review meeting.   

What if we told you that your clients actually enjoy hearing from you – especially if you have valuable information and relevant insights to share with them?

Communication is especially important in times of significant change. If Covid-19 has proved anything, it’s that clear communication is essential, and adviser-client communication is no exception. Think back to early 2020, did you have many clients call in a panic wanting to make changes to their financial plan, particularly their investment portfolio? If you didn’t, you are one of the lucky few because as discovered through our 2020 Global Investor Study, half of investors were thinking about their investments at least once a week and 78% made changes to their investment portfolios during February and March 2020.

Of the most successful advice practices - the advisers whose clients remained calm and committed to their long-term financial and investment strategy – the difference was simply communication.

Regular communication creates strong, long-lasting relationships, turning clients into long-term supporters.

2. Test interest, response, and engagement levels

While communication is essential, a strategic communication strategy with a client-centric approach is the key to growth. There’s no point in investing time and effort creating communication or ideas that your clients don’t actually care about.

Success doesn’t happen overnight, this practice could take a few months but rest assured, there are tools and technology to help you do this efficiently. Consider email automation software that can streamline not only the communication process, but can also assist to accurately measure the results of your communication strategy.

Email automation software can help you:

  • Automate processes to send out bulk emails with the press of a button
  • Personalise each email to make your clients feel nurtured
  • See in real-time who is opening your emails to find out what content your clients actually want

Plus, you know your clients better than anyone. So, take a moment to think about what they might want to hear about.

3. Survey your clients

Clients like to feel heard. And when they do feel heard, they become far more engaged with you and your business. This is where surveys and questionnaires are such a valuable way to connect with your client database.

It’s a win-win. Your clients get to be involved and tell you what they want, and you get to collect the data and use it to give them exactly what they want.

So, what should you ask your clients?

Perhaps what they think or understand about one of your lesser-known services? How they feel about their current financial situation right now? Or how often they want to hear from you so you can create the most personalised communication experience for your clients.

The questions you ask your clients will be unique and help you define the different needs and expectations of your client base.

While it’s extremely beneficial to create a personalised experience for your clients, you can also make use of the wealth of data that exists out there right now. A great example of this is the Schroders Global Investor Study that occurs every year that provides insight into how clients want to invest and what they care about.

4. Educate and inform your clients

Many advisers have a broad range of skills they are experienced and qualified in however focusing on your niche can be an excellent positioning strategy and this is often the service that new clients approach you for.

However, after your clients have engaged, it is essential to continue to educate your client database on the range of services you offer, and the comprehensive financial service packages you may offer.

More often than not, your active clients are not engaging with your full range of services simply because they do not know they exist. Or perhaps they don’t know the value in some of these services. This is where education comes in and allows you to inform your clients of the true benefits of the additional services you offer.

5. Ask

The simplicity of a call checking in with your clients can be extremely effective.

You may find that your clients want support in another area of their finances or that they are going through a life event that requires forward planning.  

While this one simple task may not lead to a direct, profitable “yes” straight away, you have confidently and proactively put the offer out in the open. When the time comes that they do need support, you will be front of mind.

Once you have built a strong, loyal relationship through communication, you can ask questions that could lead to previously unseen opportunities such as if they have a family or friend who might be interested in engaging with your services.

The relationships you build with your clients – coupled with regular, valuable communication – present limitless opportunities for advisers.

Creating the big wins in business

The time, money, and energy it takes to sell to existing clients is far less than what it takes to convert and onboard new clients. Which is why to accomplish both near-term and long-term success, advisers must make be sure to capitalise on the value right in front of them.   

Ultimately, it’s the little consistent efforts in the right areas – the “1 percenters” that combine to create the big wins in business.

Schroders is passionate about supporting adviser practice growth. Ultimately, the more advisers we can support to grow, the more opportunities Australians have to receive quality, life-changing financial advice.

So, we want to help advice practices of all shapes and sizes with the client-facing materials and communication they need to grow their business.

Our market-leading research on a variety of financial topics and our ‘for your clients’ pieces can be used to effectively and easily communicate with your clients.

When it comes to growing your advice client base, there’s no need to reinvent the wheel or tackle the tasks by yourself. Be guided by proven strategies, lead with a client-centric approach, and the success will follow you.

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This material has been issued by Schroder Investment Management Australia Limited (ABN 22 000 443 274, AFSL 226473) (Schroders) for information purposes only. It is intended solely for professional investors and financial advisers and is not suitable for distribution to retail clients. The views and opinions contained herein are those of the authors as at the date of publication and are subject to change due to market and other conditions. Such views and opinions may not necessarily represent those expressed or reflected in other Schroders communications, strategies or funds. The information contained is general information only and does not take into account your objectives, financial situation or needs. Schroders does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this material. Except insofar as liability under any statute cannot be excluded, Schroders and its directors, employees, consultants or any company in the Schroders Group do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this material or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this material or any other person. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. You should note that past performance is not a reliable indicator of future performance. Schroders may record and monitor telephone calls for security, training and compliance purposes.