Who Is Your Ideal Client As A Financial Advisor?

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Early on in your career, you’ll feel the need to say yes to anyone who fogs a mirror.

While that might immediately seem like the best solution, it’s often not the right approach.

Your ideal client base does exist, you just haven’t met them yet. In this article, we’ll help you understand what an ideal client is, how your Natural Market Inventory can best set you up for success, and 7 tips to determine your ideal client and why it’s so important for the trajectory of your career. And it IS.


What Is An Ideal Client?

An ideal client is a term often used in business to describe a customer or individual who aligns well with a particular product, service, or professional. In the context of a financial advisor, an ideal client is someone who possesses characteristics that make them an excellent fit for the advisor’s experience, services, and business model. 

And yes, we all have one.

The specific traits of YOUR ideal client can vary depending on your determined target market and practice goals. Identifying and working with the ideal clients for you can contribute to a more successful and satisfying professional relationship for both you and your client. When we take it a step further, your ideal client within your target market will have three attributes:

  • It brings you joy
  • It drives your economic engine
  • You can establish yourself as the leader

Focusing on an ideal client will help you in your practice building efforts.


Completing Your NMI In Relation To Your Ideal Client

Now, maybe you’re wondering about the Natural Market Inventory (NMI) exercise and wondering how these pieces fit together seamlessly. It’s one thing to simply complete your NMI but it’s another thing to fill your NMI with ideal clients. These are people you not only know to some degree but must be people you are willing to call upon. 

Moreover, these people should have something they would want to talk to you about – a reason to have a relationship with you. So, when your list includes people you will actually call upon (and you think they’ll answer) you will undoubtedly go further in your career. This list is likely not derived from your list of 1,000 Facebook “friends.”

Trust us.

Because an advisor’s market is so important to their long term success, the NMI of each new advisor who joins Consolidated Planning will be evaluated to ensure you have people to call upon and have the right kinds of people to help you build a practice.

You just need to know you have a solid starting point.

So, even if this ideal client isn’t ideal when you decide the market you will work within, the client is ideal in general for a financial advisor. Truly pinpointing your ideal client comes after deciding your target market at Consolidated Planning. But more on this later.

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7 Tips To Determine Your Ideal Client

Determining your ideal client involves a strategic assessment of various factors to ensure a mutually beneficial and prosperous relationship. This kind of relationship is the foundation for the long-term career growth you’re hoping for. 

Here you must analyze clients whose characteristics harmonize with your experience, business model, and personal preferences. To pinpoint your ideal client, you should consider the following key aspects:


#1 Financial Goals

Look for clients with clear and well-defined financial goals that align with your experience and services.


#2 Communication Skills

Seek clients who communicate openly, honestly, and effectively, facilitating a smooth exchange of information and expectations.


#3 Financial Responsibility

Target individuals who demonstrate financial responsibility through disciplined saving, prudent spending, and a good credit history.


#4 Long-Term Perspective

Prioritize clients interested in establishing a long-term relationship, allowing for ongoing financial planning and adjustments as needed.


#5 Willingness to Follow Advice

Identify clients who are receptive to financial advice and willing to implement recommended strategies to achieve their goals.


#6 Sufficient Assets or Income

Consider clients with a financial profile that aligns with your business model, ensuring a sustainable and mutually beneficial partnership.


#7 Compatibility

Assess compatibility in terms of values, communication styles, and overall expectations to foster a positive and productive working relationship.


By carefully evaluating these factors, you can better work towards understanding your ideal client profile. This enables you to target individuals who not only benefit from your services but also contribute to a thriving and long-lasting professional partnership.

Afterall, you’re looking to build a consultative financial advising practice, aren’t you?


The Right Firm Can Help You Determine Your Ideal Client

As a financial advisor, you benefit significantly from having an ideal client. This ideal client allows you to tailor services and marketing efforts to meet specific client needs and goals. By focusing on a target demographic, you can streamline your efforts and provide higher-quality service to clients who align well with your experience. 

This approach not only enhances the likelihood of positive client-advisor relationships but also opens opportunities for referral business. And building a referral business is a great goal to set your sights on.

With so much to consider when it comes to your ideal client, it’s beneficial to have the right firm for you in this process that sets up the trajectory of your career.

To learn more about how your ideal client contributes to business growth and sustainability, talk with a team member about your next steps with Consolidated Planning.

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2024-167843 Exp. 1/2026

Published:  February 2, 2024