How Do New Financial Advisors Market To Friends and Family?

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As a new financial advisor, it is important to have a solid marketing plan in place to help you gain clients and build your business. One effective way to market to your natural network is to leverage existing relationships with friends, family, and other personal connections. These individuals may be more likely to trust and work with someone they know and have a relationship with.

However, it is important to approach these relationships with sensitivity and respect, and to be mindful of the potential conflicts of interest that can arise. One way to navigate this delicate balance is to establish clear boundaries and communicate openly with your family and friends about your role as a financial advisor. 

Consolidated Planning helps new financial advisors launch comprehensive planning practices using our practice building playbook. Our playbook empowers inexperienced financial advisors to help 25 families per year using our planning process. In our experience, new advisors with a large natural network are more successful early in their career than those who don’t. In fact, an unwillingness to approach your natural network for business purposes will almost certainly end your career as an advisor before your practice gets off the ground. It’s really that important.

If you’re feeling unsure about calling on your friends and family, or simply wondering how to begin, keep reading. We’ll share from our four decades of experience to help you develop an actionable plan for marketing to your natural network with minimal discomfort or awkwardness.

Do I Have To Sell To Friends And Family As A Financial Advisor?

Let’s address this question right out of the gate because it’s one of the most common questions we get from potential new financial advisors. Do you have to sell to friends and family as a financial advisor?

Yes. Yes you do. 

We have seen new financial advisors refuse to reach out to friends and family to build their practice. While we won’t make advisors do anything they don’t want to do (it’s your practice after all), most of the advisors that didn’t call on friends and family when they first started are no longer in business.

The most critical issue with an unwillingness to reach out to your natural network is that it typically indicates a lack of belief in our planning philosophy. Our most successful advisors fully embrace our planning philosophy and process. They know how powerful and life changing our work is for clients and their mission is to share it with everyone they know.

If you held the keys to a process that could radically improve someone’s life, wouldn’t you want to share that with the people in your life who matter the most? You must believe that you have the power to change lives as a financial advisor, otherwise you’ll never find success.

5 Strategies for Financial Advisors To Market To Friends And Family

It can be challenging for new financial advisors to turn friends and family into clients, as there may be concerns about conflicts of interest or the perception that you are not as qualified as a more experienced professional. Here are a few tips for approaching this situation:


  1. Be professional: Treat your friends and family with the same level of professionalism as any other potential client. This means being clear about your services, fees, and any potential conflicts of interest.
  2. Offer value: Instead of trying to sell your services, focus on providing value to your friends and family. This could include offering financial planning advice, helping them to understand complex financial concepts, or simply answering their questions.
  3. Be transparent: Be open and honest with your friends and family about your qualifications and experience. If you are still in the process of building your business, be upfront about this and explain how you are working to become a more experienced advisor.
  4. Respect their decisions: Ultimately, the decision to work with a financial advisor is a personal one, and your friends and family may choose not to work with you. Respect their decisions and continue to offer your support and guidance as needed.
  5. Consider referral arrangements: If your friends and family are not interested in working with you as a financial advisor, you may be able to establish a referral arrangement with them. This could involve them referring clients to you in exchange for a referral fee or other compensation.


Make it clear that you are available to provide financial advice and guidance, but that you also have a professional obligation to act in your clients’ best interests. 

Build Your Reputation As A Financial Advisor In Your Natural Market

In addition to leveraging existing relationships, new financial advisors can also use social media and other online platforms to reach and engage with potential clients in their natural network. Platforms like LinkedIn, Facebook, and Instagram can be effective tools for sharing valuable content, building your brand, and connecting with potential clients. 

However, it is important to be strategic in your use of these platforms and to create a content calendar that outlines the specific types of content you will share and the frequency with which you will share it. This will help you stay consistent and ensure that you are providing value to your audience.

Another strategy that can be effective for new financial advisors is hosting events and workshops. Hosting educational events or workshops on topics related to financial planning and wealth management can be a great way to engage with potential clients and showcase your expertise. These events can also help you build your brand and establish yourself as a thought leader in the financial planning and wealth management industry.

Finally, new financial advisors can differentiate themselves by offering personalized service to clients in their natural network. This could involve developing customized financial plans and offering ongoing support and guidance to clients. By offering personalized service, you can set yourself apart from the competition and build stronger, more loyal relationships with your clients.

How Will Consolidated Planning Help Me Market To My Natural Network?

Marketing to your natural market is essential to your success as a new financial advisor. Consolidated Planning can help you on this endeavor in several ways. 

Our planning process and advisors resources like the the Advisor Performance Group (APG) and the Marketing Administration & Practice Solutions (MAPS) team will help to build your confidence and belief in the services you deliver. You won’t be guiding your friends and family through important, life changing decisions on your own. You’ll be fully supported from your marketing plan to case design & recommendations.

We will help you develop a plan to build your practice by marketing to your natural network as part of a three fold approach to client acquisition. You’ll also learn how to build a target market and obtain referrals/introductions. All of this is part of a larger playbook designed to help you work with 25 families each year to build a practice earning $250,000 annually by your fifth year in business. 

Reach out to our team to receive your copy today.

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Published:  January 10, 2023