How Do New Financial Advisors Market To Friends and Family?

While attempting to work with your family and friends as a financial advisor can feel unnatural with all that money talk, it’s actually the best place for you to start.

Leveraging existing relationships with your friends, family, and other personal connections allows you to go into the conversation with a sense of trust already established.

Here at Consolidated Planning, we understand that a lot of facets of this career can seem daunting especially as a new financial advisor. With that being said, we strive to help new financial advisors launch comprehensive planning practices using our practice building playbook, utilizing your natural and target market.

In this article, we’ll depict the importance of “selling” to your family and friends, a few strategies to do so, and how you can begin building your reputation as a financial advisor within your natural market.

 

Do You Have To Sell To Your 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 candidates considering this career path. Do you have to sell to friends and family as a financial advisor?

Yes. Yes you do.

But, don’t scroll away from this page just yet.

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.

Now, 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?

 

4 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.

Moreover, it’s important to respect their decisions – 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.

#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 Consider Referral Arrangements

For those of your friends and family who are not interested in working with you as a financial advisor, you may be able to establish a referral arrangement with them. It’s likely that they are choosing not to work with you for personal reasons on their part and providing you referrals could be a natural next step.

 

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 from a larger pool of your acquaintances. 

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 can be a great way to engage with potential clients and showcase your knowledge to build on your reputation.

 

How Will Consolidated Planning Help You Engage With Your Natural Market?

Marketing to your natural market is essential to your success as a new financial advisor. And navigating this with a delicate balance can help you establish clear boundaries between friend or family member and financial advisor that is mutually beneficial.

You just have to get started.

To learn more about resources offered to you in developing a plan to build your practice via your natural market AND building a target market, reach out to our team to discuss your next steps.

 

Exp. 12/2027

8644184.1

 

Consolidated Planning, Inc. is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 6115 Park South Drive, Suite 200, Charlotte NC 28210, Phone # 704-5528507. PAS is a wholly owned subsidiary of Guardian. This firm is not an affiliate or subsidiary of PAS. This material is intended for general use. By providing this content Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.