Running your own business is a challenging but rewarding labor. In the financial advisor space, many advisors are responsible for all aspects of their business from beginning to end, even if they are part of a firm.

This is because financial advisors operate from an exclusive client pool. As rewarding as this can be, it is nonetheless difficult to be the operations manager, administrative assistant, marketing director, and financial advisor all rolled into one. You will no doubt need an executive assistant and potentially a marketing director, depending on the size of your firm.

When you’re performing multiple roles, it’s hard to find the time and energy to enhance your business. Fortunately, there are ways to offer yourself more support so you can scale your business. Here are 4 tips for your financial advisor business.


1. Become More Efficient with Administrative Support

The more time you spend bogged down by mundane operational tasks, the less time you have to focus on what really matters: your relationship with your clients. By investing in operational support software, you can offload some administrative tasks that are easily automated, such as:

  • Compliance management
  • Account maintenance
  • Automatic billing
  • New business process
  • Trading

Once you have set up an intelligent, secure software system for your financial advisor business, you have essentially created a virtual assistant. By offloading these back-end tasks, you have the more mental energy and physical time to invest in your existing clients and build relationships with new ones.

2. Take Advantage of Operational Technology

There are two major qualifications technology should have to support your financial advisor business: it needs to be flexible, and it needs to fully integrate into all areas of your business.

Operational technology that is beneficial for your business includes tools that allow you to:

  • Submit paperless business documents
  • Generate customized proposals
  • Report on account performance
  • Consolidate client statements and data
  • Offer a secure portal to clients
  • Collect eSignature from customers
  • Use a web-based CRM to organize your client base

If you work for a firm, these administrative and operational tools may already be available to you. Conversely, solo financial entrepreneurs often operate as one-man shows who wear multiple hats to keep their companies running. With the right tools, you’ll feel like you’re working with a team even if it’s just you and your software systems.

3. Automate Digital Marketing Tools

Digital marketing is a useful avenue for scaling your financial advisor business because it helps you get in front of more people who are searching for the services you offer.

Companies that handle digital marketing have team members whose entire jobs are focused on managing digital ads for clients. Of course, you can work with a digital marketing company to help manage your ads, or you can automate ads yourself.

When you advertise in spaces like Google and Facebook, you can easily create ads and then leave them to “do their thing.” To do this, set up a timeline for how long you want the ad to run and input you desired daily or monthly budget. Creating a budget cap will ensure that you don’t run the risk of exceeding your budget and ending up with an unplanned advertising bill.

By automating your marketing systems, you’re putting in all the leg work upfront. Once the ads are up and running, you don’t have to touch them. Instead, you can focus on your clients, your business, and yourself.

4. Adjust Your Scope

It may be time for you to adjust the scope of your business. For example, if you’ve been operating only in your geographical location, have you considered expanding? If you aren’t ready to expand your business through partnerships or secondary locations, you can try offering virtual services to clients across the country.

In the wake of the 2020 pandemic, more people than ever before are comfortable navigating virtual services. Moving forward, it’s a great time to capitalize on this culture shift.

Create a “growth map” of how you want to expand to new areas and what strategies you can use through means such as digital marketing to get there.

Preparing to Scale

As a financial advisor, preparing to scale your business is critical. In fact, getting your systems and strategies in place is the foundation for your path to success.

With the right tools, technologies, and systems, you will be able to successfully scale your financial advisor business.

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Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs by maintaining top-to-toe SEO aspects. Follow more of his contributions at Finance Team

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