Financial advisor marketing strategy: Market to business owners

Financial advisor marketing strategy: Market to business owners

Welcome back to my blog and today’s post, the second in the financial advisor marketing strategy series. The first post focused on leveraging centers of influence.

In today’s post, you’ll learn about a target market that you may have overlooked, why you shouldn’t do that, and how you can reach them.

Business owners: A target market for financial advisors

In a previous post, I wrote about a financial advisor’s target market. Identifying a target market is an important step in a financial advisor’s marketing strategy. After you read the post, if you’d like additional advice, get in touch with me and we can talk about how I can help with marketing coaching.

One category of clients that you should be targeting is business owners. Business owners have a number of attributes that can make them great potential clients for financial advisors.

Business owners can be wealthy

Wealthy clients are a great target market for financial advisors. They have wealth they want to grow and accomplish goals with, and financial advisors can provide them the assistance they need.

When looking for wealthy clients, you should consider business owners.

Although not all business owners are wealthy, many of them can have significant income and assets and could benefit from your advice. A small business owner, could be making a lot more money than you might expect, and a medium sized business owner could have significant income and assets.

Businesses can be wealthy

In addition to business owners themselves having significant income and assets, their businesses can as well.

You may not have not considered corporations or LLCs as clients, but businesses have assets and goals. A business wants to grow, expand, and invest, and has goals it wants to achieve. They can sometimes have significant assets and income, and you should consider how you can help them.

Business owners have unique needs

Depending on the structure of their business, a business owner may be a sole proprietor, in a partnership, a member of an LCC, an owner of a corporation, or an employee of a corporation.

These different statuses can mean that business owners have unique needs. For example, a sole proprietor may need help setting up and managing a retirement account.

These unique needs can make business owners an excellent target market. They need specific experience and expertise that you can provide.

Business owners may have a need for participant education for their 401k plans

Many financial advisors want to take on retirement plan assets, but what about the participants? Business owners face challenges when educating their 401k plan participants regarding the investments in the plan as well as options for retirement. THIS is where business owners need help. They receive many investment questions from staff, which keeps them busier than they’d like to be.

Business owners have a unique perspective

A business owner can have a different perspective when it comes to investments and goals than someone who is an employee.

They may have more knowledge of investment principals. They might also have a different perspective on investment risk. Because they are knowledgeable about business, and have seen it at different stages and from different angles, they can see investments and investment strategies in a way that someone simply working for a company might not.

This unique perspective can make business owners an interesting target market. They might consider different types of investments and strategies. They might be more willing to think outside the box. They also may be better able to understand complex investments.

Financial advisors can relate to business owners

As a financial advisor, you may be a business owner. Because of this, you can share in the unique perspectives, special needs, and considerations business owners might have. This shared perspective can be an asset in helping business owners achieve their goals. You can understand them and their goals and this can help you to advise them and can help them feel more confident in your abilities.

Business owners can be centers of influence

In the first post of this series I wrote about leveraging centers of influence. Business owners can be centers of influence and can be a great resource to gain other potential clients.

In addition to being centers of influence generally, business owners can also be centers of influence within their companies.

Depending on the size of the company, a business owner can influence their employees in regards to who they go to for financial advice.

How financial advisors can market to business owners

Now that you know that business owners a worthwhile target market, you need to know how to market to them.

Target specific business owners

Don’t just target business owners. Business owners are too large a group to market to effectively. You need to segment the group to make it smaller and more manageable.

There are a number of ways you could segment business owners. Some include segmenting businesses by the size, industry, age, stage, geographic location, and target market of the business.

You can combine these attributes together to get very specific business segments to focus on. Read this article about good target markets for financial advisors.

Emphasize connections, expertise, and services

Business owners have unique needs and perspectives that you can relate to. When marketing to business owners you need to emphasize the connection you have with them, the expertise you have related to their needs, and how your services can benefit them and their businesses.

Individuals and business

When marketing to businesses owners, remember that you are marketing to them, as well as their businesses.

You should be sure and emphasize how you can benefit both the individual and the business and how your services can help them achieve their goals.

Explore options

When marketing to business owners, you have the added benefit that they may need and be willing to consider investment options and services that other individuals might not. Be sure and explore all of the options and how you can help meet their needs.

Marketing tactics

When marketing to business owners there are a number of marketing tactics that can work well.

Trade publications

One tactic is marketing through trade publications. By marketing through them you can reach a very specific group within an industry.

For example, you could become the financial advisor for Tech, in which case you could select trade publications especially for the Tech industry.

When selecting trade publications to market through, take into account the market for the publication, the number of impressions it receives, the costs of marketing, the different marketing options, and competitors that market through the publication.

When you market through a trade publication it is important to remember that frequency is more important than flash. In other words, twelve small advertisements spaced throughout the year can be more effective in terms of cost and impact, than one large advertisement.

Potential clients need to see your advertisement and they need to see it frequently so that you will be top of mind when they consider a financial advisor. Accomplishing this can be done more effectively through many small ads, rather than one large one.

Trade shows

Trade shows aren’t for every financial advisor. They can be expensive to attend and it can be hard to stand out. That being said, if you do your research, make preparations, and can market there effectively, trade shows can be a good option to consider because of the number of potential clients there.

In the Tech example above, you could penetrate Tech trade shows and position your offering as unique to their needs.

Visit businesses

Visiting places of business can be an effective marketing tool. It is important though to take steps in advance. You don’t just want to show up or show up without a plan.

Before visiting a business, you should have made some contact with them before. Maybe you sent them a direct mail piece or someone referred them to you. Maybe you saw them at a trade show or a business event. Maybe they contacted you through an online advertisement. You need to have some connection to them. You have some reason why you are there and why they are expecting you.

In addition, you need to know what you are going to say. You want to have your talking points and materials prepared so that you can convey how you can benefit the business owner.

It’s also a good idea to have a “leave-behind” marketing piece like a postcard or brochure about your services and the benefits of working with you.

Direct mail

One way to effectively market to business owners is through direct mail. When marketing through direct mail, there are four things to keep in mind.

The first is, who you send the direct mail to. You can get very segmented lists for direct mail. You should utilize this and make sure you send your direct mail to the right target market.

Second, you need to focus on an offer. You need to give the business owner something. It might be a free consultation or portfolio review. You need to have something special that you are offering.

Third, you need to design the direct mail in the right way. It needs to look nice and effectively convey the information you want. It needs to reflect the brand you have for your business.

Fourth, you need to make sure you send direct mail with the appropriate frequency. You don’t want to send something too often, but you need to send something often enough that potential clients remember you when they think about financial advisors.

Online marketing

Online marketing can be an effective tool for reaching business owners. When marketing to them, keep in mind how you can reach your target market and how you can convey your benefits to them. You want to keep in mind the principles of SEO, reputation management, and good web design. You want to make sure business owners find your practice, see what is good about it, and can easily interact with your practice online.

Reaching out to potential clients

In the first post in this series, there was some information about lead generation. One of the ideas in it was reaching out to potential clients on a regular basis throughout the year.

This can be a great way to market your financial advisor practice. If you reach out to potential clients on a regular basis, when they or someone they know needs your services, they will think of you.

Because business owners are used to receiving business communications and having business discussions, interacting with them regularly in these ways can be natural. You can utilize a number of opportunities to reach out to potential clients and get their business or get referrals.


Business owners can be a great target market for financial advisors. Business owners (and the business they own) can be wealthy, they have unique needs and perspectives that financial advisors can help with and relate to, and they can be centers of influence.

When marketing to business owners, keep in mind to define your target market, emphasize the connections, expertise, and services you have, focus on the business owner and their business, and help them explore options.

You can use a number of marketing tactics to reach out to business owners. Be sure and do your research and preparation, specifically target a market, and market with the right amount of frequency.

If you’d like help marketing to businesses owners, get in touch with me and together we can come up with a plan.

3 Strategies for Income Growth: how to grow your financial planning income

Welcome to my blog! Today let’s focus on strategies for income growth. As a financial advisor, have you ever wondered what kind of strategies exist for growing financial planning or wealth management income? In other words, how to make more money?

This blog post focuses on 3 financial advisor strategies for income growth.

3 financial advisor strategies for income growth

What are your plans for growth this year? Are you looking to add six figures or more to your financial planning practice income this year? Or are you stuck in a rut or standing in place? If you need to make progress with your client, asset, and skill growth this year, then this article is for you.

Let’s say you want to grow your income this year. How are you going to do that? What does your Business Plan say about where you’re headed? What’s your STRATEGY for growth? You can’t just wave a magic wand and hope for the best.

You must become strategic about how you’re going to grow.

First, it makes sense to create goals for growth for the year. Figure out what you want to achieve. Successful people have goals and aspirations and they make time to set intentions. Goals are a type of intention.

Create Goals

Any time you want to take your business farther than you’ve gone before, it makes sense to analyze what you want to do. When you can break down your big goals into smaller achievable goals, you’re on the right track. If you can then assign a monetary strategy to achieve each smaller goal, you’ve hit the jackpot!

This is where two types of goals come into play: Big picture goals and achievable planning income

Big picture goals for growth

Big picture goals are those that are a HUGE stretch. They are all about where you see your firm in five to ten years. Big income, big results. The book you want to write. The people you want to keep company with. The dream vacations and time off.

If your goal is to grow income 50% this year and in the past you’ve grown 5% year over year, then I’m sorry to tell you that it’s unlikely you’ll reach that goal in ONE YEAR. Fifty percent growth is more likely a big picture goal for your firm.

Achievable goals for growth

These are goals that you can realistically achieve over the next one-year period. The blog post series you want to write. The number of new clients you want this year. The credentials and skills you want to acquire this year. The centers of influence you want to develop relationships with this year. The events you would like to hold this year.


Definition of Strategy

A strategy is a broad or general idea of how to achieve a particular goal. It is NOT the specifics. It is the planning for overall operations to achieve a distinct end result.

Definition of Tactic

A tactic is a SPECIFIC way to achieve a strategy. For example, in a Business Plan, a marketing tactic is a specific way to to achieve a marketing objective.


Now that we’ve cleared up the meaning of big goals, achievable goals, and the definition of strategy & tactics, let’s discuss strategies for growth. Here are 3 strategies to grow a financial firm:


1. Strategies for Income Growth:

Sell more services to your existing clients

financial advisor income growth - sell more to existing clients

It takes a lot more effort to go out and market and sell to people who don’t know you because they are not already in a relationship with you. What additional financial services could you offer existing clients?

Have you ever surveyed your clients to find out which services they would like you to provide? You might be surprised to find that your affluent clients would appreciate tax-planning services.

You might find that some of your clients would use real estate investment planning services.

Do your clients worry about their children being financially successful? What services can you offer clients to not only help their children, but also form a deeper bond with the likely beneficiaries of your existing assets?

Do you have business owner clients? What could you do for them that you are not doing now?


2. Strategies for Income Growth:

Penetrate a new market

financial advisor income growth - penetrate new market

Are you mainly working with individual clients who could be classified as “retirees”? Are you taking any new client who walks in the door? If so, you may need to penetrate other target markets.

Most people prefer not to work with a generalist. Think about it: if you were an entrepreneur, would you be more willing to hire an investment manager who handles finances for everyone with a pulse or someone who specializes in helping business owners?

Clients want to know if you’ve worked with someone who has their challenges. Business owners have plenty of challenges. They need to attract high-achieving employees to ensure their business reaches new heights. They need retirement planning education services and employer sponsored retirement plan management. They need to minimize taxable income, legally. They need to minimize many types of risk. How can you design a program that helps a new market with their biggest points of pain?

You can also go deep in an existing market. If you’re working with Generation X clients, how about adding Generation X business owners to your target market? Or even Generation X technology business owners. Look at your existing clients for examples of how you can go deeper.


3. Strategies for Income Growth:

Implement new marketing tactics

financial advisor income growth - new marketing tactics

What new marketing tactics can help you achieve your strategic vision?

Let’s say you’ve decided to go deeper in an existing market. How can you reach that market? Where do people in this market congregate? Hang out with this market where they happen to be. There’s nothing better than being “right there” when people need you.

If you can be THE financial planner for the LGBTQ community, just think about how much easier it would be to get referrals.

If you can be THE financial planner for the Tech industry (a rich niche market by the way), think about how you could re-brand your firm!

If you can be THE financial planner for the single or married professionals, just think how it could change your business.

What networking groups and conferences can you attend where you can rub elbows with a new audience? Here’s a listing of possible conferences. What new marketing collateral do you need to bring with you? Do you need a new business card for this target market? (The answer is yes.) Do you have a landing page on your website that speaks to the challenges of this new market? Do you need a new website just for this market?

If you’re not sure about which target markets you could reach out to, read my post here.

When was the last time you put on your creative hat to brainstorm new marketing tactics? When was the last time you held a client appreciation event? When was the last time you stepped outside your comfort zone? What’s it going to take for you to raise the bar on your potential?



Come on. It’s time to do it. Get intentional with your business. Plan it out. Create big picture goals and achievable goals. Break down your goals into smaller, achievable actions. Identity how you’re going to grow. Break out of inertia by taking action.

What are your plans for income growth this year?


Hi, I’m Suzanne. I coach financial advisors like you.

I can help YOU!

I have been working with Financial Advisors and Investment Managers on Business Development Coaching since 2004! I help you build a professional business where you are growing and becoming the person and firm you’ve always wanted.

Just imagine what you could accomplish!

If I’m offering this wonderful information, imagine what else I could help you achieve! Consider completing the Consultation Form to explore how we may work together.

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