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 goals.financial 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 when should I take cialis? 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.

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4 Responses to “3 Strategies for Income Growth: how to grow your financial planning income”

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  1. Nice post and great advice. I agree that goal setting is a critical first step in achieving anything. I’ve found it also helpful to share some of your more challenging goals with a trusted friend or advisor – someone that helps keep you accountable for achieving your goal. Thanks for sharing!

  2. Suzanne Muusers says:

    Chrystal, thanks for weighing in on this. Yes, sharing what you want to happen in your business and your life indeed makes it more likely that it will happen.

  3. First of all sorry for long absence. As always your insight to Business planning is really unique and fresh. The part that touched me this time is selling more service to existing clients.. In fact i take it as selling different services or related service to existing clients. We are a Copywriting Company and now were also offering seo and designing services. I still like to thank you for making me realize the importance of “Asking for referrals from existing clients it really paid off.

  4. I’d have to agree that I hate businesses that are overly general. How am I supposed to know if they’re going to have the product or service that I need? Being specific, especially when setting goals is the best way to move forward.