Welcome to my Financial Advisor – Ideal Client Blog Post Series. During the next year, I will be helping you identify, target, and market to your Ideal Clients.
The term “Ideal Client” is well known in the financial advisory business. It usually refers to the type of client advisors’ would prefer to work with, usually because they are a wealthy market.
This is NOT the best reason for having an Ideal Client Profile. A better reason is because you LOVE working with them. You are passionate about them. You enjoy their challenges, and solve their hot buttons and points of pain.
Not only that, in working with Ideal Clients, you should have specific solutions to their issues and challenges. And I mean specific issues to THEM. Not general solutions that apply to ALL CLIENTS. This is what a Generalist does: Provides the same thing for all clients, regardless of what the client truly needs. If this sounds like you, you are a Generalist!
Do you work with anyone who walks through the door?
Currently, do you work with anyone and everyone? Any Bob, Joe, or Sally who walks through the door? Then, in my book, you work with no one! You are a generalist.
Why is being a generalist bad? Because working with everyone only gives you broad experience, not specific experience that solves problems for a unique Ideal Clients.
What is a financial advisor ideal client?
It is a specific group of clients with a demographic and psychographic profile that fits the solutions you offer as a financial advisor and investment manager.
Ideal Client or Target Client or Niche Client?
I often interchange the terms “Ideal Client” with “Target Client” with “Niche Client” when working with my clients as I see the them as the same thing. When you get into the demographics and psychographics and then work to attract folks in this group, then they are the same thing.
Why is it important to understand your Ideal Clients?
When you understand the BEHAVIOR your client tends to follow, you can then customize your marketing to appeal to them and attract them to your practice.
Demographic Ideal Client qualities
Demographics can be age, gender, geographic location, income, education, and family size. While this data can be important, it does NOT help financial advisors craft great Value Propositions and Brand Messages.
Psychographic Ideal Client qualities
Psychographic is more about behavior! Attitudes influence behavior. Values guide behavior. Interests’ predict outcome. All this can be utilized in your Marketing and Branding Strategies.
In this series I will help financial advisors get clear on how to decide who their Ideal Clients are and how to create a strategic plan to find them and attract them.
Want to attract Ideal Clients? Those who seek you out? Then, sign up to receive my blog posts automatically in your inbox.
Blog post target markets in the Financial Advisor Ideal Client Series:
- 1. Small business owners
- 2. Retired couples or pre-retirees
- 3. Women: single, divorced, executives, stay at home moms – and a bonus: 14 ways advisors can prospect to women
- 4. Corporate executives
- 5.Attracting and Working With LGBTQ Couples
- Millennials
- Medical professionals
- Male Executives
- Men going through a divorce
- Expats and those living outside the United States
- Family businesses
- Sports celebrities
- Airline industry professionals
- Technology industry professionals
- Executives who work for large companies – such as those who work for Exxon Mobil, Motorola, Intel, Merck, etc.
- Pension or 401(k) plan-specific participants
- Retiring military
- Federal employees
Be strategic with your Ideal Client!
Not all clients are suitable for your financial advisory practice. So I am fond of saying “You can’t be all things to all people.” Choosing an Ideal Client is wise. Why? Because you will become known for solving specific problems for specific clients, and that is good!
“Ease your customers’ pain.” – Hazel Edwards
So sign up for my blogs and check back frequently. I will delve into each topic and link the post above! You will learn what it really means to structure your message so that it focuses on what you do best, for whom you work best with! This is not as simple as saying “I work with retirees and pre-retirees.” If this is what you generally say, then this blog post series is for YOU!
