How to Grow a Wealth Management Business


There are different approaches to take when wanting to grow a wealth management business.

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Here are a few that are worth considering:

Purchase an Existing Portfolio of Clients

Independent financial advisers build up a list of dedicated clients over a few years or decades. However, when they wish to retire and no longer manage the business, it’s previously been difficult to sell the portfolio and ensure their clients are well managed in the future.

Now there’s the option through websites like to acquire the clients from a portfolio of assets under management from retiring financial advisers. This cuts out the need to do additional marketing with the future cash flow from commissions being known at the point of acquisition.

Ask for Referrals

Wealthy investors usually run in the same circles. Therefore, it stands to reason that well-heeled clients with substantial funds under your management will have wealthy friends in their circle.

It’s possible to ask for a referral to see if they’re willing to recommend your services. Not only can it expand your business considerably but it’s also a good indication of their satisfaction level with your representation. As such, it provides an opening to work to improve your service level to address any concerns that arise.

Raise Your Profile

When you’re penning editorial pieces that get published in the kinds of places that potential clients hang out, then you’re on the right track.

While it may be beneficial to write articles that get peer-reviewed and published in financial journals, they may not get seen by potential clients who don’t read this type of material. Therefore, look for places where your likely client consumes media or asks questions, and add some value.

It won’t take too long before your name is recognised by people and you begin to receive inquiries about your services on a more regular basis.

Create or Expand Your Professional Network

Work to create or expand your existing professional network to grow your business through a mutually beneficial agreement.

Various professionals like estate agents, solicitors, accountants, and other relevant ones sometimes have clients in need of wealth management. Equally, in your business, sometimes a client could benefit from a referral to a high-quality accountant or require some legal advice. It’s a two-way street and beneficial to all parties involved.

Conduct Educational Events

Educational events that help potential investors understand basic investment concepts are useful to them and can lead to you picking up new clients too.

Events can be in a group setting but also offered remotely using videoconferencing tools too. Using screencast or live streaming technologies, it’s possible to run a webinar as an educational event for viewers. A recording of the webinar event can later be added to a YouTube channel to broaden the audience reach.

Unless you purchase an existing business, new clients don’t happen overnight. They require consistent work to seek them out through a strong network, quality referrals, and other sources. Yet, once they’re on board, they’ll likely stick with a reliable financial adviser for many years making the effort worthwhile.