When you are starting out as an entry level financial planner at an Independent RIA, your primary job is mastering technical planning and supporting lead advisors. In most RIAs, you aren't handed a phone book and told to cold-call, nor are you expected to bring in millions of assets in your first year (at least not the firms we recruit for.)

However, firm owners are always looking for team members who understand the growth levers for the firm. Business development  does not have to be about high-pressure sales pitches or chasing short-term transactions; it’s about institutional reputation, long-term relationships, and client retention.

Learning about and assisting with this organic growth,  one of the fastest ways to transition from a supporting associate to a partner-track advisor. Here are some ways  you can contribute to growing the firm’s client base (and eventually your own) using strategies that align with your firm's values.

Master the Art of the CPA and Attorney Referral Network

In a traditional RIA, the primary source of new high-net-worth clients isn't social media or public workshops; it is trusted Centers of Influence (COIs)—specifically CPAs, estate planning attorneys, and corporate trustee officers. Admittedly, this has turned into more of a red ocean vs a blue ocean as these professionals find themselves inundated with financial planners seeking referrals. Additionally, many CPAs have started to add financial planning and money management to their repertoire of services versus farming them out to outside planners. Nonetheless, there are still opportunities here. 

• How to do it as an associate: Offer to handle the administrative and technical legwork when collaborating with a client’s outside professionals. Send clean, organized tax summaries to their CPA before tax season, or coordinate directly with their estate attorney to ensure trust funding is completed.
• Why it works: CPAs and attorneys love working with organized, responsive planners. When they see how thoroughly you care for mutual clients, you become the first person they recommend when another one of their high-net-worth clients needs a financial planner.

Become the "Next-Gen" Connector for Existing Client Families

Firms face a major industry-wide challenge: retaining wealth across generations. When aging  clients pass away, their heirs often move assets to new advisors if there is no pre-existing relationship with the firm.

• How to do it as an associate: Ask lead advisors if you can take the point on working with the adult children of the firm's top clients. Help them navigate their first 401(k) selections, budget for a first home, employee benefit selections,  or set up 529 plans for grandchildren.
• Why it works: You solve a major pain point for the firm’s lead partners while building your own client base. The firm retains the family assets, the primary clients appreciate the help for their children, and you build direct relationships with the next generation of clients.

Deliver Exceptional Service That Drives Client Organic Referrals

The most sustainable growth engine for any established RIA is client-to-client word-of-mouth referrals. Happy clients naturally mention and actively refer their advisors to friends, family, and colleagues facing similar life transitions.

• How to do it as an associate: Focus on making the client experience seamless. Follow up promptly on administrative requests, prepare thorough, easy-to-read meeting summaries, and proactively track client life events (like a home purchase, retirement date, or job change). Even in a high-touch service profession such as financial planning, great service is still a bit of a lost art. 
• Why it works: When clients feel exceptionally well-cared for by an associate planner and the advisory team they are a part of, they feel confident introducing their peers to the firm. If asking for referrals directly is uncomfortable for you,  high-touch fiduciary service can create them naturally. It also doesn't hurt to ask if they know anyone else who they think could benefit from your service. 😀

Financial planning firms don't hire new planners to be aggressive salespeople. They hire because they have had success generating clients and need qualified, service-minded professionals to help provide solid advice and great service.  When you are settled in a new role, showing that you know how to build COI relationships, retain family wealth across generations, and deliver high-touch service can move the needle for you substantially in terms of career growth and personal income, if those are your goals. .

If you are looking for your next financial planning opportunity, check out our current opportunities here, or send us your updated resume here. 

 

The New Planner Recruiting Team*

*AI Assisted