April 27, 2021
3 Ways to build a network as an advisor
Betterworth Team

Networking cannot be overstated if you are an advisor. It is often considered the foundation of any business as it could provide steady growth into the long term and heightened exposure to others in the industry. 

92% of advisors said that referrals from current clients are their best source of new business

However, building a strong network can be challenging as it requires both valuable time and strong connections with others. Following the tips below, you can learn to establish and strengthen your network to be useful to your business and yourself.

1. Leverage your client list

Using your current list of clients to expand your network is an effective strategy to grow your business. Some of your clients could introduce you to their family, friends, and other associates, giving you prospective clients or future referral networks. 

81% of customers trust recommendations from family and friends over those from companies

To get to this point, you should start trying to build strong connections with your current client base so they can confidently introduce you to their own network. Using this leveraging strategy in the long term can be effective in expanding your network.

Referred customers have a 16% higher lifetime value & greater ROI

2. Use social media or your own website

With the rise of a digitized world, using online sources can exposure yourself to thousands of prospective clients and associates. Platforms such as LinkedIn allow you to establish connections with others and grow your current network online. 

52% of investors under 40 rely on LinkedIn to find an advisors

In addition, using your own personal website can allow you to reach people in the way you would want to be seen by customizing it to show your values and investing outlook. 

73% of investors under 40 rely on a Google Search to find an advisor

Both social media platforms and personal websites have helped advisors to expand their current network and you should use it to your advantage.

3. Attend industry events

Events relating to advisory and finance bring people from across the industry to discuss market trends and changes in client outlooks. Attending these events can expose you to various people from different sectors that can be useful to your business. Simply going to the event and talking to the people attending can be the start of expanding your network. So, take the opportunity whenever it presents itself, and you could come out knowing more people than you did walking in.

Building a strong network is a lifelong task, but following these tips could give you the start you need to establish it to prove beneficial to your business in the future.

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