Expanding Beyond Your Former Client Base as a Breakaway Broker

When an RIA with only two to three years of operation accumulates significant assets (e.g., $750 million), they are likely a breakaway broker. Often, their marketing strategy has focused on launching a website and mining clients from their former company. As this client base gets exhausted, the firm needs a more deliberate marketing plan.

While prioritizing previous clients makes sense initially, it’s essential to have a plan to acquire new clients and grow after a couple of years. I recommend these strategies for such firms:

• Leverage client referrals by tapping into your existing client base’s networks.

• Enhance your online presence through search engine optimization, review sites, advisor listings, and potentially Google ads.

• Focus on niches. Segment clients into top niches, assign one advisor per niche, and let them explore opportunities within the existing client base while expanding their reach.

Written in collaboration with artificial intelligence (ChatGPT-4). Edited by a human.