Can you imagine what you want your practice to look like?

There are myriads of approaches for growing your practice. But how you get to where you want to be depend on the competitive landscape, the type of clients you prefer to work with, the strategies you use to attract and retain clients and how your practice evolves over time.

You may, for instance, start off with a broad based practice which engages clients from a cross-section of different market segments but as your practice grows you might find that you like working with clients from a specific segment of the market or a particular niche. 

In a perfect world, it might be more appealing to go after clients you consider to be “ideal”, that is, those who have common characteristics, values, goals and behaviors. Experience shows that advisors derive a greater deal of satisfaction working with ideal clients who fit their preferred client profile.

The type of client you choose to work with will dictate the strategies you use to attract them. You may decide to grow your business by focusing on clients in your own back yard; establish relationships with centers of influence who can provide referrals; tap your inner circle of family members, friends, and colleagues; leverage family ties; or concentrate your efforts on specific segments of the market such as high net worth clients, business owners, baby boomers, retirees, millennials, Gen Xers or even newcomers.

Whichever segment of the market or niche you decide to work with will require a deep understanding of their unique characteristics and nuances. This will allow you to tailor your value proposition and marketing strategies to attract them.

You can also grow the size of your practice by getting existing clients to consolidate their asset with you or by offering a broader range of products to increase their share of wallet.

It is also useful to adopt strategies that differentiate you from your peers. For example, advisors who use a life planning approach to facilitate deeper client relationships typically benefit from higher client retention, a greater share of wallet and more referrals.

Evidently, there is no silver bullet for growing your practice. It comes down to how you attract the clients who you choose to work with and who choose to work with you.