Financial Advisors: 6 Stages to Signing a New Client

For financial advisors, landing the right clients isn’t about high-pressure sales tactics—it’s about a thoughtful, strategic approach. The ideal clients trust your expertise, value your guidance, and refer other great clients to you. Finding these clients requires a process of mutual selection.

Here are the six critical stages to signing the right clients for your firm:

1) The Initial Call: Screening for Fit

Think of the initial call as a screening tool, not an in-depth interrogation. Your goal is to assess whether the prospective client aligns with your firm’s expertise and approach. Set clear expectations: This is a preliminary discussion to determine a potential fit—not an immediate commitment.

2) Be Prepared: Answer and Ask the Right Questions

Anticipate common client questions about your RIA status, fiduciary duty, and areas of expertise. Make it clear how your firm provides value. But just as important as answering questions is asking your own:

• “What motivated you to seek financial advice now?”
• “What are your biggest financial concerns?”
• “What do you hope to achieve by working with an advisor?”

Tailoring your responses to their specific concerns and asking insightful questions build trust and position you as the right choice.

3) Your Decision (and Theirs): Are They the Right Client?

Not every prospect is a good fit. Consider:

• Do they delegate or micromanage?
• Are they long-term wealth builders or chasing short-term gains?
• Have they worked with an advisor before? If so, why are they switching?
• Are they willing to pay for professional advice?

Choosing the right clients leads to stronger relationships, better retention, and more referrals.

4) Consider the Source: Referral Quality Matters

Where did the lead come from?

• Client referrals: These prospects likely trust your services and are more likely to hire you.
• Center of influence referrals: They may be considering multiple advisors, requiring a more strategic approach.
• Cold leads: These often need more education and trust-building.

Understanding the referral source helps tailor your approach.

5) The Meeting: Listen More Than You Talk

The first formal meeting is where trust is built. Follow the 80/20 rule—listen 80% of the time, and speak 20%. Ask insightful questions, identify pain points, and clearly outline the next steps. Most importantly, ask if they would like to move forward. If they need time to decide, reassure them and leave the door open for follow-up.

6) The Follow-Up: Staying Top of Mind

A great first meeting isn’t enough—consistent follow-up is key. Use your CRM to track communications, follow up promptly, and reinforce your value. Keep the conversation going, ensuring prospects feel confident in their decision.

Building a Stronger Client Base

The best financial advisors don’t just sign clients—they build lasting, mutually beneficial relationships. By following these six stages, you can attract the right clients, establish trust, and grow a practice that is both profitable and fulfilling.