Financial Advisers Focused on Client Outreach

A new survey finds that a majority of advisers expect marketing efforts to play a big role in growing their client base as they prepare for 2023.

By DJ Shaw



A recent survey of financial advisers has found that marketing efforts are a top priority as many firms begin to plan for 2023.

SmartAsset surveyed 272 financial advisers, asking them 11 questions about how they are currently marketing to clients and their expectations for 2023.

According to the survey, 68% of advisers say that marketing is very important for their firm and growing their client base. Another 23% say that it is fairly important.

The most popular forms of marketing cited in the survey were lead generation platforms (32%), in-person events (16%) and social media outreach (12%). Fifty-two percent of advisers say they are cold calling less in 2022 relative to previous years and 37% reported promoting fewer traditional advertisements.

The survey found that LinkedIn (46%) and Facebook (38%) were the most used platforms advisers either use often or extremely often as a marketing tactic. About 82% of financial advisers have never used Instagram and 92% have never used TikTok. More than seven in 10 say that they have never used YouTube or Twitter.

When asked “how has the recent economic climate and fears of a recession impacted your client outreach?” about 59% of advisers report they have been pushed to do more client outreach, 33% have not changed their outreach strategy, and 6% have been reaching out to current and prospective clients more frequently.

Data was collected between October 1 and October 17 and advisers were able to skip questions not applicable to their situations.

«