Financial Advisors: Don't Stop Growing Your Business During Tax Season!

Melissa Battista

March 5, 2020

Financial Advisors; don’t panic! Tax season is upon us.

If hearing the ‘T’ word gives you heart palpitations, shaky hands, and cold sweats… don’t worry, you’re not alone. We know this is a crazy time for those of you in finance. It can be so busy that often times, everything falls off your radar until after tax season ends — including prospecting to grow your business. But this doesn’t have to be the case. 

While we can’t help you with taxes, we are experts in prospecting to grow your business. Here is how financial advisors can use tax season to their advantage when it comes to growing your business:

Strike while your competition is sleeping

The reason focuses shift away from growing your business is due to time constraints brought on by tax season. There’s no denying that financial advisors are going to be way busier than normal. But the good news is… your direct competitors are also extremely busy and likely don’t have time to focus on seeking new business. 

So while they’re putting all their energy into meeting busy tax season deadlines, you can get a leg up on prospecting to grow your business. 

Even if you don’t close on any new leads, tax season is still a great opportunity for advisors to make introductions, have a coffee meeting, or provide prospective clients with financial advice so that they stay top of mind. Chances are your competitors aren’t actively doing this as they’re too busy, so when the time comes for prospects to seek out financial services they’ll remember you.

Use timing to your advantage

The great thing about tax season is finances are already top of mind for current clients and prospective clients. Advisors can piggyback off that momentum to source new clients at a higher than normal volume. 

Tax season on its own already gets prospects through the door looking for tax help. Transitioning the conversation to overall financial goals and concerns is a natural next step, turning these prospects into client-winning opportunities.

Plan ahead or fall behind

During tax season, financial advisors get so busy that their main focus is to just get through to the end of April so they can breathe again. But what happens when you suddenly find yourself without any new business to take on after tax season? More than likely, you’ll have to scramble to amp up your prospecting efforts to catch up.

Don’t let this be you!

It’s important to think ahead and schedule meetings and conversations for when tax season has slowed down and you have some extra time again. It can take a few weeks to set up a meeting or casual coffee with prospective clients, you want to actively do this during tax season. Your calendar will be steadily full as soon as it’s over. However, waiting until tax season ends to focus on this puts you at risk of falling way behind.

And going back to our first point, your competitors likely won’t be doing this.

See how this financial advisor grew his network of referrals and closed a large client with social lead generation software here.

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