The role of a financial advisor is getting more complex with time, and this reality will not change any time in the near future. To be successful in this competitive environment, you’ll need to define a marketing strategy that is focused on cultivating relationships with existing clients, while also acquiring new clients. Since few financial advisors have the time, patience, or creativity to implement a marketing strategy on their own, many are turning to the professionals.

Whether you choose to work with your in-house marketing team or outsource, remember simplicity is key. These five simple rules will help you get started:

1. Understand your clients. Many Advisors are working from the same tool kit, so your clients may be the only unique aspect of your marketing plan. Understand your clients’ communication preferences, and adapt your strategies.
2. Define your value proposition. This is where you will be able to differentiate yourself from your competitors. Define your What, How, Why to communicate your value proposition, and engage with both reason and emotion. Think about what you do that is unlike any other provider, and how you can help clients reach their goals. Dig deep for your why statement; this is where you’ll need to reflect passion for your profession to create an emotional connection.
3. Assess your current marketing plan. What’s working, what’s not, and how do you know? Think about how you can reallocate your marketing dollars to new initiatives that are not showing a return on your investment. Don’t be afraid to simplify; you’ll be more effective by being more consistent on fewer platforms.
4. Identify possible options. Think about your target markets. How and when do they consume marketing communications from you? If you don’t know, don’t be afraid to ask what they prefer. You may find that you can increase your budget in certain areas, or that you can distribute your budget to a wide variety of strategies. Don’t take a shot in the dark; ask your clients what works best for them, and spend your money wisely.
5. Track, track, and track some more. Don’t think that if something doesn’t work once, it’s a failure. For marketing to be most effective, it needs to be repetitive. Determine the amount of time that you’re willing to wait for a return, spread your budget out over that period of time, and track the activity. Chances are that by monitoring, you’ll develop a strong sense of what works best for your business.

Remember prioritizing your existing relationships will ultimately lead to more referrals. Don’t overthink things; simplicity equals sustainability.