In your financial services business, you likely rely on several tried and true sources for finding new clients, such as phone book ads, your existing clients and perhaps even your website. There are many opportunities to find new clients in your community outside of the traditional gold veins, and not all of them will add to your marketing budget. Mining them can set you apart from your competition and add to your bottom line. Here are four sources of new clients you may not have contemplated:

1. Credit Unions
While you may think that large regional and national banks may be an easier source of investing for clients than smaller, local financial institutions, they often sell competing products, either directly or through their investment arms. Most of that business is required to be referred internally. Credit unions, on the other hand, often only offer basic savings vehicles and have no competing products; this means that their in-house investment advice is lacking. Set up a meeting with the manager of your local credit union and discuss opportunities to refer clients to each other. Be sure to work as hard at referring your clients to the credit union, as you want them to work on your behalf.

2. Small Business Fairs
Many financial services businesses focus on individual clients and consumer investment advice. The small business sector is growing, however, and entrepreneurs are often confused about how to integrate their business and individual financial planning goals. There is a growing opportunity to cater to this segment of the population. Small business expos and fairs are filled with new business owners and those considering taking the plunge. Consider setting up a booth to talk to small business owners or offer to present a seminar or workshop. The goal is not to hard sell, but to show potential clients that you are an expert in your field and can explain financial concepts in an easy-to-understand way.

3. Accountant Conferences
Accountants have always been a great source of referrals for investment and financial planning companies. Accountants often focus on income and estate tax and general financial planning strategies, which can be fleshed out in detail by you. It's a win/win situation. You can offer your clients value by recommending an accountant who understands your investing philosophy, and he or she will look brilliant by recommending someone who can act on the general advice he or she is giving. You can always network with individual accountants, but consider speaking at accounting conferences and workshops to help accountants understand the benefits of the advice and products you offer. Showing them how they can integrate financial planning into their traditional offerings can score you new business.

4. Parenting Classes
Both expecting and new parents are a perfect fit for a financial services business. They are in the midst of a huge life change, which is often a point when people re-examine all aspects of their lives. Their financial objectives change and they are likely in need of new goals and plans, and their circle of influence is likely to include plenty of other new parents. Check your local community for parenting classes or shows. Offer to write content for any publications they put out, or speak at the event about financial issues focused mainly on people with small children.

The Bottom Line
To keep your financial services business growing, expand your marketing efforts outside of your usual channels. Be visible in your community and work to present yourself as knowledgeable and helpful. Always look for overlap between your target clients and other groups. Clients can come from the most unusual places!

Related Articles
  1. Entrepreneurship

    10 Characteristics Of Successful Entrepreneurs

    Do you have the qualities of a successful entrepreneur? Those who do tend to share these 10 traits.
  2. Investing

    5 Up and Coming Social Media Startups

    Although the days of Facebook's dominance aren't close to being over, here are some new creative platforms gaining traction on the worldwide web.
  3. Entrepreneurship

    Are You Really an Entrepeneur? A Reality Check

    If you are going to be an entrepreneur, and you’re doing it on a shoestring, you’ll need more than a good idea. Here are some skills to master.
  4. Entrepreneurship

    Digital Nomads in the Modern Economy

    Digital nomads compose a growing portion of the modern economy.
  5. Career Education & Resources

    Laws & Regulations To Know Before Changing the Name of Your Business

    Discover some of the most important steps you need to take after making a decision to change your legally established business name.
  6. Investing Basics

    How to Become A Self-Taught Financial Expert

    Becoming a self-taught financial expert may not be as daunting of a task as it seems.
  7. Entrepreneurship

    What is a Franchise?

    In a franchise, the franchisee acquires access to the proprietary knowledge, processes and trademarks of an established business – the franchisor.
  8. FA

    The Basics of The Series 79 Exam

    Passing the Series 79 exam is usually necessary for anyone who wants to work in investment banking.
  9. Term

    What Is Seed Capital?

    Seed capital is the money used to start a business.
  10. Your Clients

    Solo 401(k) vs. SEP: Which is Best for Biz Owners?

    Owners of small businesses have several choices when it comes to saving for retirement. When does it make sense to choose a Solo versus SEP plan?
RELATED FAQS
  1. Do working capital funds expire?

    While working capital funds do not expire, the working capital figure does change over time. This is because it is calculated ... Read Full Answer >>
  2. How does escheatment impact a company?

    In recent years, state governments have become increasingly aggressive in enforcing escheatment laws. As a result, many businesses ... Read Full Answer >>
  3. How much working capital does a small business need?

    The amount of working capital a small business needs to run smoothly depends largely on the type of business, its operating ... Read Full Answer >>
  4. What does low working capital say about a company's financial prospects?

    When a company has low working capital, it can mean one of two things. In most cases, low working capital means the business ... Read Full Answer >>
  5. Can I use my IRA to pay for my college loans?

    If you are older than 59.5 and have been contributing to your IRA for more than five years, you may withdraw funds to pay ... Read Full Answer >>
  6. Can I use my 401(k) to pay for my college loans?

    If you are over 59.5, or separate from your plan-sponsoring employer after age 55, you are free to use your 401(k) to pay ... Read Full Answer >>
Hot Definitions
  1. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  2. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  3. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  4. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  5. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  6. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
Trading Center