Large, established firms with their big marketing budgets and names that appear on big office buildings may seem like the Goliaths of the financial industry. But here’s a secret: smaller, scrappier RIAs (that’s you!) are the Davids, armed with powerful slingshots that big firms have trouble duplicating: Independence, personalization, and niche expertise to name a few.
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FYI, a Goliath might be a Wall Street firm owned by a major bank or insurance company. Or, a Goliath might be a local firm with billions of dollars of AUM.
This article isn’t just another pep talk. It’s your action plan for your smaller RIA going toe-to-toe with bigger firms and, more importantly, winning. And while the giants are busy with their cookie-cutter approaches and boardroom approvals, you’ll be connecting with clients on a real, human level—something they can’t always pull off. It can be their clients’ best interests versus their shareholders’ best interests.
Small business is the foundation of the U.S. economy. According to the U.S. Small Business Administration, companies with less than 500 employees:
- Employ 47.3% of Americans
- Are responsible for 62% of all net new jobs
- Account for 44% of U.S. economic activity
- Drive entrepreneurial ventures
Yes, you are that important. So, let’s dig in. You may not agree with all 20 points, but there are several RIA marketing tips that will make you more competitive against bigger firms. And, it only takes one win to make your time commitment to read the article worthwhile.
The Power of Independent Ownership
Imagine calling all the shots without some corporate overlord breathing down your neck. That’s you. While the big guys are stuck in endless layers of decision-making, your independent firm can pivot on a dime, make strategic moves instantly, and actually listen to clients. Independence is the ultimate trump card—it’s where boutique charm meets real authority. And investors love that.
Lower Minimum Asset Requirements
Wall Street firms often snub their noses at clients with smaller asset amounts. You, on the other hand, can welcome them with open arms - in particular when you are newer and smaller.
By offering lower asset minimums, you become the gateway for a whole generation of clients looking for financial guidance, without the “you’re not affluent enough” attitude. And with $78 trillion set to be inherited by younger generations from their boomer parents, this is your golden ticket.
Specialization: The Big Fish in a Niche Pond
While big firms try to be everything to everyone, you can be everything to a select few by specializing. Whether it’s retirees, doctors, divorcees, or tech-savvy millennials, when you own a niche, you can dominate it. Clients looking for someone who “gets” them will flock to your door, leaving the generalist approach of the big firms in the dust.
Age Group Targeting: Speak Their Language
Big firms think they’ve got it all figured out, but can they really speak Gen Z fluently? Nah. You, on the other hand, can tailor your services to each age group, making every client feel like you’ve been reading their minds. Gen Z wants tech and sustainability; Baby Boomers want retirement peace of mind. Deliver both and you win.
Fiduciary Advisors: It’s Not Just a Title, It’s Your Secret Weapon
The word “fiduciary” is like a magic spell in this industry. It screams “trust me, I’ve got your back.” Unlike some big firms playing both sides of the fee/commission fence, you wear that fiduciary badge with pride. It means you always put your clients interests first—and they love you for it.
Fee-Only or Fee-Based: Transparency Is Key
Investors are tired of hidden fees, vague charges, and the old “let’s not talk about how I’m really getting paid” approach. You, the small but mighty RIA, lay it all out. Flat fees, hourly rates, retainer, or percent of assets? Your clients know exactly what they’re getting and what it costs. Online transparency builds trust, and trust can bring you new clients.
Big-Name Custodians—Without the Big-Name Price Tag
Clients want to know their money is safe, so you partner with brand-name custodians like Schwab or Fidelity to reassure them. They get the safety of a recognized institution and the personal attention only a smaller RIA can provide. It’s like flying first class without having to endure the crowded boarding line.
Third-Party Affiliations: Your Not so Secret Army
Don’t have a tax guru or legal expert on staff? No problem. You’ve got an army of CPAs, estate attorneys, and insurance pros in your back pocket. This makes you the ultimate one-stop shop, providing clients with seamless, comprehensive, coordinated, and potentially local financial solutions. It also makes you the quarterback for a team of experienced professionals.
Professional Designations: Credibility That Speaks Volumes
Smaller firms may be owned or managed by CFP ®, CFA ®, or CDFA ® professionals. Clients win when founders, partners, and executives also happen to be financial experts. High quality designations after names aren’t just decorations—they’re badges of honor. Clients want to know they’re working with the best, and these credentials scream, “I know my stuff.” Big firms can’t always compete when it comes to specialized, credentialed knowledge delivered one-on-one by the boutique firms.
Online Marketing Presence: Punching Above Your Digital Marketing Weight
Let’s face it: everyone’s Googling their next financial advisor. If you’re not playing the SEO, SEM, and content marketing game, you’re missing out. But here’s the best part: you don’t need a monster budget to crush it online. A well-placed blog, a killer webinar, and some laser-focused SEO can make your small firm look bigger than it is.
Lower Fees, Higher Value
Layers and layers of overhead can mean higher fees and other expenses. Lower overhead can mean more competitive fee structures. And when clients realize they’re getting top-tier service for a lower cost than the big firms, they’ll select you. Offer competitive pricing, or something new, and they’ll be telling their friends they work with financial advisors that put them first.
Super-Personalized Service: You Know Them, They Know You
Here’s where you outshine every behemoth out there: personal attention at the corporate level. Big firms churn clients through their systems; you remember their dog’s name, their kid’s college dreams, and their worries about retiring at 65. Clients feel like more than just a number when they’re with you—and that’s why they hired you.
Agility: Turn on a Dime, Beat the Giants
Big firms move like cruise ships—layers of professional staff make them slow and cumbersome. You? You’re the speedboat, quickly adjusting to market change and client needs. New tax law? You’re on it. Market volatility? You’re ready. Your quick, nimble approach keeps clients’ portfolios on the cutting edge while the big guys scramble to catch up.
Tech Stack Flexibility: Use the Latest and Greatest
While big firms struggle with outdated legacy systems, you’re choosing best-in-class tech. You can offer slick client portals, cutting-edge reporting, and digital tools that make managing money easier, without being tied down to ancient software systems.
Access to Senior Decision Makers: Always Speak to the Top
Your clients don’t get shuffled around from advisor to junior associate to customer service rep. When they call, they talk directly to you. No middlemen, no waiting on hold. It’s access to senior professionals, every time, and clients love that when you’re always just a phone call away.
Institutional Research Without the Fluff
You don’t need an entire in-house research department. You leverage institutional-quality research through partnerships and deliver the same high-caliber insights to your clients without charging Wall Street prices. Best-in-class advice without the bloated overhead? Yes, please.
Financial Planning Software: Your Equalizer
Advanced financial planning tools aren’t reserved for the big boys anymore. You’ve got access to the same sophisticated software that lets you build intricate, customized plans for each client. This isn’t back-of-the-envelope math—it’s detailed projections and simulations that rival anything a major firm could offer.
Top-Tier Investment Solutions Without the Potential Conflicts
No one likes a pushy salesperson, especially when it’s their financial advisor. You offer non-proprietary solutions and focus on what’s best for your client, not what’s best for the firm’s bottom line. No product-pushing here—just top-notch, unbiased advice without the potential for conflicts of interest.
High-Quality Advisors: It’s Not Just the Big Firms That Hire Top Talent
The best advisors aren’t always hanging out at big firms. In fact, many top-tier financial pros choose to go independent for the freedom and control that comes with owning all or part of their own firm. They don’t want to be stuck in a corporate machine—they want to build something meaningful, and that’s exactly what clients love about you.
The Best of Both Worlds
Smaller RIAs have the unique ability to deliver both personalized attention and sophisticated services. Your clients get high-touch care, with all the fancy tech and investment options they could dream of. They don’t have to choose between feeling valued and getting top-tier advice—they get both. And that’s what will cause them to hire you and your firm to plan their financial futures and manage their assets.
