What are the ripest new client sectors to help you grow your business?

Several other groups are ripe for being advised, too. HENRY – high earner, not rich yet – clients are also early in their career, generating significant income, but may not be doing the savings and investments they need yet. The LGBTQ market is also substantial. But, Goodsell said advisors need to demonstrate their value beyond asset allocation as these groups want a comprehensive plan.  

The Stats

The survey showed 98% of financial advisors are looking for new business among pre-retirees, aged 50 to 60, while 64% are focused on those entering retirement. 70% were looking at those between age 35 to 50 who need comprehensive financial services to manage multiple goals, such as saving for retirement, funding education, and managing debt. Only 33% were considering post-retirees while 34% were prospecting for clients aged 18 to 35, who represent Canada’s fastest-growing population.

Advisors are also targeting specific sectors: professionals (83%), business owners (75%), HENRY high earners who aren’t rich yet (75%), next-generation heirs (35%), women (29%), and the LGBTQ+ community (4%).

The survey found that client acquisition is the most difficult way for advisors to grow their business: 45% said winning new assets from new clients is most challenging, 20% said gaining more assets from existing clients is hardest, and 29% said retaining clients was most challenging.

65% of the advisors said establishing relationships with clients’ next-generation heirs is important for growing their business, yet 50% said it’s hard to make progress because it takes so much time.