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In the digital age, many IAs have expanded their prospecting radius as far as their professional licensing allows. A larger area means a bigger pool of potential clients for digital marketing to tap into, and virtual communication has become so convenient that many clients actually prefer it.
But is this the right approach for everyone? For a few reasons, some IAs are finding just as much success in the opposite direction—projecting local expertise and marketing actively to individuals in their immediate area. These are the main advantages of positioning yourself as a hometown advisor.
Whether it’s a rural town or a neighbourhood in a big city, the advisor next door inherently shares a certain common ground with others who live and work in the community.
You’re providing a service that hinges on how well you understand your client, and the trust they place in you is crucial to both the prospecting process and the longevity of the relationship. Having shared experience, then, can be more than just a conversation starter—it can be an edge that makes a real difference as you grow your practice.
Prospecting in a larger area could mean more opportunities, but it also means more competition. A greater number of advisors and institutions are vying for attention on a bigger stage with a more varied audience. With respect to online marketing, it’s certainly possible to specify geographic regions in ad and social media campaigns, but in general, search engines factor in location. And it can be easier to get on page one for your local area than for your entire province or state.
Homing in on a smaller area also means you can identify specific traits about the people who live there. Your community might be rife with small businesses, or a hub for corporations and executives, or the home of a large number of retirees. But in any case, you can position your practice as better suited to serve their specific needs than the multinational firm that may be targeting them.
The hometown advisor also has the opportunity to make more personal connections with potential clients and centers of influence. Local sponsorships and community events can improve visibility and awareness, while forming important relationships. You can become known in the community in a way that is much more difficult to achieve on a larger scale.
All of these advantages of the local professional, however, need to be paired with a sophisticated brand identity. Because if you position yourself as a hometown advisor, you need to make clear that “local” does not mean “limited.” To convey that you have the resources to serve complex needs and high-net-worth clients, you need to present the depth of your practice’s internal and external capabilities, as well as the backing and reach afforded to you by your broker-dealer or professional network.