Wealth management firms across the UK are grappling with a familiar challenge: how to drive sustainable growth in an increasingly competitive market. While many firms focus on expanding their adviser teams to grow their business, this approach can often miss a critical element of success—building a robust marketing strategy and strengthening client relationships before investing heavily in new hires.

The conversation around how to grow a wealth management business often centres on hiring junior advisers, with the expectation that they will bring in new clients and generate revenue. However, in practice, this strategy can be fraught with challenges. Fewer opportunities for face-to-face networking, less wealth creation in the UK, and changing social habits mean that it’s becoming increasingly difficult for advisers to grow a book of business from scratch. This is particularly true for younger advisers, who are often thrown into the deep end without the tools, training, or support needed to succeed.

Many senior advisers, who might otherwise act as mentors, are often too busy managing their own established client bases to dedicate time to training. Larger firms may have the resources to hire dedicated training managers, but for smaller firms, this is often an unaffordable luxury. Without proper guidance, younger advisers can struggle to build momentum, which ultimately affects the firm’s ability to grow.

Rather than focusing solely on adviser recruitment, firms should first turn their attention to their marketing efforts. A well-executed marketing strategy doesn’t just raise the profile of your business; it can create a constant flow of leads and referrals that benefit both new and existing advisers. In many ways, marketing can be the engine that powers sustainable growth.

When your firm invests in marketing, it becomes the face of the business—not the advisers, who may come and go over time. This creates long-term value for the firm, building trust and recognition that transcends individual relationships. Additionally, marketing can be a far more cost-effective way to generate new business than hiring additional advisers, especially when you consider the time and resources required to help a junior adviser build their book.

However, marketing isn’t a quick fix. It takes time to build brand awareness, nurture leads, and develop meaningful client relationships. But the same is true for hiring advisers; building a client book from scratch is a long-term process. By focusing on marketing first, firms can lay the groundwork for growth while supporting their current advisers in their business development activities.

Marketing professionals play a critical role in augmenting the business development efforts of advisers. From creating high-quality content that demonstrates the firm’s expertise to running targeted campaigns that attract potential clients, marketing can provide a steady stream of opportunities for advisers to engage with. It’s not an “either-or” choice between hiring marketing professionals or growing your adviser team; the two can work in tandem to achieve the best results.

In particular, firms should focus on building a robust digital presence. Many wealth management firms lag behind other industries when it comes to leveraging digital marketing. Social media, email campaigns, and SEO-driven content can all be powerful tools for reaching prospective clients. These strategies not only enhance visibility but also help educate potential clients about the value of financial advice, which can drive inbound interest.

Marketing can also support advisers by facilitating events, both online and in-person, that bring clients and prospects together. While traditional networking opportunities may have diminished, creating your own events can provide a controlled environment for advisers to build relationships and demonstrate their expertise.

Hiring an additional adviser can be expensive, especially if they are expected to develop a book of business from scratch. Marketing, on the other hand, can support multiple advisers simultaneously, amplifying their efforts and providing them with qualified leads to follow up on. This approach not only improves efficiency but also ensures that your firm’s growth isn’t overly reliant on the individual efforts of any one adviser.

However, many firms aren’t doing nearly enough when it comes to marketing. Whether due to a lack of resources, expertise, or understanding of its importance, marketing often takes a back seat. But in today’s competitive landscape, firms that neglect their marketing efforts risk falling behind. The question every wealth management firm should be asking is: what are we doing about marketing now, and how can we do it better?

A strong marketing strategy is the foundation of sustainable growth. It raises your firm’s profile, generates leads, and supports your advisers in their business development efforts. For firms considering expanding their adviser teams, focusing on marketing first ensures that any new hires step into an environment where they can thrive.

By investing in marketing now, wealth management firms can position themselves for long-term success. Whether through digital campaigns, client events, or building a strong online presence, marketing is a powerful tool that can drive growth and set your firm apart in a crowded market. Before expanding your adviser team, take the time to ensure your marketing strategy is working for you—because in the end, it’s not just about attracting new clients; it’s about building a business that stands the test of time.