Can you imagine what you want your practice to look like?

The strategies you use must be designed to attract your preferred client type.

There are myriad approaches to growing your practice. However, where you want to be depends on the competitive landscape, the type of clients you prefer to work with, the strategies you use to attract and retain clients, and how your practice evolves.

You may, for instance, start off with a broad-based practice that engages clients from a cross-section of different market segments, but as your practice grows, you might find that you like working with clients from a specific segment of the market or a particular niche.

In a perfect world, it might be more appealing to pursue clients you consider to be “ideal,” that is, those who share common characteristics, values, goals, and behaviors. Experience shows that advisors derive greater satisfaction working with ideal clients who fit their preferred client profile.

Your type of client will dictate your strategies to attract them. You may decide to grow your business by focusing on clients in your own backyard, establishing relationships with centers of influence who can provide referrals, tapping your inner circle of family members, friends, and colleagues, leveraging family ties, or concentrating your efforts on specific segments of the market, such as high-net-worth clients, business owners, baby boomers, retirees, millennials, Gen Xers, or even newcomers.

Whatever segment of the market or niche you decide to work with, you will need to deepen your understanding of its unique characteristics and nuances. This will allow you to tailor your value proposition and marketing strategies to attract that segment’s customers.

You can also grow the size of your practice by getting existing clients to consolidate their assets with you or by offering a broader range of products to increase their wallet share.

It is also helpful to adopt strategies that differentiate you from your peers. For example, advisors who use a life planning approach to facilitate deeper client relationships typically benefit from higher client retention, a more significant share of wallet and more referrals.

There is no silver bullet for growing your practice. It comes down to how you attract the clients who you choose to work with and who choose to work with you.