How Financial Advisors Can Develop a New Service Offering

Expanding your services can be an effective way to attract new clients to your advisory firm and generate more sales from your existing client base. It’s estimated that 54% of advised clients will receive comprehensive financial planning advice by 2027, as advisors branch out beyond investment management services to meet rising market demand. Understanding your current clients’ needs and the needs of prospects you hope to attract can inform your choices as you decide how to develop a new service offering. Creating a new service requires research and planning. These tips can help you shape a strategy that’s positioned for success.¹

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Ask the Right Questions

Asking questions can offer insight into whether a new service offering is both necessary and desired. Here are some things to weigh as you develop your offering:

• What is a need your clients have right now that you’re not meeting? If you don’t know the answer to this question, consider asking your clients to complete an anonymous experience survey. It could yield some valuable feedback.
• Where does a new offering fit into your overall business model? Look at what you’re already doing to assess whether you can build on that with complementary services. If your offering is meant to fill a gap you’re not currently addressing, consider how you may need to pivot your marketing strategy to promote it.
• What does the market say about the services you want to offer? Financial services is always changing, and reviewing trends can help you determine the level of demand for a particular offering, and whether that demand is likely to be sustained for the long term.
• Does your current skill set or professional background allow you to make this offering available right away? In some instances, developing a new offering may require you to obtain certain credentials or certifications first. For example, if you’d like to sell insurance products, you’ll need to obtain a life insurance license if you don’t already have one.
• What kind of financial investment will you need to make to bring this offering to market? Some offerings may require more financial resources than others to launch. In addition to the expected investment, consider the ROI that a new service offering may generate.
• Could you benefit from a strategic partnership or collaboration? Partnerships allow you to share the burden of launching a new offering with someone else. If your offering could benefit from a partner, review your network to determine if you have a viable candidate or if you’ll need to find someone to connect with.
• Why do you want to expand your services beyond what you’re doing now? Before you explore any new offering, consider your goals. Think about what you want to achieve and what metrics you’ll use to track your success.

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Focus on Value

New offerings are more likely to resonate when they provide clear value to your clients. Your clients are unlikely to respond positively to a pitch for a new service if they aren’t able to recognize what’s in it for them. So you have to ensure that you’re choosing offerings that demonstrate value in a way that’s tangible to the client.

Reviewing consumer surveys and research can point you in the right direction. For example, Trust & Will’s 2026 Financial Advisor Report found that 61% of Americans believe advisors should offer estate planning services. More importantly, 68% said they’d consider making the switch to a new advisor who offers these services. ²

Having that type of insight could make a significant difference in your decision-making. Put yourself in your client’s shoes and imagine you’re hearing about your new offering for the first time. Does the service speak to you? Are you excited to learn more about it? Will it ease a pain point or provide a solution you’ve been searching for?

If you can’t answer ‘yes’ to all three, then you may have a hard time selling it to your clients.

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Set Realistic Goals

Goal setting is an important activity for financial advisors; without goals, it becomes more difficult to chart a clear course to success.

Consider your goals for creating a new offering and be specific. For instance, instead of saying that you want to increase revenue, you might set a goal of increasing revenues by 10% annually with this new offering.

Setting goals around your offering allows you to establish some trackable metrics you can use to measure your progress. For example, your metrics might center on new client acquisitions or increases in revenue per client. These metrics can help you gauge your overall ROI to determine whether a particular offering makes sense financially.

Project Your Return

Projecting ROI requires an understanding of your initial costs and the demand for your offering. An attractive offering may combine manageable costs with strong revenue potential for your business because they fill a core need for your clients. Low-cost strategies may only require an investment in software, unless you already have the tools you need available in your tech stack. Then the upfront cost may be $0.

Research is once again a helpful tool for evaluating ROI and expected demand. For example, 67% of advisors offer insurance services but only 17% of investors rely on them as a primary source for these needs, according to Cerulli. Meanwhile, 47% of advisors offer tax services but only 14% of clients take advantage of them. If you’re considering either of these services, you may find it helpful to first talk to your clients about whether this is something they need and want from you. ³

To estimate ROI for new offerings, apply this formula:

Test and Refine

Introducing a new offering typically involves some trial and error, and you’ll likely need to make some adjustments to find the right formula. Tracking your KPIs can offer insight into what’s working and where you may need to improve.

If you’re having trouble gaining traction with a new offer, ask yourself whether it truly makes sense for your business right now. It may be that the timing is wrong, and you need to shelve the idea for the time being.

And if you still believe it’s the right play, ask your clients for feedback. They may be able to point out issues with the offering that you may have overlooked.

If you’re looking for additional ways to generate leads, consider partnering with SmartAsset’s Advisor Marketing Platform (AMP). This holistic marketing service connects advisors with prospective investors and gives them tools to nurture relationships via automated text and email campaigns. Schedule a demo to learn more.

Frequently Asked Questions (FAQs)

Bottom Line

Planning and research lie at the heart of how to develop a new service offering. If you’re unsure where to start, consider asking for help. A business development consultant can help you evaluate your idea and map out a plan for bringing your new offering to life.

Tips for Growing Your Advisory Business

• Once you’ve created a new service offering, you’ll need to do some marketing to bring attention to it. If you’d like to get more eyes on your business tomorrow, it could make sense to start working with an advisor marketing platform today. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Part of developing a new service offering that’s designed to sell is knowing how to overcome objections. Consider what kind of hurdles you might encounter when trying to sell prospects or clients on your offering and formulate strategies for countering them.

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