The biggest growth opportunity in your practice may not be “out there” somewhere among new potential clients. It could already exist in your current book of business—the top clients you already serve.

We all know wallet share is a key driver of growth. But how to capture more of it? The key is rediscovery—a process that essentially helps you get to know your clients all over again so you can identify opportunities to deliver new types of value to them, capture additional assets and generate significant revenue growth.

Existing client rediscovery can empower you to boost your revenue in five key ways:

1. Find money in motion. Your top clients often have money in motion—be it from business sales, inheritances, retirement rollovers and so on. By going through rediscovery with them, you position yourself to identify that money before it transitions elsewhere and offer to help them manage it.

2. Consolidate assets. Most affluent investors work with more than one advisor, which means you almost certainly don’t manage all of your clients’ assets. What’s more, many clients manage some of their wealth themselves. Rediscovery is a great way to highlight the benefits of consolidating those assets under one roof—yours. And suggesting that clients consolidate becomes much easier when it’s part of a broader conversation about what’s changed in a client’s life, business, professional and personal situation in recent years.

3. Identify advanced planning opportunities. Rediscovery should go beyond investment-related issues to identify other areas of a client’s life where they have experienced changes. It might be a son’s marriage, a new baby in the family, a special health need that’s arisen, a change in business ownership structure and so on. These are issues that don’t tend to come up during the typical annual portfolio review. When you learn about them through discovery and are able to help clients deal with them, you demonstrate value that adds to your bottom line.

4. Build a professional COI network. Advisors’ best clients typically come from referrals made by accountants, attorneys and other centers of influence. Rediscovery helps you learn more about the COIs your top clients are already working with and how your clients feel about those professionals. This sets the stage for you to have conversations with those COIs about how you might be able to collaborate to maximize value for your shared clients—and help each other to grow your respective practices.

5. Offer a second opinion service. Rediscovery often reveals key people in clients’ lives—adult children, business partners, siblings—who have their own financial concerns, questions and challenges. As you learn about these specific people and their issues, you can offer to review their situation to determine whether they’re on the right track or they could benefit from your guidance. This second opinion service offer can be an excellent way to identify new ideal clients.

The podcast above reveals some of the specific questions and topics that should be part of a successful rediscovery process—as well as guidelines for how often to engage existing clients in discovery.

Clearly, the opportunity to grow your business significantly doesn’t reside solely with new potential clients. Your existing client base can be a huge driver of your future success—if you engage with them in way that shows you seek to know them on a deep level so you can help them as much as possible.

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