When it comes to increasing revenue, a significant number of financial advisors are still focused on external strategies such as hosting bigger seminars, paying for expensive leads, hiring more staff or trying to offer more services. But this is an expensive way of doing business, and these activities often do little to consistently increase revenue or boost firm value.

Advisors make mistakes when they focus too often on numbers and too little on client relationships. Driving top-line revenue is important for current growth. Creating consistently higher profit within the right client mixture will favorably impact both current and long-term outcomes.

The firm must prioritize understanding the value it offers clients. Revenue generation activities are more effective when the firm can clearly articulate its market niche, mission and differentiation. When properly branded, a firm can confidently move forward in beneficial revenue generation efforts.

These five steps will increase revenue and prevent leakage.