When it comes to marketing, are you looking for the “one thing that really works”—something that will bring ideal clients en masse to your door? From experience, I can tell you that everything works . . . and nothing works. Other marketers may say social media is the answer. Or advertising. Or direct mail. Maybe they’re proponents of website offers, or print brochures, or radio, or seminars. They’re all right, except for one critical piece of information: There is no one action that works in isolation.

Whether it’s a small adjustment, a total overhaul, or something in between, there are many reasons you might consider changing your firm’s brand. Of course, you should fully examine the reasons for the change to ensure that it makes good business sense. But once you’ve decided to move in this new direction, the next question to ask is, “What are the most effective ways of marketing your firm's brand change?”

With the abundance of marketing material available through vendors (and probably your own firm), you might be tempted to rush into creating the tactical pieces (e.g., brochures, ads, or social media posts) before fully developing the strategy behind them. But there is a crucial first step you need to complete before you start thinking about how many brochures to print or how much ad space to buy: creating your brand statement. This is vital for defining both your firm's identity and that of your ideal client, not to mention your overall marketing strategy. So, where should you begin?

As your core client base continues to age and draw down assets, you're probably already thinking of ways to generate new revenue. Some advisors are hoping to attract Gen X clients—the children and grandchildren of their top clients, who stand to inherit significant wealth. But here are some eye-opening statistics: according to the Investment Management Consultants Association, only 2 percent of children keep inheritances with their parent's financial advisor—and only 5 percent of all inheritors keep assets with the same advisor, regardless of whether a parent has died.

Increasingly, advisors are considering adding "women" as a target market for their practice. Although gender is a differentiation point, women represent a very broad and diverse group and should be treated as such. It is possible, however, to leverage key facts and statistics to refine how you connect with women investors. Here are some important best practices for marketing to women and strategies to create a true niche within this group.