Proven Financial Advisor Marketing Strategy That Can Help you Grow
What Is A Perfect Marketing Plan For Financial Advisors?
Marketing is difficult in any business, but it can be said that it is particularly challenging for financial consultants. We must sell financial planning and other intangible services.
In an extremely crowded market, other financial advisors are trying to sell their own comprehensive financial planning and wealth management services to consumers who cannot distinguish us, and in a financial services industry that has always been ranked as the least trustworthy.
75% of advisors generate less than five website leads
37% of advisors sourcing new clients via social media
However, it can be said that the real challenge of financial advisor marketing is in a world where most advisors label themselves as generalists and compete on the breadth (not depth, but! breadth!) of their services and the short-lived quality of customer service.
Among them, the guidance of consultants is not enough to effectively conduct marketing. In other words, most financial consultants struggle with marketing because they are not targeted enough to focus their marketing efforts in a profitable manner.
Idea for financial advisors: An overview.
You can decide to start your own blog for doctors. Consider financial-related issues that may be important to doctors? Maybe this is how a small health company provides benefits to its employees? Or how to become a partner in a large company? Can you learn and share information about how the succession plan of a medical company works that other doctors can learn from? In particular, many of these situations are "funds flow" and require advice from qualified professionals. If you don’t like to write about these topics, you can start a podcast. Or YouTube video channel.
Once in the organization, it is also feasible to begin to determine who is the true decision maker. it is worthwhile to get references or recommendations from people who have gained respect in the doctors community.
Maybe they are the main leaders of the medical association. Or a member of the board of directors. Or a leading consultant working with an doctors. Or a writer of widely read doctors magazines. Or bloggers or podcasters who have influence on their doctor audience. What will you do to establish contact with them? Find them in social events? Communicate to join the association? Are you willing to be their resource?
Warning about financial advisor marketing
Of course, the warning of all this is that you must first identify your market segment, understand the issues that are really important to them, and start the necessary field work to gain the knowledge and experience to serve them. Not to mention identifying and formulating a clear value proposition that is truly relevant to them (this looks very different from the financial advisory business model and services). With the right value proposition, it is much easier to formulate an actual marketing plan to attract potential customers. Just decide which of the various strategies available is most attractive to the consultant’s style/method and is suitable for a specific market segment. Let me show you the way:
Th essentials to creating A Digital Marketing Plan
Look for the Centers of Impact (COI)
Ultimately, it is a good thing to build a network in your niche market so that you will be known, liked and trusted. However, it is equally important to build relationships with key “centers of influence” (COI), powerful or well-known people, who can bring you important recommendations or other opportunities. Start identifying who are the key interest communities in your target niche.
Intellectual leadership
One of the best ways to establish yourself in a niche community is to position yourself as a leader in your industry who can provide unique insights and perspectives.
But the real key to thought leadership is not just to let you know your knowledge as a financial adviser, but to teach them something about your world (learning from your experience). The fact that you approach a niche market as a financial advisor provides an immediate opportunity.
For example, if your target is professionals in a specific industry, you can collect data and publish a benchmark study on how to operate your business (or a subset of your business, such as how to construct a purchase agreement/sale) more efficiently. , Or employee benefits, etc.). Or, if your niche is divorced, you can publish a white paper on the top financial issues to consider in the first year after divorce. Or, if your niche is a consultant in a specific industry, you can publish a white paper introducing the process from employees to consultants in that industry, how to build your own personal consulting business, etc.
Contribute content to raise awareness.
Once you have created a center to showcase your expertise in the market segment (ie your website/platform), it's time to promote it. This means sharing/distributing your content on other platforms where your (niche) audience can be found to bring them back to your website. This may mean submitting articles to industry trade publications, guest articles on other industry blogs, or appearing on industry podcasts.
Advertise and Do It Right
Industry benchmarking studies indicate that the typical advisory firm only spends about 1% - 2% of revenue on marketing, and often that’s targeted towards marketing activities like client appreciation events, rather than outbound advertising.
Yet arguably one of the primary reasons that so few financial advisors spend on (or find success with) advertising is because it’s so untargeted. Once you’re targeted to a particular niche, though, it’s much easier to pursue advertising opportunities.
And within a targeted niche, the advertising may also be much less expensive. Are there industry/niche magazines or trade publications you could advertise in? What about advertising in a niche blog or on a niche podcast? Would it be worthwhile to sponsor a niche conference or similar event, to gain targeted visibility in your niche?