Welcome to the bustling intersection of tradition and innovation. This is your primer on which marketing strategies are working for financial advisors today
To start, we’ll cover some of the foundational pillars of lead generation. Though the landscape has changed, these strategies continue to generate consistent results for wealth management firms.
We are talking about Client referrals, in-person appreciation events, and personalized service. These tried-and-true methods still hold power in financial advisor marketing.
However, they demand a modern twist to stand out in today’s digital age. It’s about doing them right—integrating them with digital communications, enhancing them through data analytics, and personalizing them to fit the unique needs of each prospect.
Today, we’re not just looking back at what has worked but also forward to what will work. We’re here to guide you through setting up dynamic referral programs, leveraging digital platforms to clone your best clients, and utilizing strategic partnerships to expand your influence.
Our goal is simple: to help you navigate this complex landscape with a marketing strategy that is as effective as it is exciting. Whether you’re looking to polish your traditional marketing tactics or embrace the latest in marketing efforts, we’re here to make sure that every step you take is a step toward unparalleled success in the financial services industry.
1. The Referral Marketing Strategy
Referral marketing is straightforward: it’s about creating such a remarkable experience for your existing clients that they can’t help but talk about you to their friends and family. It’s about setting up a system where referrals are a natural outcome of doing business with you because your clients know how much you value them and their referrals.
Now, let’s clear up a common misconception. Referral marketing isn’t about putting your client on the spot with a direct ask like, “Who do you know that might need financial advice?” This approach will, at most, generate a name. At least will earn you an awkward silence. It will not generate a valuable contact your client feels needs you. Instead, it’s about promoting referrals subtly and sincerely. Try saying something like, “If you know anyone who needs help with their finances, like we’ve helped you, feel free to let them know about us. We love helping awesome people like you!”
When to Use Referral Marketing
Referral marketing shines under certain conditions:
- You have a strong, positive relationship with your current clients.
- You prefer to grow your client base steadily rather than aggressively.
- You have a thorough and consistent communication strategy in place.
- You excel in making your clients feel valued and go the extra mile for them.
However, it might not be the best fit if:
- You’re not particularly fond of your current clients or haven’t invested much in those relationships.
- You’re just starting out and haven’t built a client base yet.
Metrics to Measure Success
To truly understand the impact of your inbound marketing efforts, as they pertain to referrals, you need to track specific metrics. Here are a few key indicators:
- Referral Rate: What percentage of your existing clients are referring others to you?
- Referral Size: Your referral program can only be as successful as it is profitable. If you are getting a high quantity of referrals, but of low quality, you need to adjust your campaign.
- Conversion Rate: Of the referrals you receive, how many become clients?
- Client Engagement: Are your clients happy enough with your services to refer others? Good. Now, do they interact with your office? Do they participate in events? This can be gathered using feedback campaigns.
Referral marketing is less about making direct requests and more about fostering an environment where inbound leads are a natural byproduct of engaging service. By focusing on building trust, you’re not just growing your client base—you’re enhancing your reputation in a way that resonates authenticity and value. Now, isn’t that something worth talking about?
2. The Cloning Strategy
So, you’ve found your golden geese—clients who are not just loyal but are also just delightful to work with. What’s the next step? Obviously, clone them! No, we’re not talking sci-fi—this is all about smart marketing. The strategy here is to identify the characteristics that make these clients ideal and then use those insights to target potential clients who share similar profiles. This is done through effective use of demographics and creating detailed personas.
Understanding Your Target Market
Think of your ideal clients as templates. They have certain attributes—demographics, interests, financial goals—that make them a perfect fit for your services. By identifying these traits, you can create a profile or persona that describes your ideal client. This isn’t about finding identical twins separated at birth, but about finding people who share similar characteristics and needs.
For instance, if your best client, Bob, is a tech-savvy entrepreneur in his mid-40s who appreciates a good golf game over the weekend, chances are there are others like him. These personas help you tailor your marketing messages to resonate with a specific type of person, rather than a generic crowd.
The Magic of Introductions
Introductions are like referrals but with a personal touch. Imagine Bob not just telling his brother Frank about you but actually bringing Frank to your annual client appreciation BBQ. That’s an introduction. It’s Bob saying, “Meet my good friend and advisor, who also might beat you at golf!” It’s a warmer, friendlier way to expand your client base, making the initial conversation less about business, or the fact that you’re a CFP®, and more about forming a connection.
Is Cloning Right for You?
Cloning is perfect for your financial advisor marketing plan if you:
- Have a good number of clients who meet your ideal standards.
- Cherish deep relationships with your clients and seek similar connections.
- Are willing to invest upfront in social events that facilitate these personal introductions.
- Have a personality that shines in informal settings—yes, even in that Hawaiian shirt!
However, cloning might not be your cup of tea if:
- The thought of social mixers makes you cringe.
- You prefer to keep interactions strictly professional.
- Your existing clients aren’t well-connected, which might limit the scope of cloning.
Why Clone?
Cloning isn’t just about growing your client base; it’s about growing it intelligently. By focusing on cloning your best clients through introductions and well-crafted personas, you ensure that the new clients you bring on are already a good fit for your business style and values. It’s about quality as much as quantity.
Remember, the goal here is not to become a master of duplication but a master of strategic expansion. By targeting similar profiles and leveraging the power of warm introductions, you can expand your network with individuals who are more likely to appreciate and benefit from your unique approach to financial advising. This isn’t just cloning—it’s crafting a community of clients who feel more like guests at your backyard BBQ than numbers on a spreadsheet.
3. Strategic Partnership or Centers of Influence Strategy
In the intricate dance of financial advisor marketing strategy, partnering with the right people can lead you to a treasure trove of high-quality clients. These right people are often labeled as Centers of Influence (COI). We prefer the term “strategic partnerships.”
Why?
Because that is what it must become. Think of these partnerships as your professional wingmen (or wingwomen), who boost your credibility and extend your reach without stepping on your toes.
What Makes a Strategic Partnership Genuine?
A genuine strategic partnership involves two non-competitive professionals who not only benefit mutually from each other’s services but also consistently refer high-quality clients to each other. It’s like finding a dance partner who not only matches your steps but also makes you look good on the dance floor!
For instance, consider the case of one of our advisors, Rob Rose. Through his centers of influence, Rob didn’t just grow his business; he skyrocketed it to new heights, multiplying it several times over and adding about $100 million in new assets in just one year!
Now, if that doesn’t scream “successful partnerships,” (and that they DO work) I don’t know what does!
The Rarity of True Strategic Partnerships
However, let’s not sugarcoat it—true strategic partnerships, when attempted incorrectly, are rarer than a unicorn at a pony show. Many relationships labeled as ‘strategic’ are often one-sided, where the referrals might flow as freely as a river in one direction and as dry as a desert in the other. The key is to cultivate partnerships where the give-and-take is as balanced as a well-mixed cocktail.
Are Centers of Influence Right for You?
Before you jump on the partnership bandwagon, consider if they fit your style:
- Relationship Oriented: If you value building and maintaining new client relationships more than just closing transactions, strategic partnerships might be your alley.
- Patient Prospector: Good things come to those who wait, and great partnerships come to those who patiently nurture them. It can take up to six months to develop a good partnership.
- High-Net-Worth Clientele Focus: If your aim is to attract fewer but wealthier clients, especially those elusive ‘millionaire next door’ types, then forming strategic alliances, particularly with professionals like CPAs, can be golden.
- Self-Assured and Mature: These partnerships are best suited for those who are comfortable in their professional skin and clear about their unique value proposition.
However, if you’re new to the business and still figuring out your professional identity, jumping into strategic partnerships might be like wearing a tuxedo to a casual brunch—slightly out of place.
Cultivating Successful Centers of Influence
Developing and maintaining these relationships requires more than just a good first impression. It takes a system of clear steps. It involves:
- Finding the Right Partners: Look for professionals whose business ethics and client handling mirror yours.
- Continuous Engagement: Keep the lines of communication open. Regular check-ins and updates help keep you top of mind, ensuring you’re the first person they think of when a client needs financial advice.
In essence, strategic partnerships are not just about networking; they’re about connecting on a level that adds substantial value to both parties involved. It’s about creating a professional ecosystem where everyone thrives—yourself included.
4. The Social Media Marketing Strategy
When it comes to enhancing your online presence on platforms like LinkedIn and other social media, think of it as a cocktail party where you’re the charming guest mingling effortlessly. You’re not there to sell aggressively; instead, you’re building relationships and staying top-of-mind, so when someone does need financial advice, you’re the go-to expert they think of. You are essentially building brand awareness and brand recognition as you, the go-to financial professional.
Imagine your neighbor, the one who’s a partner at a renowned legal firm, or the couple from church who owns a popular local restaurant. These are your social connections that you likely are connected with on social media. They know you, but not necessarily as their financial savior. The challenge here is to shift from being just another familiar face in the digital space to the financial planner they trust without ever seeming pushy or opportunistic.
Tips for Enhancing Your Social Media Presence
Here’s how to navigate the social media landscape without stepping on social toes:
1. Showcase Your Expertise Subtly
Share insightful posts about financial planning and investment strategies that would broadly apply without getting too granular. The key is to educate and inform, not to sell. Think public service announcement and not sales pitch. Your content should position you as a CFP® professional who understands their needs, not as a salesperson looking for the next deal.
2. Engage, Don’t Enrage
Like, comment, and share posts from your connections (following your compliance rules, of course). Engage in meaningful conversations that add value and show your interest in their activities, without ever bringing up your services directly unless asked. This approach builds rapport and keeps you relevant without being intrusive.
3. Use the Power of Events
Invite your connections to seminars or webinars you host. Make these events informative and free of sales pressure. It’s a classy way to demonstrate your expertise and engage with your connections in a setting that’s comfortable and conducive to learning.
4. Customize Your Communications
Tailor your messages on social media platforms like LinkedIn to reflect the interests and needs of your target client. Use what you know about your connections to personalize and provide quality content, whether it’s commenting on a shared interest or congratulating them on a recent achievement.
5. Maintain a Professional Image
Ensure your LinkedIn profile and other social media accounts reflect a professional image. Update your profile regularly with relevant information about your expertise and the services you provide, making it easy for connections to understand what you do and how you can help them.
Is Leveraging Social Media Right For You?
This strategy is a great match if:
- You’re well-connected in your community and involved in various organizations and events.
- You prefer a low-stress approach to gradually build up your clientele.
However, it might not be ideal if:
- You’re new to the area and haven’t established many connections.
- You feel uncomfortable prospecting to people you know socially.
- You’re urgently in need of quick results and can’t afford to wait for relationships to blossom naturally.
- You don’t have the time to dedicate to daily social media work.
By enhancing your presence on social media and leveraging these connections wisely, you can ensure that when someone in your network needs financial advice, your name is the first that comes to mind—not just as another social acquaintance, but as a trusted financial advisor.
5. The Digital Marketing Strategy: SEO and Content Marketing
In the digital jungle of today’s world, having a flashy website isn’t enough if you want to be the king of financial advisors. You need to master the art of SEO (Search Engine Optimization) and content strategies to ensure your online presence roars louder than the rest. Here’s how you can mark your territory in the vast wilderness of the internet.
Why Search Engine Optimization Matters
SEO is your digital compass. It helps potential clients find you when they’re lost in the vast savannah of Google, searching for financial guidance. By optimizing your website and content for search engines, you’re effectively planting signposts that lead them right to your doorstep.
Content Marketing Is King (and Queen)
The heart of any successful and effective strategy is quality content. This isn’t just about bombarding your clients and prospective clients with financial jargon but creating informative, engaging, and understandable content that resonates with them. Whether it’s through detailed blog posts, insightful articles, or helpful guides, your content should establish you as a trustworthy and knowledgeable advisor.
Repurposing Educational Letters
Many advisors who use our system to take our educational letters, originally meant for direct client communication, and repurpose them as SEO content on their blogs or websites. This not only saves time but also ensures consistency in messaging across different channels. Imagine turning a simple update letter into a blog post that not only informs but also improves your site’s visibility—now that’s what we call smart recycling!
Quality Over Quantity
When it comes to content, quality trumps quantity every time. High-quality content that addresses your clients’ needs, answers their questions, and guides them through their financial journey can significantly enhance engagement. This quality is vital, whether it’s a blog post, an email, or a social media update.
6. Email Marketing Strategy
Welcome to the world of email marketing, where your digital letters can make as much impact as a heartfelt note written by candlelight—but with the speed and efficiency of a Formula 1 car. When it comes to connecting with your client base, email marketing offers a unique opportunity to engage in a personalized yet scalable way.
The Art of Personalized Email Marketing
Think of your client base as a garden. Just as different plants need different amounts of sunlight and water, different clients require different types of communication. Some might be retirees interested in retirement planning, while others are young professionals thinking about investing for the first time. The key is to tailor your emails to meet the diverse needs and interests of these groups, turning general information into personal relevance.
1. Segment Your Target Audience
Divide your client base into segments based on factors like age, financial goals, or investment interests. For instance, you might have one segment for retirees and another for millennials who are in a different stage in their lives. This segmentation allows you to address their specific pain points and interests, making your emails more relevant and engaging.
2. Craft Targeted Content
For retirees, your emails might focus on topics like maximizing retirement income or understanding Medicare benefits. For younger clients, you could discuss the basics of investing or the importance of starting early. The more hyper-targeted your content, the more it resonates, increasing the likelihood of engagement.
3. Use Engaging Formats
Mix up your content with formats that add interest and clarity. Infographics are fantastic for breaking down complex information into digestible visuals, making it easier for clients to grasp and remember your points. Educational videos, links to your podcast, and personal stories from your team can also help increase engagement, making your emails not just informative but also enjoyable.
Making Email Marketing Easier with Presence
Here at Bill Good Marketing, we understand that not every financial advisor is also a marketing wizard—and that’s perfectly fine! That’s why we offer our marketing tool Presence, a service that takes the heavy lifting out of email marketing for financial advisors.
We come up with the marketing ideas, write the content, create engaging infographics, and even send the emails on your behalf. Think of us as your behind-the-scenes marketing team. We help you keep your emails as professional and polished as your financial advice.
Why Email Marketing Belongs in Your Marketing Plan
An effective marketing strategy is more than just sending out email newsletters; it’s a strategic component of your overall marketing plan. It allows you to maintain consistent contact with your client base, gently reminding them of your value and expertise without being overbearing. By providing timely, relevant, and visually appealing content, you keep your services top-of-mind, fostering trust and loyalty that can lead to both retention and referrals.
In essence, a well-orchestrated email marketing campaign can help you address the specific needs of your clients while also building a robust communication channel that grows with your business. Ready to take your email marketing to the next level? Click here to learn more about how Presence can streamline your efforts and amplify your impact.
Build Comprehensive Marketing Strategy with Bill Good Marketing
As we wrap up our exploration of both traditional and innovative marketing strategies, it’s clear that a hybrid approach can significantly elevate your success as a financial advisor. At Bill Good Marketing, we’re committed to helping you integrate these powerful marketing tactics into a cohesive strategy that drives growth and builds client relationships.
Whether you’re refining your referral processes, growing through strategic partnerships, or boosting your digital presence, our expertise ensures that every step you take is grounded in proven methods and tailored to the modern market. In order to be successful, you must embrace a marketing strategy that not only meets the current demands of the financial services industry but also positions you for future success.
For more details on how we can help you grow your business, visit our contact information page. Click here to learn more and start leading the way with Bill Good Marketing.
About the Author
Andrew D. White is the Director of Marketing at Bill Good Marketing, a firm with over 45 years of experience helping financial advisors scale their businesses. With deep expertise in advisor marketing, client acquisition, and retention strategies, Andrew specializes in creating high-impact campaigns that drive measurable results. His insights are grounded in real-world experience, working alongside top-performing advisors to refine prospecting, branding, and practice management strategies.
