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As a financial advisor, connecting with the right client is critical to your success. Though you may be experiencing high lead volume through marketing campaigns, your efforts are wasted if they aren’t bringing in the right matches. How can financial advisors connect with the right client so both advisor and client are happy in the long-term?
With over 200,000 financial advisors in America, it’s becoming increasingly important to identify your niche—your specialty in the finance world—and find clients who need those services. Some advisors specialize in retirement planning or estate planning or planning for college. You may be an advisor who only works with small businesses or retired veterans. While you may be able to service a number of clients who need some help, becoming an expert in a specific demographic will be helpful for the success of your business.
Your AUM number matters, too. Your niche may change depending on the amount of assets you are willing to work with. Divorcees will most likely have less investable assets than those nearing retirement age or small business owners.
If millions of Americans are looking for financial advisors more often than not they will not be your ideal client and vice versa. Save time and money by identifying the right client before you start working with them.
The right clients are your target market who fall within your niche. It’s unrealistic that even with specific targeting that every click will turn into a customer. Or, your lead may tick a few of your boxes but not the most important ones. Know your absolutes within your niche when it comes to prospects. Is it okay if they only have a few thousand dollars to work with? Are you absolutely not interested in student loan help? Make a list of non-negotiables that fall within your niche and you’ll find the type of clients you are seeking out.
When you’re first introduced to online advertising be it Google Ads, Facebook Ads, LinkedIn, etc. it’s a daunting, yet exciting time. You have the ability to market yourself to seemingly everyone who is looking for a financial advisor. Once you start a campaign and go through the targeting procedures you may find yourself with more leads than you know what to do. But high volume does not mean quality.
When it comes to clients, you should always prioritize quality over quantity. It doesn’t matter if your ads reach thousands of people in your area if they aren’t going to use your services. In fact, that can lead to more headaches than you’re prepared for. For one, it wastes your money. It also wastes not only your time, but your potential client’s as well. It’s even possible that a bad fit could potentially turn someone off of the financial services industry and decide to forgo it altogether.
An efficient marketing campaign is one of the most valuable resources that a financial advisor can have. Though many try on their own, oftentimes it is best left to the professionals. Spending your marketing dollars on a company focused on PPC (pay-per-click) marketing can increase your bottom line and ROI. More and more financial advisors are seeking out these types of services, so word of mouth goes far. Ask within your network of colleagues and they should be able to steer you in the right direction.
Old school tactics don’t work as well as they used to. Cold calling, door-to-door techniques, and offering free products during a sales pitch won’t lead to the types of clients that you want. While they may have worked in the past, it’s time to up your game with newer, more targeted practices.
The bottom line is that finding the right client is essential for your business’s success. Identify your niche, determine your ideal client, and market to them. This is the optimal way to find the right clients that will benefit long-term from your services.
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We'll easily connect you to the people you're searching for.
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