How Financial Advisors Should Market Themselves: 7 Winning Strategies

Did you know there are 263,000 financial advisors in the US?

This equals a lot of competition for you, whether you just got your financial advisor license or you’ve been in the business for decades. With more advisors joining your ranks every day, the competition will only continue to grow.

There’s another obstacle to overcome in your marketing efforts: Only 1% of Americans currently use a personal financial advisor. Not only do you need to market your services to the remaining 99%, but you’ve also got to set yourself apart from your competitors.

If the results of your marketing efforts so far have been less than stellar, don’t despair. One experienced advisor admitted that the job is 80% psychology and only 20% financial. The key to success lies in finding the right strategies to market yourself and turn those leads into loyal clients.

In this post, we’ll walk you through nine proven strategies that have worked for other financial advisors. Keep reading to see which of these strategies could work for you too!

1. Narrow Your Focus

First things first: You can’t be all things to everyone. Casting a wider net does not result in more clients, at least not in the world of financial advisors.

Also, don’t fool yourself into thinking that your focus is already narrow enough. “Small business owner” is not a niche market. Neither are “women” or “retirees.” You’ve got to get more specific than that.

Here are a few examples of niche markets that other financial advisors have successfully targeted:

• Business executives
• Female entrepreneurs
• Divorcees & widows
• Medical professionals
• Lawyers & attorneys

Do you see the difference? By choosing a specific niche, you’re in a much better position to tailor your marketing efforts and reach your target audience.

If you haven’t already, create a detailed customer persona of your ideal client. Go beyond age and gender and dig deeper. What are their goals, fears, hobbies, and interests? What’s their day to day life like? How will your services help them now and in the long run?

2. Optimize Your Website for Conversions

Now that you’ve narrowed your focus, it’s time to tailor your website for your target audience.

Unless you have a history as a web designer, do yourself a favor and hire a professional to build your site. Nothing will turn potential clients away faster than a DIY site that looks cheap or is confusing to navigate.

Keep the website design sleek, simple, and sophisticated. Opt for easy-to-read fonts like Arial or Verdana. Avoid colors, fonts, or images that are overwhelming or “loud.”

One thing you should include on your website is a photograph of yourself. One company saw an astounding 102.5% increase in conversion rates when they added a smiling face to their home page. The fact that we’re drawn to other humans is an undeniable part of our psychology, so use it to your advantage!

Search engine optimization (SEO) is a critical component of your website as well. No matter how great your site looks, no one will find it if it’s not optimized for Google’s algorithm. We don’t have time to go into detail in this post, but you should get familiar with the basic concepts or hire an SEO professional to optimize your site.

3. Send Out Regular Newsletters

As you build your client and prospect list, one of the best ways to stay in touch is by a weekly or monthly newsletter. It should be more than just a friendly “hello,” but it doesn’t need to be a hard sales push either.

Of course, you’ll want to include relevant updates related to your business. Email marketing newsletters are also the place to present new investment opportunities or practical financial advice.

At the same time, don’t feel limited to discussing only financial matters. Remember the face (or faces) we told you to add to your website? Let your readers know about the people behind those faces.

Did someone on your team recently get married? Have a baby? Travel somewhere exciting? Reach a milestone birthday or other life event? Share those details so everyone gets to know the human side of your investment business.

Here’s one more suggestion: Prove that you’re there to help them improve their lives no matter what’s happening in the world. Offer practical tips to make their socially distanced life easier and more enjoyable. You could even share your own journey during the pandemic and what’s helped you to cope during 2020.

4. Stay Active on Social Media

Social media marketing can be a powerful tool — if you know how to use it effectively. If you don’t, it can be a complete and utter waste of time.

Avoid common marketing mistakes by first selecting the right platform. Think back to that ideal customer persona you created. Where do they spend most of their time on social media? The best Instagram marketing campaign in the world won’t do you any good if the majority of your audience is on Twitter.

Once you’ve identified the best platforms for your audience, focus on creating high-quality content that will resonate with them. This could include videos, blogs, podcasts, and infographics. Be sure to respond to any questions or comments ASAP.

One of the best platforms for financial advisors is LinkedIn. Consider a few fascinating stats from their latest report:

• 44% of LinkedIn users earn over $75,000 a year
• 41% of millionaires use LinkedIn
• 61 million LinkedIn users are in upper-level management positions
• The average CEO has 930 LinkedIn connections

For financial advisors seeking new clients, LinkedIn could be a fantastic place to direct your marketing efforts.

5. Always Leave a Voice Message

How often do you return a call from an unknown number if the caller didn’t leave a voicemail? Probably never.

If you aren’t leaving a message when you call prospects, you’re missing a huge marketing opportunity. People who are busy or hard to reach won’t often pick up their phones, but they are likely to listen to their messages later in the day.

If the person calls you back, you’re no longer perceived as an interruption to their day. You’ll have their undivided attention because they’re calling at a time that’s convenient for them.

Because of that, they’re much more likely to listen to what you have to say.

6. Send “Off” Seasons Greetings

It’s a tradition to send a card to your clients during the holiday season, and there’s nothing wrong with that. At the same time, you risk your card getting lost in the shuffle of dozens of other holiday greetings.

Why not revamp your marketing efforts and send cards during a different time of the year? For example, you could send a card in the spring that includes your favorite flower bulb. Or you could send a card during the autumn with your favorite fall recipe.

Yes, your clients are sure to be touched by your thoughtfulness, but consider the marketing potential too. When someone visits their home and comments on the flowers or the delicious meal, your client will mention it’s from their financial advisor. This could provide the perfect opportunity for a personal referral.

7. Write an eBook or White Paper

An instant way to establish yourself as an expert is to write a book or a well-researched white paper.

A published book with your name on the cover is a sure way to set yourself apart from the competition. It highlights your expertise and educates potential clients about your areas of specialty. It’s also a terrific marketing tool as a gift for a raffle or prize drawing.

Think too of the networking opportunities you could gain from writing a book. Local bookstores could not only sell your book but also host a reading or book signing event. Because you’ve established yourself as an expert in your field, local clubs or organizations might be interested in booking you as a guest speaker.

If you don’t want to go through the time and expense of publishing a physical book, you can write an e-book instead. Sell it on your website or Amazon (or both). Offer a few chapters as a free download in exchange for the visitor’s email address.

Speaking of free downloads, this is the perfect use for that white paper. Yes, you’re “giving away” information for free, but you’re building your email list at the same time. One free download could result in an endless stream of new clients.

Marketing for Financial Advisors: Your Path to Success

As financial advisors, we’re experts at managing client portfolios — not marketing whizzes.

However, that doesn’t mean you can’t find a marketing strategy that brings you new leads and helps you convert them into clients. In fact, the very success of your business depends on it!

If your current marketing efforts have yielded few results, try some of the suggestions listed above. They’ve worked for other financial advisors, and they can work for you too.

Are you ready to take your business to the next level? Would you be interested in a free business evaluation or consultation?

Give us a call at 303-808-8719 or use our contact page to get in touch. Our friendly, knowledgeable team is standing by to answer all your questions!