For Financial Advisors, Why Is Your Marketing Not Working?

by Bob Hanson

You may be wondering why traditional advisor marketing strategies such as public seminars, cold calling, or COI or client referrals are not working for you the way they have in the past.

You may be dabbling in social media, search marketing. or just launched a new website, but not getting the results you expected.

A view into how most financial prospects are searching for answers to their financial questions, and perhaps even for a firm or advisor to help solve their immediate challenge, may provide a window into the solution.

Two-thirds of Advisor Research Happens BEFORE Talking with an Advisor or Firm Salesperson

Your prospects are more in charge of education and research than they ever have been in the past. An estimated 66% (2/3rds) of their research into financial solutions happens BEFORE they will ever talk to an advisor or salesperson.

This research phase, what we call Stage 1 and Stage 2 in the advisor selection process, is presented in the companion graphic to download now:

Hence, the rise of what we call Content Marketing. In essence, your content reaches potential clients while they are doing research. Then, once they have raised their hand you have “permission” to sell to them.

You may say, “Well, I’ll just wait until they have done their research and are in buying mode.”

Two big problems with that:

First, that is precisely what 90% of advisors are doing today,so the competition is fierce to be in front of a prospect in their small “buying window.” (Keep in mind, at any one time
most/virtually all prospects are in research, NOT buying, mode.)

Second, you are likely to get shut out of the conversation because if most prospects interview one to three advisors before selecting one, who are they most likely to talk to?
You got it. The advisors who are doing content marketing and reaching prospects as they are in “education/research” mode.

National practices like those led by Ric Edelman and Ken Fisher are two examples of those who call on content marketing to get in front of thousands of prospects per year BEFORE they select an advisor.  Working for them??? Yes!

The good news is you are likely to have only one or two local advisors or advisors in your niche who are competing for your prospects’ attention with content marketing.

Financial and Advisor Marketing can be broken up into 3 stages:

Stage 1 – Positioning and List-Building – Early in the advisor selection process, where prospects are just starting their research –

Prospects are still deciding if they have a problem that needs to be solved soon, and what types of firms and individuals have solutions.

Advisors will want to position around an issue or problem. Retirement planning for pre-retirees within 24 months of retirement is a common example.

Social media connections and online or in-person conferences are common ways to get prospects on your list at this early stage.

Stage 2 – Leads and Education – Most events, webinars, and educational sessions fall in this stage –

Prospects are spending time educating themselves on their issue, and willing to invest some time and money on it.  At the end of this stage they have likely selected a MAXIMUM of 3 firms or individuals to spend 60 minutes with.

While Free Reports and workshops are filling the marketing funnel for advisors at this stage, they are still largely underutilized.

Stage 3 – Selling – Prospective Clients Seriously Evaluating You and Your Practice –

What most advisors don’t know is if they get prospects on their list in Stage 1 or Stage 2, they can see as high as a 22% response to marketing to get them to individual meetings. (In contrast, the typical meeting marketing program to cold prospects is likely to yield in the neighborhood of a .1% response.)

So KO the competition with multi-step marketing of some form. Less important is specifically how you get on the radar of your prospects in Stage 1 or Stage 2.

Then, follow-up with these leads to drive them to a meeting.

Take advantage of these insights and you’ll be able to multiply your response rates and assets by understanding this simple way of looking at and acting on Content Marketing.

Again, here’s a visual of what the 3 stages of marketing can look like with examples of where different marketing media and offers fall in the process: You’ll find it here.

To set up a 25 minute, no-obligation consultation on your own (content) marketing strategy, email or call Bob directly at 617-901-6886.

Yours for Increased Production,

Bob Hanson
Principal, Client Attraction System for Financial Advisors


About Bob Hanson

Principal, Client Attraction System for Financial Advisors
Bob Hanson has worked with hundreds of financial advisors, professionals, and companies to drive documented results of 300% in new prospect flow within a week, a 70% increase in annual income within 12 months, and a boost in sales of 5 times for a firm in a little over 36 months. In addition, Bob is a Webinar specialist, a White Paper expert, and an experienced Centers of Influence strategist who helps marketers tap the full potential of these powerful marketing tools.

Speak Your Mind