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Financial Advisor Marketing: Top Questions And Answers

April 13th, 2009

This blog is by Bob Hanson

This week we reach into the mailbag for questions from our readers. Let’s get right to it.

“What’s working now for marketing for financial advisors?”

The biggest thing we see working is tapping into a prospect’s uncertainty about what to do, and having a roadmap to deal with the uncertainty.

Whether you are working with retirees to secure income or helping affluent accumulators to invest in the markets for the long-term, many prospects (especially on days when the market is up) are more ready to create and act on a new plan.

Your marketing communications must tap into the frustrations and hopes of your prospects. Otherwise they will have the same effect as a limp handshake, (best forgotten).

“I’ve been in business for many years, and have built a nice practice, but with the market down I want to increase my client base beyond just referrals, what do I do?”

Likely, this individual is spending a lot of time and the majority of marketing resources communicating with clients.

That’s OK, but generally you must reach out to new prospects with the profile of your “A” clients through influencers, meaning you create a relationship with someone who has your potential “A” prospects as clients, and “co-market” with them.

For example, high-end restaurants are generally starved for business right now. An advisor could present investment strategies to the restaurant loyalty list and offer to buy appetizers and drinks at his seminar to the restaurant’s loyal customers. Win, win, win.

“What’s wrong with my marketing, I have a website, am doing direct mail, and sending newsletters to my clients, but getting virtually no response from prospects?”

Generally that is because your communications are geared to clients rather than prospects. You may be working to keep clients, but not getting a response from prospects. These are two different audiences and generally need 2 different communication plans.

And for websites, we ask how much traffic is generated in a given month beyond the client base, and it is usually virtually zero. So without attracting new eyes on your site, you will get no new clients from the web.

“Our experience has been that influencers like CPAs have not been a good source of referrals. How do we tap into this source?”

CPAs are typically over-solicited by a variety of financial advisors. So there is little need for a “6th financial advisor on their list” . . . even if you did have a great introductory pitch.

And, how many CPAs are actually looking to actively refer or want to grow their business through marketing? Very few.

But influencers, in general, are a great source of business. Bankers, mortgage professionals, real estate professionals, small business groups looking for monthly speakers, etc, are all examples of the types of influencers our clients have much better luck with.

What’s your big marketing question for your financial advisory practice?

We invite you to get more articles like this in our free report for financial advisors at
http://www.MarketingPlanFinancialAdvisor.com

Entry Filed under: Financial Lead Generation, Direct Marketing, Web Financial Advisor Lead Generation, Financial Advisor Marketing Plan