Ah, yes. The good ol’ “I’m too busy serving current clients to market my firm to prospects” trap. How big is this marketing trap? Our 21 years of research show that 82% of financial advisors do not have effective marketing strategies for their firms.
Think about that. More than eight out of ten advisors stand on the metaphorical corner with a cardboard sign saying, “I would like to plan your financial future and invest your assets.” The typical investor has no reason to contact them.
Get the right financial advisor marketing strategy! Connect with Paladin Digital Marketing today!
The absence of a financial advisor marketing plan is not a problem if your goal is a lifestyle business that is already producing enough income to support you and your family. This is about 25% of the financial advisors we talk to each month. However, it is a major firm-level problem if your goal is organic growth, which is more than just market appreciation and reinvested income. Your goal is to increase your firm’s future value by increasing the number of clients.
Pro Tip: Many advisors with less than $100 million in AUM already wear too many hats, and their firms are too busy to plan realistic futures.
Is this an oversight? A missed opportunity? Oh, you bet. But don’t worry. We’re here to drag you out of the marketing doldrums and into the digital age.
So buckle up as we take a cheeky, irreverent journey through the “why,” the “how,” and the “why on earth aren’t we doing this already?” phases for marketing financial advisors to individual investors.
Pro Tip: Financial advisors who are seeking growth should follow the advice they give their clients. Plan your future and follow your plan. Make revisions as necessary.
Why Bother with Financial Advisor Marketing?
Sure, you might think, “I’m already helping people grow their wealth by making the right decisions. Isn’t that enough?” Nope. In today’s world, where we Google everything from cat memes to investment strategies, you’re a ghost if you’re not visible online.
And guess what? Investors aren’t exactly wandering around online searching for financial advice like lost sheep. They are busy Googling, visiting, learning, and comparing the information on multiple financial advisor websites to determine who they contact for initial interviews..
Harsh? Maybe. True? Absolutely. We live in a digital age; the sooner financial advisors adapt their marketing strategies to the digital world, the better.
Here’s the real kicker: Your potential clients may not even know you exist unless you literally shout it from the digital rooftops. A solid marketing plan is your megaphone in a crowded financial advisory marketplace. Newsflash: “Build it, and they will come” only works in fictional movies about magical baseball fields. In real life, you need a digital marketing strategy that tells people you’re here to solve their financial woes.
Marketing for Financial Advisors: The Magical Key to Growth
Let’s agree on one very important rule—marketing isn’t optional if you’re serious about growing your firm. Investors can’t hire you if they don’t know you exist. Reaching people with substantial amounts of money is more than a little complex - it is extremely complex. Developing an effective financial advisor marketing plan that fits your firm takes some serious marketing expertise and a commitment of time and money.
Pro Tip: Don’t let your DIY thoughts get in the way. If your current digital marketing plan is not working, you need help from specialized experts.
Here’s the deal: If you invest in marketing expertise, ensure the experts have years of financial service industry knowledge. For example, hire a specialized digital marketing agency for a fraction of the cost, or be prepared to spend hundreds of thousands of dollars on in-house expertise (salary, bonus, benefits, taxes, stock options, support staff).
As you might imagine, organic growth means more revenue for your firm, which most advisors re-invest right back into—wait for the drum roll —” marketing.” That’s right, financial advisor marketing can turn your small advisory firm into a substantial Mainstreet firm. Advisors who see significant growth report reinvesting “two-thirds” of their new revenue into their marketing efforts.
And does your grand retirement plan include selling your practice one day? A solid marketing strategy boosts your firm’s value. Buyers want a business with potential; nothing screams “growth potential” like a well-oiled digital marketing machine.
Financial Advisor Marketing: A Comedy of Errors (and How to Avoid Them)
Of course, all this sounds great in theory. But you might think, “Sure, I’ll expand my marketing…right after I finish this endless pile of client reports.” We get it—marketing can feel like one too many jobs. But trust us, the benefits far outweigh the initial headaches. Let’s walk through the five most common marketing misadventures and how to avoid them.
- This Feels Like More Work and Less Play
Ah, the dreaded “ugh” moment. You became a financial planner or investment advisor, not a marketer! That’s for the creative types or the cold-call cowboys, right?
Wrong. If you’re not enjoying marketing (and let’s face it, most advisors with low closing rates view it as a waste of time or a necessary evil), there is a simple solution: either acquire the skills to be good at it or outsource it to someone with the skills. You don’t have to do it all yourself; you already wear too many hats, and to be frank, you probably should relinquish a few of them.
Pro Tip: You are probably a better planner or money manager than a marketer. The latter is not why you got into this business.
- I Want Additional Clients, But How Do I Get Them?
You’ve got goals. “More clients, more AUM, more revenue, more profits!” But what’s the plan? What’s the magic formula? Spoiler alert: there is no magic formula. You must compete with many other firms for the investors’ attention and assets.
Start with SMART goals (Specific, Measurable, Achievable, Realistic, and Time-efficient). Then, throw your hat into the digital marketing ring and start testing. Whether it’s revamping your website or launching a targeted email campaign, try, fail fast, and make adjustments. Marketing is like cooking—sometimes you burn the turkey, but that’s how you get it right in the future.
- I Started Blogging. Now What?
Welcome to the land of abandoned blogs and lonely podcasts. You may have the knowledge and the tools but no clue how they help you achieve your end goals.
Don’t just throw spaghetti at the wall and hope some of it sticks. Every marketing action should tie back to a bigger plan. Want more affluent clients? Ensure every blog post, every email, and every social media update moves you closer to that goal. Otherwise, you’re just talking into the void.
- I Don’t Have Time for This!
Who does? Where does one find time for SEO, content creation, or social media between serving clients, managing portfolios, and running your firm?
Outsource it. Seriously, trying to do everything yourself is a one-way ticket to burnout. Let the pros handle your digital marketing so you can focus on what you do best: making your clients wealthier than they were before they hired you.
- Oops, I Forgot to Follow Up
Leads are like plants—they need water, sunlight, and the occasional check-in. Otherwise, they wither and die.
Follow-up isn’t optional. Set up automated emails or assign someone to follow up with prospects after every webinar, blog post, or contact form submission. Without follow-through, your marketing list is just a collection of names gathering dust in a closet.
The Financial Advisor’s Marketing Playbook
Ready to start marketing like a pro? Here’s a cheeky but actionable plan to get your digital marketing game moving in the right direction:
- Set Clear Objectives
Want to double your AUM? Great! Now, break that down into smaller, bite-sized goals. Maybe that’s getting five new clients this year. Or perhaps it’s increasing website traffic by 20%. Whatever it is, be specific.
- Get a Website That Doesn’t Cause Potential Leads to Leave
If your website still looks like it was built during the AOL era, it’s time for a facelift. A modern, mobile-friendly, SEO-optimized site is critical for your future success. Think of it as your digital storefront—it needs to scream professionalism, credibility, trustworthiness, and “I know how to handle your money.”
- Embrace Content Marketing
Blog, vlog, tweet—pick your poison. Content marketing is king in the digital world. Whether you’re writing educational blog posts or creating YouTube videos on financial planning, content is how you prove your expertise before clients even step through your digital door.
- Leverage Social Media (But Keep It Classy)
No, you don’t need to post TikToks of your morning coffee, but social media is a great way to connect with prospects. LinkedIn, Facebook, and even Instagram can help showcase your personality, style, expertise, and the additional value you bring to client relationships.
- Analyze and Adjust
If you’re not tracking your efforts, you’re flying blind. Whether it’s website traffic, lead generation, or email open rates, you must measure your results and adjust accordingly. Marketing is a marathon, not a sprint—be patient, stay flexible, and keep testing to determine what works.
The Buck Stops Here!
Does a commitment of time and money guarantee your marketing plan will produce the results you want? Unfortunately, the answer is no.
You still need to be competitive in the world’s most competitive marketplace. Investors literally have hundreds of choices at their fingertips.
If your current financial advisor digital marketing strategy is “hope for referrals or bluebirds, it’s time for a serious upgrade. Whether you love it or hate it, marketing is the not-so-secret sauce that’ll help you build online visibility, credibility, trustworthiness, and your firm’s future value.
So stop stalling, commit, and give the digital world time to work for you.
Pro Tip: Digital Marketing will work if you give it enough time and do it right. But, you have to be competitive with other financial advisors. That is why you need a specialized digital marketing agency that listens.
