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How Financial Advisors Can Market Their Services To Friends and Family

Your financial advisor marketing strategy should include your friends and family. How often in a polite conversation does the topic of your profession as a financial advisor come up? The answer is--all the time. People take an interest in people, in particular people they know. 


Careers are a big part of our lives and it makes sense for the topic to pop-up from time-to-time and among the people who know us the best. As a Financial Advisor, when the conversation inevitably shifts to work, follow these 5 recommendations to help you open the door to more potential lead generating opportunities.


Want to keep up with the latest Digital Marketing trends for financial advisors? Contact Paladin Digital Marketing to learn more.


Shine The Right Light    

The people in your circles have the potential to be your best references, but they must first have a clear picture of what it is you do. So, shed some light on your firm in a way that makes a positive first impression. Let them know your philosophy, which may include the reassurance that you do not have a specific product to push and that your financial plans are uniquely tailored to their requirements. 


Let them know about your personal style, which may include explaining everything in clear terms or carefully monitoring their results and requirements to make necessary adjustments. When done right, the details of what you do will help you be seen as a responsible professional that your acquaintances will feel confident recommending to their friends, family, and associates.


Share Your Passion  

Amidst the nuts and bolts of explaining your advisory business, do not forget to convey the passion you have for helping people achieve their most important financial goals. The best way is by sharing an example from your experience. Everyone likes a good story and the right one will answer much more than: “What do you do?” 


For example, you helped a client with their retirement planning and identified a major risk that they were not aware of. These war stories give people a glimpse of how you service your clients and what they can expect if they transition their need for high quality financial advice to you. They may have concerns about their current portfolio and your war story could cause them to open up and talk about those concerns. 


Don’t forget to describe your education, years of experience, and certifications so they know you are an expert in your field and not just a salesperson selling investment and insurance products. This discussion can also include descriptions for a team of professionals, if applicable, or your firm if their collective expertise impacts your clients’ results. 


It is always wise to talk to prospects on a personal level. It is very important for them to know why you became a financial advisor and how you enjoy helping your clients achieve financial goals that are important to them. People want to know they are more than faceless numbers in a system that does not know them.


Tell It Like It Is   

For many investors, the topic of financial services can be confusing and downright intimidating. You can clear up the confusion and ease fears by describing your services in terms they will understand. 


You can start by describing who you serve, what you do, and how you help your clients achieve their most important financial goals. It is important they understand their importance to you. Rapport building does not hurt either. That’s because many investors select the advisors they like the best. 


You may want to pay particular attention to prospects who barely meet your minimum requirements for assets, income, and net worth. This works because smaller potential clients can be intimidated by larger clients, in particular institutional clients. Their number one concern is being ignored. 


You should not avoid a discussion about your pricing and fees. Your fee structure is something everyone wants to know, in particular when they are comparing your fees to what is charged by other advisors. If you want to practice full transparency you should describe all of the fees that will be deducted from the investors’ assets. Be sure to tell them what services they receive for the fees. 


You do not want friends and family to assume your fees are high without knowing what they receive for the fees. Transparency builds trust and this is a big part of your foundation for winning new clients. 


Meeting Of Minds

A spontaneous conversation is a great way to let people know what you do. Although some people in your circles may not be close friends, they may still make great clients. While these prospects might not be as easy to approach as close friends and family--there is still a way to connect. You can start things off right by inviting them to tell you a little about themselves because you are sincere and interested after all! When it is your turn to share, you do not need a hard-sell marketing speech, simply explain your business in a brief and benefit-driven way which they can easily relate to their situations.


Drum Up Business 

Another option is to ask for their business! In a low-pressure way, let them know that you would like to talk a little business at a time that is convenient for them to see if your expertise could help them or someone they know. Just be honest and be yourself because sincerity opens doors more easily than slick sales tactics. It does not hurt to treat them to a lunch for their valuable time as you get the word out about your services. With your close family and friends, you can start by building a prospect list that you can solicit. Ask friends and relatives for introductions so they can add their ‘stamp of approval’ to your services by providing a personal endorsement.


Think of friends and families as building blocks that can help you develop a solid foundation for your business.   


Set For Success

The simple truth is, the people you know can be your best references when they know what it is you do and how you help people achieve their financial goals. It is up to you to describe your passion so they understand it is more than just a way of making a good living. 


When you communicate your passion you increase the odds they will refer you to their friends, family, and associates. 


If you would like more practical tips and support on how to market financial advice and services, you should talk to Paladin Digital Marketing. Paladin can show you how to use digital marketing to produce more leads for your services. 


Digital marketing should be an integral part of your strategy. That is because increasing numbers of investors are using the Internet to find, research, and contact financial advisors. And, even if the investor has been referred to you, there is a good chance they will use the Internet to check you out - visit your website, Google search your name, etc. The more visible you are, the more credible you are.

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