Financial advisors rely heavily on their websites to provide firm information to investors and convert them into qualified leads. However, many of these advisors struggle to stand out in a crowded marketplace, losing lead after lead to their competitors’ websites.
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This article explores five key strategies that can help financial advisors stop losing leads to other websites. Our more than two decades of experience show that these strategies are important, among the easiest to implement, and have the greatest potential to improve financial advisor results.
1. Do you have a competitive business model?
A successful financial advisor digital marketing strategy begins with a strong foundation, which includes developing a competitive business model. No amount of digital marketing can compensate for a business model that fails to resonate with potential clients on the Internet.
Common sense says investors have almost unlimited choices on the Internet, so they will interview firms that fit their search parameters the closest.
Following are three examples of relatively flawed business models:
- Advertising a $1 million minimum asset requirement without demonstrating the expertise, credentials, or testimonials to warrant such exclusivity can alienate potential clients and undermine credibility.
- A relatively small firm positioning itself as an "industry-leading expert" without showcasing legitimate certifications, awards, or recognition from credible industry sources can appear untrustworthy and diminish its authenticity.
- A relatively inexperienced firm marketing to wealthy retirees using vague, one-size-fits-all financial advice can signal a lack of depth, personalization, and sophistication needed to meet this clientele’s unique needs.
Key Takeaway: Digital marketing can amplify your strengths, but it cannot fix fundamental flaws in your business strategy. Effective marketing starts with a competitive business model.
2. Build trust by practicing online transparency.
Financial advisors are inclined to publish their perceived strengths and withhold information that may be considered weaknesses. They may be assuming investors will not know they are withholding this information.
This is a bad assumption. Investors will know what is missing because they compare the content on multiple financial advisor websites.
Transparency is a key factor in building trust with potential clients. Investors are increasingly cautious about who they entrust with their wealth, and your website must address this concern by being open and forthcoming. Here are a few ideas for inclusion on financial advisor websites:
- Professional Credentials: Highlight certifications such as CFP®, CFA®, or CPA to establish credibility.
- Pricing Information: Clearly outline your fees, whether they are based on AUM, hourly rates, or flat fees. Ambiguity can drive potential leads to more transparent competitors.
- Client Testimonials: Share success stories in case studies and testimonials (with proper compliance approvals) to demonstrate your expertise and client satisfaction.
Key Takeaway: Making investors ask the right questions is no longer a viable marketing strategy. Transparency builds trust, which is critical for converting visitors into leads and leads into clients. Make it easy for investors to understand what you offer and why you’re the right choice.
3. Specialized clientele; focus on niche markets.
Trying to appeal to everyone often means appealing to no one. Specialization can make your practice more appealing to a specific subset of clients, allowing you to stand out from competitors. Consider targeting niche markets such as:
- Millennials: Offer services that focus on debt management, first-time home buying, and wealth accumulation strategies.
- Women Investors: Tailor your messaging to address unique financial challenges women face, such as widowed, divorced, rising longevity, and career breaks.
- Small Business Owners: Provide expertise in retirement planning, tax strategies, and succession planning for business owners.
Key Takeaway: A specialized approach helps you resonate with specific audiences when they ask: “Do you have experience working with clients like me?”
4. Brand name affiliations: Leverage trusted partnerships.
Associating your practice with trusted brands and institutions can enhance your credibility and attract more leads. Maybe investors haven’t heard of you, but there is a good chance they have heard of a potential partner that is a recognizable brand. Here are some ways to leverage brand name affiliations:
- Custodians: Mention your partnerships with well-known custodians like Schwab, Fidelity, LPL, or Pershing
- Professional Networks: Highlight collaborations with attorneys, CPAs, or other specialized professionals to show a holistic approach to financial planning.
- Memberships: Showcase memberships in good standing with respected organizations like NAPFA or FPA to validate your expertise. Be sure to include links to online profiles.
Key Takeaway: Brand name affiliations provide third-party validation, giving potential clients increased confidence in your advice and services.
5. Minimum asset requirements that make your firm more accessible.
Your minimum asset requirement creates a competitive advantage when other financial advisors won’t work with certain clients due to their available asset amounts. For example, your published minimum might be $100,000, which appeals to a larger number of younger investors who can’t meet the minimums of larger wealth management firms. Think of it as paying your dues.
While many financial advisors set minimum asset requirements to ensure profitability, excessively high thresholds can deter potential clients. Here are some considerations:
- Lower Thresholds: Set minimums that are reasonable for your target market. For example, younger professionals may find a $100,000 minimum more accessible than $1 million.
- Tiered Services: Offer entry-level services for clients who can’t meet higher minimums, such as one-time financial plans or digital advice platforms.
- Minimum Fee: Your website could also describe a minimum fee greater than 1% of AUM. This would help cover more of your servicing expenses.
- Communication: Clearly state your minimums on your website to avoid wasting time on unqualified leads.
Key Takeaway: Balancing accessibility with profitability can help you attract a wider range of clients without sacrificing efficiency.
Additional tips for a more productive digital marketing experience
These tips will make you a stronger contender on the super-competitive Internet:
- Website Design: Create an intuitive user experience. Your website often creates the first impression of your practice. A poorly designed site can drive leads to competitors. Focus on:
- Navigation: Ensure your site is easy to navigate, with clear menus and a logical structure.
- Mobile Optimization: Make sure your website is mobile and voice-friendly because the majority of investors will visit it on their cell phones.
- Call-to-Action (CTA): Use clear and compelling CTAs, such as “Schedule a Consultation” or “Download Our Free Guide.”
- Navigation: Ensure your site is easy to navigate, with clear menus and a logical structure.
- Content Marketing: Educate and engage. High-quality content can establish your authority and keep potential clients engaged. Consider:
- Blog Posts: Write articles on topics like retirement planning, tax strategies, and investment basics.
- Videos: Create short videos explaining complex financial concepts in simple terms.
- Downloadable Resources: Offer free guides, checklists, and eBooks to capture and nurture leads through the sales funnel.
- Blog Posts: Write articles on topics like retirement planning, tax strategies, and investment basics.
- Local SEO: Optimize your online visibility for your target market. Many investors prefer to work with local advisors, so we recommend improving your local SEO by:
- Google My Business: Claim and optimize your profile with accurate contact information and client reviews.
- Location-Specific Keywords: Use keywords like “financial advisor in [City]” throughout your website.
- Local Partnerships: Collaborate with local organizations or host community events to build the right type(s) of visibility.
- Google My Business: Claim and optimize your profile with accurate contact information and client reviews.
- Social Proof: Highlight your achievements. Social proof can reassure potential clients of your expertise. Include:
- Awards: Display industry awards or recognitions prominently on your website.
- Media Features: Share links to articles or interviews where you’ve been featured.
- Client Metrics: Highlight the number of clients served or assets under management (Obtain compliant approvals).
- Awards: Display industry awards or recognitions prominently on your website.
- Retargeting: Re-engage lost leads. Not every lead will convert on their first visit. Use retargeting strategies to bring them back:
- Email Campaigns: Send follow-up emails to website visitors who downloaded resources or signed up for newsletters
- Social Media Ads: Use platforms like Facebook or LinkedIn to retarget visitors with ads that address their pain points.
- Google Display Ads: Re-engage visitors with display ads showcasing your services and expertise.
- Social Media Ads: Use platforms like Facebook or LinkedIn to retarget visitors with ads that address their pain points.
What are some of the biggest mistakes financial advisors make on their websites:
- Old, out-of-date designs
- Very poor branding
- A lack of basic information
- The withholding of information about compensation
- Including “why” information with “what information
- A failure to describe minimum requirements
- Poor and/or partial navigation
- No differentiation or value proposition
- Making investors look for the information they are seeking
Conclusion
At the end of the day, your digital marketing strategy is dependent on your overall marketing strategy. You have to be competitive to be successful on the Internet. In fact, you might say the Internet is the most competitive marketplace on earth.
By implementing additional strategies like intuitive website design, content marketing, and retargeting—you can stop losing leads to competitors and start building a stronger pipeline of high-quality prospects.
