Editor's note: This blog article was originally published on July 25, 2023 and has been completely revamped and updated for accuracy and comprehensiveness.
In today's rapidly expanding digital world, increasing numbers of financial advisors, wealth managers, and family offices recognize the importance of establishing a strong online presence to initiate contact with individual investors.
However, navigating the complexities of digital marketing can be daunting for those advisors who are not well-versed in all its complexities and opportunities. This is where outsourcing work to a digital marketing agency can prove to be the right decision.
Paladin believes it is important for financial advisors to know some of the key factors that will help them select the right digital marketing agencies that have the highest probability of meeting their expectations for online visibility, website traffic, and new leads.
This article answers ten important financial advisor digital marketing questions!
- Are all digital marketing agencies the same?
- How can financial advisors identify digital marketing agencies that are misrepresenting their capabilities?
- What is a boutique digital marketing agency?
- What does it mean to produce custom and original work?
- Why outsource to a digital marketing agency?
- What services are provided by the digital marketing agency?
- Are all financial advisor websites optimized for search engines?
- Does the agency use templates or develop custom websites?
- Does the agency have any experience working with financial advisors?
- What should financial advisors expect when they outsource to a digital marketing agency?
Are all digital marketing agencies the same?
We can say unequivocally all digital marketing agencies are not the same. To think so would be oversimplifying your selection process, which could lead to a bad marketing decision. The fact is agencies can differ widely in terms of the quality of services, the knowledge of their professionals, and their experience in the financial service industry.
Some digital marketing agencies will take on anyone who will hire them, regardless of their specific requirements. For example, there are thousands of agencies that build websites, but they may know little or nothing about marketing financial advisors to investors. And, they have little or no experience interacting with advisor compliance departments.
There is a good chance they are adept at telling potential clients what they want to hear. And by the time reality sets, in the financial advisor has spent thousands of dollars with little or nothing to show for the expense.
Some agencies also provide a wide range of services (the one-stop-shop) without specializations - they have a one-size-fits-all philosophy. Other agencies specialize in specific areas such as SEO, social media marketing, content creation, or PPC advertising.
Therefore, before selecting an agency, it's crucial to identify your business needs and ensure they align with the agency's strengths.
How can financial advisors identify digital marketing agencies that are misrepresenting their services?
Identifying agencies that are not telling the truth can be a tricky task. However, a few red flags can be signals that they are exaggerating their capabilities.
Promising quick, guaranteed results, for instance, should be met with skepticism, because digital marketing strategies usually require time to deliver significant outcomes.
A lack of transparency about their clients’ results can also be cause for concern. Advisors should always ask to see Always examples of work they have produced for their current clients. Look for reasons that would cause investors to initiate contact with those financial advisors.
If their pricing seems too good to be true, it probably is. Real, effective digital marketing requires an investment of time and money. There are no quick, easy alternatives due to the level of competition on the Internet. Any agency that professes to offer top-tier services at bargain-basement prices may be a risky choice.
Paladin Perspective: Be extra wary of agencies that rely on references to sell for them. No agency will give you a bad reference and some references are coached to make the right comments. A reference could be a friend or family member. On the other hand, you may want to talk to one of their oldest clients and a relatively new client to compare their experiences.
What is a boutique digital marketing agency?
A boutique digital marketing agency is a smaller, specialized firm that offers tailored marketing solutions to a limited number of clients or a single industry. For example, a boutique may limit its number of clients to 50 or 100. There are three reasons for these limits:
- A boutique has a limited number of professionals who can support a certain number of clients.
- Boutique services are frequently custom and original and therefore are not scalable.
- Adding too many new clients can dilute the results of their current clients.
Unlike large, scalable agencies, boutique agencies typically provide higher levels of service that are more personalized and dedicated to the needs of their limited number of clients.
Many boutiques are known for their ability to quickly adapt to changing marketing trends and new technologies - for example, AI. They offer niche expertise in particular areas of digital marketing such as SEO, content creation, social media marketing, or PPC advertising. Boutique agencies are often chosen for their creative approach, bespoke service, and close client-agency relationships.
What does it mean to produce custom and original work?
Producing custom and original work refers to the process of creating new, innovative content that has not been published by anyone else.
Original content is tailor-made to suit specific needs or requirements, often reflective of a company's unique perspective, voice, and ideas. Original work is marked by novelty, inventiveness, and uniqueness, providing a fresh insight or approach that distinguishes it from existing content.
Paladin Perspective: As for its SEO value, Google's algorithms prioritize original content because it provides users with new, unique, high-quality information. According to Google's guidelines, unique and valuable content is one of the most important criteria for a website's search ranking.
While it may be beneficial for building credibility, white-label or shareable content does not meet Google's originality standards because the same material is frequently disseminated by hundreds or thousands of financial advisors. Consequently, this duplicate content can damage a site's SEO results.
The emphasis on original content by search engines helps ensure that their users are presented with diverse perspectives while creators or advisors are incentivized to contribute unique, original, personalized content.
Why outsource to a digital marketing agency?
Outsourcing digital marketing work to a digital marketing agency makes sense when a financial advisor does not have the time or inclination to do the work in-house.
Outsourcing allows financial advisors to stay focused on their core competencies which include providing high-quality financial advice, staying in touch with current clients, and talking to prospective clients. By leveraging the expertise of agency professionals, who specialize in digital marketing, advisors can save time and resources while benefiting from the agency's unique marketing knowledge and experience.
Paladin Perspective: Financial advisors may be able to obtain the services of a digital marketing agency for the cost of a part-time employee.
What services are provided by the digital marketing agency?
Before partnering with a digital marketing agency, financial advisors should thoroughly assess their needs and the range of services being offered by the agency. A comprehensive agency will typically provide various digital marketing services including website design and development, search engine optimization (SEO), content creation, social media marketing, email marketing, paid advertising campaigns, lead generation services, and analytics tracking.
Paladin Perspective: Ensuring that the agency offers specific services that align with the financial advisor’s marketing objectives is very important.
Are all financial advisor websites optimized for search engines?
A well-optimized financial advisor website is critical for attracting organic traffic from search engines. Financial advisors should ascertain whether the agency employs search engine optimization (SEO) strategies to enhance their website's visibility on search engine results pages (SERPs).
This includes optimizing website structure, utilizing relevant keywords, creating informative and user-friendly content, and improving site speed and mobile response times.
Does the agency use templates or develop custom websites?
Financial advisors should evaluate whether the digital marketing agency offers custom website design and development or relies on a few templates.
While templates may be cost-effective and time-efficient, they can limit the advisor's ability to differentiate their firms from competitors. Custom websites tailored to the advisor's brand and target audience can provide a unique user experience and reinforce their professional image.
Paladin Perspective: It's important to note that Google ranks websites based on quality and uniqueness of content, user experience, relevance, and other SEO considerations. If multiple websites using the same template also have very similar or duplicate content, it can negatively impact their search rankings.
To ensure good search engine visibility, it's important to focus on creating high-quality, unique, and valuable content for your website. While templates can be a starting point for design, customizing them and adding original content is crucial for standing out from the crowd and avoiding potential ranking issues.
Does the agency have any experience working with financial advisors?
Industry-specific knowledge is crucial when it comes to marketing financial services. Financial advisors should inquire about the agency's experience working with other advisors and their understanding of compliance regulations that can impact their advice and services..
The more the digital marketing agency knows about the financial service industry, the higher the quality of its services. At a minimum, the agency produces work that is consistent with the ways financial advisors communicate with leads, prospects, and clients. .
Industry knowledge can benefit financial advisors in other ways:
- Save time when the agency does the work right the first time.
- Save money by completing more work faster.
- Reduces demands on the financial advisor’s time.
- Minimizes disruption to the process due to compliance issues.
Paladin Perspective: This knowledge can greatly contribute to the success of marketing campaigns and ensure alignment with regulatory requirements.
What should financial advisors expect when they outsource to a digital marketing agency?
Before entering into an agreement, financial advisors should clearly understand what to expect from the digital marketing agency.
This includes the agency's communication process, reporting frequency, key performance indicators (KPIs) to track results, and a timeline for deliverables.
Clear expectations and regular communication are crucial for a successful partnership and the achievement of the financial advisor’s marketing objectives.
Conclusion
Outsourcing work to a digital marketing agency can be a game-changer for financial advisors who want to make the Internet a significant source of new clients for their firms.
However, it is imperative to evaluate certain factors before making a selection decision. Financial advisors should make informed choices that align with their marketing goals by thoroughly assessing the agency’s knowledge, creativity, services, content capabilities, website optimization practices, experience working with financial advisors, and expectations for deliverables.
A successful partnership with the right digital marketing agency can lead to increased online visibility, enhanced brand awareness, and a steady stream of qualified leads in the extremely competitive marketplace for selling financial advice and services.
About Paladin
Paladin is a digital marketing agency that has worked exclusively with financial advisors since its founding in 2003. Paladin’s team of digital marketing professionals has more than 100 years of collective financial industry experience marketing our clients' services to individuals, families, and businesses. Plus, our team has decades of experience providing digital marketing services to financial advisors. Our clients range from start-ups to firms with billions of dollars of AUM. We are a full service agency that provides website, SEO, SEM, Video, and Fractional CMO services. Want more information about our digital marketing services for financial advisors? Email: Info@PaladinDigitalMarketing.com to schedule an introductory call. We protect your privacy.
