Lead generation for Financial Advisors

It’s natural to think that the solution to all of your problems as a financial advisor is lead generation. The more leads you have, the more you can convert to paying clients, right? Unfortunately, that’s not always the case. The problem with some traditional paid ‘lead gen’ services is that they are fundamentally flawed:

  • They rely on cold-calling clickbait tactics
  • They’re outbound-focused (pushing a message instead of attracting interest)
  • They commoditize people into leads
  • They’re expensive 
  • They have a poor ROI (around one in 20 to 30 leads actually convert)
  • They’re competitive, selling a lead to multiple advisors at the same time
  • They eat up a lot of your time as an advisor
  • Potential clients don’t like being ‘pitch slapped’ (i.e. surprised with a sales pitch)

In the world of financial advice, quality always trumps quantity – especially when each lead (or potential client) demands some of your time. Instead of forcing your message out to uninterested leads, wouldn’t it be easier to establish a relationship with prospective clients and start to build trust to pave the way for when they’re ready to commit?  In other words we can refer to this as lead generation nurturing.

Today, I want to talk to you about using inbound digital marketing as a lead generation strategy to your advantage and how it can not only simplify your prospecting efforts, but also grow your funnel of incoming qualified leads. I speak from experience. Before I transitioned to a fully virtual advisory practice, I wasted so much time on unqualified leads and unsuitable prospects. Lead generation for financial advisors via digital marketing is a strong solution, but it’s the long game.  However, it should not fully replace the paid lead generation solutions out there, but be complemented by them.  Using a service like SmartAsset can be very frustrating, expensive, and out of reach for advisors with less excess cash flow to allocate to paid strategies.  FYI, we are working on a strong alternative solution to this over at Couplr.  But they can work and arguably will work better for advisors that have a strong digital presence.

Inbound marketing for Financial Advisors

One of the biggest flaws of lead gen services is that in most cases, you’re paying for an unqualified or barely qualified lead who is more likely just tire-kicking versus showing real interest in the services of a financial advisor, let alone ready to pull the trigger on working with you. I can tell you with absolute certainty that prospective clients are much more receptive to inbound marketing messages.  They want to be nurtured and buy on their terms at the moment that feels right for them, not you.

By creating valuable content that aligns with the needs of your ideal client, you draw potential clients in by reaching them in the right place at the right time with the right message – rather than pushing a sale that an unqualified lead may not be ready to make. Inbound marketing speaks to prospects’ problems and forms a connection that works in your favor when they’re ready to take the next step.

So, what do I mean by inbound marketing? I’m referring to all of the digital channels at your disposal, which makes it easy to reach out to potential clients at scale so that your time isn’t wasted on leads that are never going to convert. Channels like email, social media (e.g. LinkedIn), paid advertising, blogging, podcasting, video, and search engine optimization (SEO). 

Think of all of these channels as touchpoints.  At any point in the day, potential clients could encounter your content through one of these touchpoints (LinkedIn, an online ad, or your website) and learn more about your services without requiring any of your time beyond the initial content investment. This way, you’re passively building interest in your advisory practice without having to actively ‘hard sell’ a cold lead.

Generating leads with inbound marketing

Think of inbound marketing as a technique for ‘warming up’ cold leads. Every piece of content that a prospect interacts with is forming a deeper connection.  The point of which is to make sure that you’re top of mind when that prospect is in need of the services of a financial advisor, and you are the first provider to come to mind. Here are some tips to get you started…

Website. Your website is your digital storefront, operating 24/7. Your website is an invaluable tool.  – when prospective clients come looking for more information, they should be able to find everything they need quickly and easily. Make it clear what your services are, who you serve, how you charge, and the value you add to a client’s life, i.e. how you can help them.

Blog. Writing and publishing insightful, helpful blog articles is imperative to rank in search engines like Google. Conduct keyword research with tools like Neil Patel’s Ubersuggest or Google Keyword Planner around your service offering and write articles focused on each keyword to start improving your organic ranking in search results.

Social media. Focus on adding value rather than making the sale. Social media is about answering questions, showcasing your knowledge and expertise, and forming meaningful connections while building trust.

LinkedIn. LinkedIn is the ideal platform for growing your professional network and building your reputation as an authority in the industry.  Follow me to see how I do it.

Interaction. Engage with those who interact with your content. If someone leaves a comment or asks a question, they’re creating the space for conversation.  Don’t let that opportunity pass you by.

Content. As an expert in your field, the most valuable content you could share is your unique insights. You’ve got to give to receive, so by sharing valuable insights and information, you’re helping to attract clients who are interested in what you have to say.

Rethink your approach to lead generation

In our digital world, our approach to lead generation as financial advisors needs to change. Think of it less as prospecting and more as communication and marketing. Focusing on inbound marketing positions you to take advantage of a potential steady flow of qualified leads who are ‘warm’ and interested in what you have to offer. Once you’ve got quality leads coming in, the quantity is just a matter of consistency and dedication to your digital marketing channels.

If you want to learn more about creating the right channels to attract leads, the Conneqtor Financial Advisor Coaching Course & Training Program provides everything you need to build a successful online sales funnel. 

Thanks for reading,

Derek Notman

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