Are you looking to generate more leads as a financial advisor? If you are, then you have come to the right place. The financial advisory business is on its way to a boom, with around 10,000 baby boomers looking to retire daily for the next 15 years.
So, whether you have just started as an advisor or a seasoned pro, focusing on higher lead generation is the right move today. But how do you manage to fit in lead generation campaigns in your busy schedule?
We’ll tell you how! Here’s our list of the best ways in which you can generate more leads for your financial advisory business.
1. Focus on brand awareness and trust
For financial advisors that work in a firm, brand awareness can be the first make or break impression for prospects in this digital-first age. Imagine your friend recommends you a restaurant.
What’s the first thing you do?
Check it out online. Chances are, if you do not find an excellent online presence, you will not follow through with the recommendation. For all you know, the same might be happening to your financial advisory business.
Branding your financial services has many upsides too. Look at these statistics on brand awareness:
- 89% of consumers stay loyal to brands that share values with them
- You need 5 – 7 impressions of your brand to be remembered by someone
- Consistent branding across all platforms will increase revenue by around 23%
So, make sure you share relevant blogs and social media posts that add value to your target audience’s life. When more people connect with your brand online, your revenue is bound to increase in the real world.
2. Host educational webinars
While in-person events can be challenging to pull off during the pandemic, educational webinars are a perfect tool to generate leads as a financial advisor.
There are many advantages to hosting free or paid webinars on the internet. For starters, you are no longer bound by geographical locations. On the internet, you can target people outside of your locality, state, or even country, if you feel you can help them.
Secondly, webinars are attractive to people who have a certain sense of commitment to their future. So, almost every person who voluntarily attends your webinar has financial problems or is looking for a new advisor. In other words, those leads are ripe for the taking.
Lastly, since it is not a direct sell, many people attend webinars to see what you have to offer. If you can establish knowledge and authority while hosting it, they might decide to opt for your services.
However, all webinar leads must be nurtured and followed up after the event before they become your customers.
3. Use premium content as lead magnets
If you want to get more information on the people visiting your website, then using premium gated content is a good idea. These lead magnets can be informative and attractive ebooks, reports, whitepapers, or surveys, that add more value to each prospect’s life.
You can also have newsletters on financial advice that will help prospects get their hands on the best advice on a weekly, bi-weekly, or monthly basis.
4. Invest in fintech solutions
Technology is taking over all industries, and finance is no different. Today, high net worth investors are learning more about fintech and how algorithmic solutions can increase efficacy, whether they are boomers or younger.
So, if you are a firm that can afford such solutions, we suggest you go for it. It will reduce your operating costs in the long run and attract more clients of all ages.
Fintech solutions are also interactive for clients and make it easier for them to engage with your advice. Since these efficiencies make things more affordable, you might even take the opportunitwty to give your clients discounts on your services.
5. Create strategic partnerships
Partnerships allow you to take symbiotic opportunities with other brands, creating a win-win situation for both.
When you nurture strategic partnerships with affiliated brands and industries, you can give higher value to your and their audience. If you want to partner with other brands, make sure you pick collaborators connected to your field and yet not your direct competition.
To make things more transparent, here are a few examples of strategic partnerships:
- Partner with job portals on a webinar that focuses on managing finances during unemployment.
- Partner with podcasts to introduce the basics of finances to listeners.
- Partner with tax consultants or lawyers to give both audiences new options to take care of their business.
With strategic business partnerships, you will reach out to your brand and attract more prospects. You could also offer complementary services to a few people in your circle and get more leads from them.
6. Start a referral program
Around ¾ consumers believe that word of mouth is one of the leading influencers in helping them make purchase decisions. Another Nielsen report says consumers value 92% of consumers take suggestions from friends and family seriously.
It is no secret that recommendations, testimonials, and referrals can make a big difference to your lead generation campaign. Financial advisors benefit more since people are more cautious about their money than from where they should order food.
With a good referral program, you can attract more leads without trying. Here are some referral rewards you can consider:
- Gift cards or vouchers
- Free consultation
- Discounted prices
If you are serious about it, you can invest in referral tracking software to generate codes. Tracking your clients who refer the most can help you keep them happy and reward their loyalty.
These are the six ways in which you can generate more leads as a financial advisor. You can also contact us at Continental Associate Network and get free MDRT membership on your first high-value insurance sale with us. We have globally recognized bespoke life insurance and estate planning solutions to help you serve your high net-worth clients better.