As a financial advisor, you know just as well as anyone that if your company is going to make waves, you’re going to have to surf the web. How good of a surfer you are is entirely up to you. This is why digital marketing for financial advisors is so important.
Bringing in potential clients is a priority for all businesses, especially when it comes to financial advisors. If you don’t have clients walking through your doors, you’re not going to be successful.
Wall Street’s sales culture has dominated the way financial advisors have marketed for decades. What used to work for financial advisors was simple: a skilled sales person would meet face-to-face with prospective clients. This worked because financial advisors controlled all of the information that investors needed to make their selection decisions.
Times have changed. The internet is the game changer that makes this culture obsolete. Keep in mind, the impact to the financial services industry is growing exponentially. Financial advisors no longer control all of the information investors rely on to make financial decisions.
Investors have ever-increasing access to online information and services that help them select advisors and services.
From here on, financial advisory firms and professionals will have to make the internet their primary source of obtaining future clients. Those who begin implementing these top trends when it comes to digital marketing for financial advisors will be more competitive over time than those firms that elect to sit on the sidelines and do nothing to enhance their digital marketing presence.
With that in mind, here are seven things you need to know about digital marketing for financial advisors.
1. The Power of Inbound Marketing
The single biggest trend that impacts the way financial advisors market their services is inbound marketing. Inbound marketing uses a combination of blogging (which is considered content creation marketing), free offers, social media, and email marketing to connect with potential clients who might be interested in the content you are providing online.
In the past, advisors relied on outbound marketing tactics to win new clients: Telemarketing, direct mail, seminars, etc. These tactics are producing diminishing returns as increasing numbers of people use the internet to find, screen, and select financial professionals.
This trend makes inbound marketing the strategy of choice as more advisors use the internet to bring prospective clients to them.
2. Your Website is an Extension of You
The first place potential clients visit online is a financial advisor’s website. Your homepage has about 10 seconds to deliver a compelling message that causes investors to want to learn more. If you’re unable to make an immediate impression with your website, that potential clients will move on. One of the things you learn when it comes to digital marketing for financial advisors is that people don’t want to have to search for information on a web page.
Take a minute to look over your website. Briefly glance at your homepage and then close the window. If a random person looked at your homepage for 10 seconds, would they know exactly what it is you do and what you offer? If not, they will move on. However, if your website is designed strategically to generate leads, those potential clients will want to learn more.
The desire to learn more means they will spend two to three minutes on your site gathering three types of information:
- Information about financial advisors
- Information about you and your firm
- Compelling free offers that solve financial problems
If they have a positive experience, they will initiate contact with you.
3. Blogging Gives You a Voice, and Fresh Content
Old outbound marketing tactics are disruptive by nature. You are contacting people that do not want to be contacted. Consequently, rejection rates can exceed 95 percent. This is a major waste of time, money, and energy.
Imagine if you could produce blog content that did the following:
- Solved financial problems for clients
- Established you as an expert in your field
- Increased traffic to your website
- Produced contact data for your drip system
Welcome to blogging – the single best way to produce traffic for your website. Not only does posting blogs keep the content on your website fresh, it also helps with SEO value, which is another important process in digital marketing for financial advisors.
4. Video Marketing Shares Your Message Visually to the World
The written word is powerful. Video is now just as powerful, as video marketing is rapidly becoming a dominant force on the internet.
Video marketing is a great way to communicate information quickly and efficiently. After all, it is the next best thing to a face-to-face meeting with a prospective client.
It can also be produced in a way that is entertaining, which increases the amount of time clients spend on your website. It’s not confined solely to your website. Social media channels, such as Facebook, now have live video streams so you can instantly communicate with potential clients.
5. Your Website Must Be Mobile Responsive
A mobile-friendly website is an absolute necessity and the need will become more acute over time. Already, more than 60 percent of searches are conducted from mobile devices. Plus, Google will severely penalize the organic ranking of your website if it is not mobile-responsive.
6. Let People Know You’re an Industry Expert
Anyone can publish content on the internet. You do not have to be a brand-name author to develop a following.
The key to digital marketing for financial advisors here is creating content on your website, as well as blog posts, to establish yourself or your business as experts. This can be a critical element when clients search online to learn more about you or your business. You want them to see a substantial amount of original content that you have authored. By doing so, you show them you know what you’re talking about, and have the experience and understanding they need.
Lastly, the content targets your ideal types of clients. Not only are you a subject-matter expert, you also have a substantial amount of experience working with specific niche groups, such as Baby Boomers who are about to retire.
7. Don’t Forget about Niche Marketing
Speaking of niche, clients become suspicious when financial advisors present themselves as experts in planning, investment, insurance, tax, and legal – as well as experts on the financial needs and concerns of millennials, X/Y’s, Baby Boomers and their parents.
Your validity is enhanced when you market yourself as a specialist. You have a lot of knowledge in a niche market. Figure out who your ideal clients are and focus your website and blog content on this target audience.
Consider affiliating with other professionals (insurance, tax, legal) so you can focus on delivering planning, investment advice, and services to your target audience.
If You’re Unsure about Digital Marketing for Financial Advisors, There’s Help
Your expertise led you into business, but now you need a marketing strategy to turn your expertise into revenue.
Your capabilities may lead the marketplace, but without a digital marketing strategy, you can’t reap the rewards of your hard work and great ideas. The key to your growth is building a digital marketing plan that you can execute internally, or with an agency to drive sales and build your lead funnel. Without it, you’ll be unknown to the market.
At New North, we’ve helped financial advisors, just like you, create a customized digital marketing strategy that was perfect for them. The experts at New North can do the same for you. We understand you are in the middle of a journey to grow your business, and we want to help guide you to success.
We can’t do it alone, though. You have to open the door and reach out to us. For a free, no-hassle consultation, contact us today or call 240-575-5887. We look forward to helping you achieve your goals.