As of 2013, the number of registered financial advisor representatives with a FINRA-member firm was roughly 700,000. With this number steadily increasing year after year, your marketing strategies must do the same.
Research proves that 86% of advisors do not have distinct and/or consistent marketing and client acquisition strategies. As a financial advisor, progression is key when it comes to marketing, but relying on the same tactics and strategies you’ve used for previous years will not give you an advantage, nor will it keep you differentiated among your competition.
For a variety of reasons, advisors find themselves spinning their wheels when it comes to creating marketing material that truly engages their clients. This isn’t because they aren’t putting in enough effort, quite the contrary. It’s because they aren’t asking the right questions. Are you? Have you asked the following about your marketing?
1) Is your marketing valuable from the perspective of your client?
What Your Peers Are Reading
It’s important to remember that the knowledge you have about what you do doesn’t necessarily match that of your clients’. Take this into account and be straightforward, yet specific, in describing what you offer your clients. Run these offerings past those clients who appreciate your services but might not be the most knowledgeable about their finances. What are their reactions to it? Where do they think you could be more or less explicit in articulating what you offer?
2) Do you really understand what you’re providing the client?
Take the above exercise a step further. Consider how the value you provide clients plays out in their day-to-day lives now as well as in the future. What comfort does it bring them in addition to the financial expertise you offer? Perhaps it’s a value based on the accountability you provide, or the relationship they have with you? How do your best clients perceive the value you provide and is this articulated in your marketing to potential future clients?