Prospecting for new clients is key to the growth of every advisory practice — but ironically, it is one of the areas where advisors devote the least amount of time.
Independent and branch network advisors spend, on average, less than 10% of their time on attracting and converting prospects, according to the “U.S. Advisor Metrics 2018” industry survey, conducted by Cerulli Associates in partnership with the Investments & Wealth Institute and the Financial Planning Association.
Fortunately, advisors have a variety of options for increasing prospect conversion rates without overtaxing their already limited time and resources. Three of them are outlined below.
- Maintain an engaging, mobile-friendly website where prospects can make contact, and schedule introductory meetings: If you might think this is too obvious, you’d be surprised at how many advisor websites either don’t provide enough information about their business, or are obviously out-of-date.
If a website looks as though it was created in the late 1990s or early 2000s, prospects won’t be impressed. To forge connections in the digital marketplace, an advisor’s website needs to have a modern look and feel, as well as provide a brief but compelling explanation of who the advisor is and how they can help clients achieve their financial goals.
In addition, today’s advisors need to ensure their websites can be easily accessed and explored on mobile devices. That means the sites must be formatted to fit on smaller screens, and load fast. If they’re not, the consequences can be serious, as Google’s algorithms reduce search engine rankings of sites that aren’t mobile-friendly.
Mobile online traffic first surpassed desktop traffic several years ago, and the amount of traffic from mobile devices continues to increase — for example, according to Google, more than 51% of smartphone users have discovered a new company or product through an online search on their smartphone.
For advisors, though, drawing in more prospects doesn’t only involve maintaining a website that can be accessed and navigated on mobile devices — visitors also need to be able to send messages and schedule meetings on an advisor’s website from mobile devices.