Attracting New Clients to Your Financial Advisory Practice with Digital Marketing

Posted by Freedom Advisors on Apr 20, 2022 9:53:16 AM

Over the past year, the world as we know it has changed in many ways. This has led to a major shift in the way financial advisors grow their book of business.

In the past, many advisors and financial planners relied on word-of-mouth referrals to generate the bulk of their leads. However, thanks to the global pandemic, most in-person activities and events where referrals are commonly passed have been canceled or postponed. With personal referrals falling off dramatically, many investors who are looking for a financial advisor are turning to the internet to conduct their search.

This makes it more important than ever to have a solid digital marketing plan in place. If you’re ready to commit to growing your client base, start by considering one or more of the following strategies.

Embrace Content Marketing

Content marketing is one of the least expensive and most effective marketing strategies across a wide variety of industries. Financial professionals are no exception. Common types of content include blog posts, social media posts, articles, reports, white papers, and videos.

This form of marketing is known as “inbound marketing.” Rather than paying to push ads in front of prospective clients, inbound marketing attracts them to you.

Content marketing works by giving you the opportunity to educate, entertain, and inspire your current and prospective clients. In addition, it gives your website an SEO boost. If you cross-post the content you create, it can also support your social media and email marketing strategies.

Offer Quality Lead Magnets

A “lead magnet” is a free item you give away in exchange for the user’s contact information. It’s an excellent way to create pre-qualified prospective client leads for your business. You can use a wide variety of items for your lead magnet. This includes white papers, downloadable tools, checklists, and e-books.

When a prospective client downloads a lead magnet covering a certain topic, they become part of your automated marketing and lead nurturing program. Going forward, you'll be able to enhance your relationship with that lead by continuing to provide them with targeted information based on their interests.

Improve Your Social Media Presence

More people are using social media now than ever. No matter how you may feel about it personally, if your business doesn’t have a presence on social media, you’re missing out on important opportunities.

Advertising allows you to broadcast your message to a broad audience. However, social media gives you the chance to interact with your followers in real-time.

First, make sure you have a Facebook business page. Then, actively post and engage with your followers. You may also consider creating a private Facebook group. Also, LinkedIn is an excellent platform for connecting with other professionals like attorneys and CPAs who could prove to be mutually beneficial colleagues.

Build Your Email List

While email marketing is nothing new, it’s still very relevant. Creating a regularly scheduled email newsletter with timely, valuable information is a great way to nurture your relationships with current and potential clients without having to aggressively push your products and services.

When you use social media platforms, you’re essentially “renting” their space. The algorithms can change any time, and if you lose access to your account, you’ll lose touch with your followers. However, when you build an email list, you own the information and can contact your clients and prospects on your terms.

This is why it’s so important to continually work on adding new prospects. Some of the most popular methods for building email lists include running paid ads, using pop-ups on your website, and offering lead magnets.

Host Targeted Webinars

As you build your email list, begin segmenting clients and prospects based on their interests and demographics. Then, use this information to create targeted webinars for each group. For example, if a large number are interested in retirement income planning, create a webinar on that topic. Then, use your email list to promote it.

In addition, consider using targeted ads to promote the webinar to others who may have an interest but have not yet subscribed to your email newsletter.

Hosting webinars gives you the opportunity to show your expertise. It also gives potential clients a “sneak peek” into what they can expect if they decide to work with you. This makes them very effective for attracting new clients.

Outsource Your Portfolio Management

Dedicating more time and energy to your digital marketing strategy will create a critical shift in your business. As your client base begins to grow, streamlining your practice becomes even more important.

Freedom Advisors offers robust portfolio management solutions, timesaving back-office services, and more. Schedule a consultation today to learn more about how our comprehensive turnkey platform can maximize your efficiency, so you have more time to focus on the things that maybe only you can do, including raising your visibility among your target market and sharing your advisory expertise through digital marketing.

Download our latest ebook today to learn more!

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Advisory services are offered through Freedom Investment Management, Inc. ("Freedom"), a registered investment adviser. Freedom does not provide tax or legal advice. This is intended for informational purposes only and should not be considered an offer to sell securities or provide investment advice. When applicable, sources used in forming Freedom’s opinion are cited, however, other sources may be available which contradict Freedom’s opinion, process, and methodology.

Topics: Virtual Business, Digital Marketing

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