The Beginner’s Guide to Marketing for Financial Advisors

Due to the legal issues with compliance, many financial advisors choose to avoid the headache and stay away from digital marketing. This is a wasted opportunity. There are ample marketing solutions that can help you increase your online presence while staying FINRA compliant.

So, whether you’re just starting out or trying to grow your business, there are a host of marketing tactics financial professionals can employ to increase their market share.

Read on for our guide to marketing for financial advisors!

1. Find your niche.

Prospects respond much more warmly if they feel like you have ample expertise in serving clients just like them. In order to determine what your niche is, take a look at your existing data to see key trends of your top performing clients. What patterns do you see? Are they mostly Baby Boomers or young professionals? Is their top priority saving for retirement or buying a house?

Questions like these will help you narrow down the right group of people who will benefit most from your expertise. Once you have created a profile of your best buyer, also called a buyer persona, you will be able to target all of your messaging to this specific group – increasing relevance and encouraging prospects to listen to what you have to say.

Developing buyer personas can also help you source new clients. By focusing your efforts on prospects that match this persona instead of wasting time trying to sell your services to anyone and everyone, advisors will see much a much higher return on their outreach initiatives.

2. Utilize event marketing.

Often overlooked, event marketing is another great marketing solution that finance professionals should be tapping into. Holding events for existing clients and potential prospects is a great way to network and drum up new business. For example, if you know many of your clients enjoy fine wine, you could hold a wine tasting event where clients are encouraged to bring a few colleagues or friends.

This type of event can serve multiple purposes: showing appreciation to your clients and sourcing new business. Expanding the event beyond your core client base makes it possible to actively pursue referrals while expanding your network. By focusing the event on wine instead of business, the attendees are more likely to get to know you and make a connection. This will allow you to make a much more compelling case for your services when you follow up with them later.

 3. Implement a referral system.

Related to the previous point, financial advisors should be implementing a formal referral program that incentivizes clients to go out and sell your services for you. Offer sign-on bonuses for clients and the people they refer to you.

For example, if a client refers you to a friend who ultimately signs on as a client, they both receive either a gift or a discount on your fees. Create clear guidelines to make the program as transparent as possible and to ensure you follow any legal regulations on sign-on bonuses or gifts.

4. Be active on social media.

Due to the stringent compliance requirements for financial advisors, many choose to opt out of creating any social media accounts for their business. But compliance shouldn’t be the reason advisors choose a social media blackout. There are multiple tools available to help advisors stay compliant.

By being active on social media, you’re creating another touch point where prospects can interact with you or learn more about you. Just make sure you don’t “like” or share anything that offers specific financial advice, as it can be interpreted as an endorsement.

5. Create a story for prospects.

In order to make your services more attractive, consider reaching out to top performing clients to create case studies. List a few facts and figures about their portfolio’s performance. And, create a narrative detailing how they’re better off now that they hired you to manage their assets.

These case studies go a long way toward convincing prospects to sign up for your services. Be sure to get written consent before publishing. It’s also important not to disclose any confidential information. And, always allow your clients to approve each case study before sharing it.

6. Build a brand as a thought leader.

While prospects are researching you, they will inevitably check out your social media accounts and website. Imagine you regularly post thoughtful blog posts about the industry and actively engage with other financial professionals. Your credibility as a financial advisor will speak for itself.

Blogging is yet another aspect of digital marketing that will have to kowtow to FINRA regulations. If you’re concerned writing blogs will take too much time, consider hiring a ghostwriter who is knowledgeable in asset management.

Key Takeaways about Marketing for Financial Advisors:

  • Create your own networking events with the help of your existing clients.
  • Bring in more referrals with a reward system.
  • Be visible online – write blogs!
  • Compliance is a pain, but not a reason to avoid social media.
  • Find your niche and become an expert within it.
  • Create buyer personas and target prospects that fit this persona.

Do you need help with your prospecting efforts? ZoomInfo’s marketing solutions can help you determine your buyer personas, find more contacts that match your persona, and grow your organization. Contact ZoomInfo today to learn more.

Originally published by ZoomInfo on February 17, 2017.