Grow Your Financial Advising Practice With Digital Marketing

Precautions during the pandemic have given the shift toward digital marketing a virtual shot in the arm.

This “digital demand” has been an overwhelming challenge for some advisory firms to overcome. But online, digital and social media tools are at the core of a solid marketing strategy for financial advisors.

In online and digital marketing, moving ideas from concept to profit requires a clear vision of your end goals. Poor planning and missed execution can prevent you from reaching a wider swath of potential clients. If growth is your primary goal, use a specific strategy that matches that mission. If you have a brand-new firm with no digital presence, consider a different strategy to generate awareness and drive traffic to your website. No matter your situation, the fact is that remaining on the digital sidelines is no longer an option.

Here are six key points for financial advisors to consider as they create or expand a digital marketing strategy.

[SUBSCRIBE: Get the weekly U.S. News newsletter for financial advisors. ]

Distinguish ‘Online and Email Marketing’ From ‘Digital and Social Media Marketing’

They sound similar, but each marketing cateogory has a different focus and implementation strategy.

Online and email marketing involve creating targeted emails that resonate with prospective clients. These email campaigns are tailored to deliver a specific message that generates curiosity about your services. If executed well, the email campaign will lead to new prospects, who eventually become paying clients.

Digital and social media marketing target the optimization of your website for lead conversion, search engine optimization, or SEO, and search rankings, so that your firm ranks high. On the social media front, popular platforms such as LinkedIn, Facebook and Instagram each require a unique strategy for maximum impact.

[Read: The Best Podcasts for Financial Advisors]

Think Beyond the Standalone Website

Understanding the role your website plays in your digital marketing toolkit is the first step. Your site is a resource that, when leveraged, can educate and entice potential clients to work with you. It should be used in tandem with a defined digital marketing strategy to drive traffic to your site through advertising.

Financial advisory firms that struggle in this area can work with marketing and branding consulting firms to add the necessary components to their site to showcase their services.

Build the Right Infrastructure for a Specific Marketing Strategy

Advisory firms in various phases of business development can benefit from a well-crafted email campaign to their newsletter list. You will need to decide what call to action you want your prospective clients to receive as part of your messaging.

Working with a sales copywriter can help. You can use email marketing platforms such as MailerLite or Mailchimp to distribute your message.

Take the Time to Create the Right Messaging

Who has time to rewrite content? Your energy is better spent thinking about how your services can solve the problems of your ideal client. Determine the messaging they want to hear versus what you want to tell them.

Communication is a two-way street, but to convert prospects to clients, speak in a way that attracts and builds awareness. Think about the problems they face and what keeps them up at night. What are they afraid of? From there, build your message.

[SEE: 14 Things to Know Before Becoming a Financial Advisor.]

Determine the Costs of Your Marketing Plan

There are no free marketing lunches (pun intended). Working with a marketing and branding agency, a web developer or a copywriter comes at a cost. The larger your firm, the more budget dollars you probably have available to hire experts. The smaller the firm, the smaller that allocation tends to be.

Over the course of a year, plan the different phases of your marketing strategy and deploy them when they make the most sense for your schedule and budget.

In addition, don’t forget to carefully consider the technology you will need. Choose carefully. It makes little sense to buy a tech tool if it does not have an integral role in your strategy.

Find the Right Marketing Experts

As a financial advisor, you are talented at developing a financial plan or investment strategy, but you may not have a background in marketing or have the inclination to learn all its nuances. Analyzing your goals and strategy will help you decide which experts to hire to help you shape the right marketing plan for your firm.

As your business grows, you may need to adjust your approach. But keeping your ideal client in mind will help you stay in your lane and in control of your digital marketing strategy.

More from U.S. News

10 Largest Financial Advisor Firms in California in 2020

10 Largest Financial Advisor Firms in New York City in 2020

6 Pros and Cons of Choosing a Fee-Only Financial Advisor

Grow Your Financial Advising Practice With Digital Marketing originally appeared on usnews.com

Related Categories:

Latest News

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up