Marketing for financial advisors is hard!

Sign Up For My Free Newsletter: Free Editorial Content Emailed To Your Inbox:

Over the last 20 years I worked in a variety of industries but I can honestly say that finance is one of the most stressful occupations one could have. Marketing for financial advisors is hard! Why is that? I’m about to get into it so take a seat!

For those of you who are new to my blog/podcast, my name is Sara. I am a CFA® charterholder and I used to be a financial advisor. I have a weekly newsletter in which I talk about financial advisor lead generation topics which is best described as “fun and irreverent.” So please subscribe!

Let’s get on with the blog!

Marketing for financial advisors is not for the weak of heart

There were three times in life when my career almost brought me to a nervous breakdown. The first was my last semester at NYU Stern when my professor threatened to fail my thesis if I didn’t change the topic at the last minute. The second was after Lehman crashed and I realized I was competing with literally thousands of qualified candidates to get back the position I had lost. The third was when I had my second child in two years and struggled to meet the grueling demands of the financial advisor quota I faced, and this led to me to skip maternity leave. Needless to say, at all three points I was ready to bite the head off a rattlesnake.

It’s no coincidence that both of these remarkable experiences were caused by the same heavy pressures that so many financial professionals face.

  • Unlike many other industries, most people in finance confront the reality on a daily basis that a market downturn they have no control over could cast them out onto the street.
  • When I was a FINRA-registered rep, I lived in constant fear of a lawsuit due to a compliance breach. It’s always lurking even for the most cautious.
  • Heavy regulation has precluded any real degree of product differentiation unless you are dealing in hedge funds, CTAs, or commodities. For most financial products there are very few core differences from one to the next, making it hard for the brokers and advisors who sell them to present a true competitive advantage.
  • Most financial advisors market their practices through word of mouth. In a bad market, all the good you’ve done is forgotten and nobody has anything nice to say about you. You’re literally as good as your last trade. Regulation also precludes advisors from publicizing any client testimonials. So this all makes it very hard to get street cred, especially if you’re starting out.

And on and on…

The best thing financial advisors can do to market yourself is be creative

The good news it that with a little bit of creativity, which to be blunt is the last thing on any financial advisor’s mind given all the stress they’re under, you can refocus the lens through which the world sees you. It all starts with strong branding.

I outline my formula for accomplish a good, solid business image in this piece about business branding. Themed messaging that is unique and goes deeper can intrigue the reader and cultivate a following, but it doesn’t come easily.

Financial advisors can use social media marketing!

Financial advisors should also pay attention to where their online content is placed. Distribution through sites such as LinkedIn, Facebook, and many more is how you reach the targeted audience and ultimately earn back your marketing spend, which to be blunt is the treasure at the end of the rainbow for us all.

Agree?

But it has to be the right message!

Online video marketing for financial advisors

Many financial advisors are wary of social media such as blogging and online video because of the heavy compliance regulations that their firms uphold.

But this is changing! You have to work with it, not allow it to make you avoid the digital world altogether.

Don’t get me wrong; I’m not saying go 100% Facebook all the time. The best strategy is a hybrid approach that combines in person, digital, and phone prospecting. Why is this? Some prospects don’t like cold calls. Others don’t use LinkedIn. Others are people you’ll never meet at any networking events because their schedule doesn’t allow for it. Diversification, my financial advisor friends, is the only way to ensure that if one method becomes compromised it doesn’t mean an empty pipeline.

Sara’s Upshot

I hope you enjoyed my blog about why marketing for financial advisors is hard. But that’s not all there is to it!

Here is my exclusive content for financial advisors who want to get new clients using social media:

Thanks for reading. I hope you’ll at least join my weekly newsletter about financial advisor lead generation.

See you in the next one!

-Sara

RELATED POSTS