As 2021 gets underway, many of last year’s financial trends are poised to continue and virtual relationship management remains the norm. For advisors who are looking to expand their practice, optimizing branding and marketing efforts is an important first step.
Financial advisors face a variety of challenges in their daily practices.
They must assume different roles including asset manager, financial planner, psychologist and marketer in order to succeed.
And while most advisors can fill these roles successfully, one of the roles that is often the most unfamiliar and challenging is that of a marketer.
Here are some of the biggest challenges that advisors face today in their efforts to grow their business and promote their brand to the public with digital marketing.
Dasarte Yarnway, founder and managing director of Berknell Financial Group is familiar with these tactics. Over the past five years, we used them to expand his practice and his thought leadership in the field. Our advice for advisors: Play to your strengths and don’t be afraid to try new things. In a recent interview, we shared our tips for developing a professional brand—and growing your business.
There should be no doubt that an inbound marketing strategy, and the technology tools behind it, are a critical part of a successful marketing strategy. Here are just some of the inbound marketing tools you can use to grow your firm:
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Develop A Multi-Touchpoint Strategy for Advisory Practice
Whether you’re just starting out or looking to improve your existing strategy, a multi-pronged approach can help you amplify your message and reach people where they are. This type of approach can include blog posts, newsletters, or even a podcast. If you’re not sure where to start, we recommend leaning into the things you like to do.
While it may feel overwhelming to develop this type of strategy if you’re just getting started, We emphasize that a slow and steady approach can help you identify what works best for you and your firm. “It takes time to build an audience and build that credibility. If you give it some time, it’ll grow for sure.”
Track What’s Working, And What Can Be Improved in Advisory Practice
A comprehensive marketing plan is a great starting point, but to experience true success you need to optimize and refine your strategy. This includes tracking your referrals and being responsive to feedback from clients and prospects.
A simple way of doing this is to create a questionnaire for your incoming clients and ask them how they found your firm. You can either include a link directly on your website or email it to prospects as part of their onboarding process. Once you receive some responses, you’ll be able to ramp up efforts that are generating referrals while refining those that are not delivering results.
Reason the Worst in Advisory Practice
While 2020 has presented many challenges, it has also created new opportunities for business growth. If you’ve been looking for ways to expand your brand, starting small and being consistent can help you get there. “Success leaves fingerprints,”. “If you’re doing the right thing, you’ll begin to see the fruits of your labor manifest in their proper forms.”
Your prospects understand that financial advisors are a necessity for financial planning but they won’t be ready to engage and consider doing business until trust and credibility have been established.
Skip the traditionally aggressive marketing techniques and focus on your online presence to provide valuable, engaging content instead.
The most valuable content, strategies, and other marketing elements aren’t effective if they don’t reach the right audience.
Advisors must be able to target their most viable prospects to turn them into leads.
Advisors can discover these quality prospects by taking an objective look at what type of clients they can service most effectively.
The better you define your prospects, the better chance of providing the most relevant content for establishing your authority and credibility.
Social media marketing is effective not only because it reaches your audience where they spend their time but also because it is a social activity.
People like doing business with people they socialize with, even if it’s only in a digital world and the interaction is transaction-based.