5 Financial Advisor Marketing Ideas You May Never Have Thought of
To stand out in an increasingly competitive marketplace, advisors need to be creative in their approach to finding and retaining clients. Here are a few marketing tactics you may not have come across that could help to ignite your business.
1. Raise your fees
This marketing idea may seem counter-intuitive but it’s actually based on sound reasoning. Setting your fees too low may be putting off potential clients because they see low prices as indicative of poor quality. It’s widely accepted that Walmart can slash prices because they’re prepared to sacrifice on quality. Many people are willing to accept this in order to save money on household essentials. Far fewer would be prepared to pay for low quality ‘discounted’ financial advice.
Don’t attempt to distinguish yourself on products or price. It’s a game you can’t win. Instead differentiate yourself by the value of your expert advice. Tell prospective clients that taking discounted advice is almost always a recipe for disaster. If they want valuable financial advice – the kind that will secure their future stability – that advice comes at a cost. Never underestimate your worth.
2. Be the ‘go to’ person for all things financial
Position yourself as a reliable person, there to help clients out with anything related to finances, or indeed to anything related to their general well-being. For example, if they need help negotiating or closing a deal on a car or a house be on hand to offer your advice and support.
Great financial advisors are not there simply to invest money on their clients’ behalf – they are constantly looking out for them on all fronts. Sit with your clients at the kitchen table, listen to their concerns and take care of them. When a client takes you on, they’ve paid you the massive compliment of deciding they are comfortable being around you for the long term. Reward them by making yourself their ‘go to’ person.
Tell your clients that you want to be their Google. Or say, “Don’t call Angie, call me.”
3. Don’t sell “things”
The chances are you hate being obviously ‘sold to’. So do your prospective clients. That doesn’t mean they are not keen to buy however, it’s just that they need to buy “you” and what you can do for them rather than your products or services. When you’re selling financial advice you should be selling the ideas and benefits – the prospect of security, stability and happiness – rather than specific financial products.
So talk to clients about their needs – not about numbers or stats. Potential clients don’t care about tactical deviations or GDPs – they are interested in knowing they can retire comfortably at 60 or have a plan in pace to save them on taxes. People care about the benefits, not the numbers.
4. Find a niche
Average advisors tend to have a scattergun approach to finding new clients. Successful advisors on the other hand know exactly who their ideal clients are and concentrate on finding and serving that niche expertly.
Don’t try to be all things to all clients, find a niche and embrace it.
Make it your aim to be unforgettably unique with a mind-set tailored to clients in your proposed niche. Be the perfect advisor who understands their needs completely.
In order to access your ideal clients, attend events and speak in your community. Check out your local Chamber of Commerce, or any relevant private events and speak to groups or associations that consist of members with your ideal profile. Follow up by sending them an email or calling them – or send them an invitation for coffee and a chat.
A further advantage of serving a niche is that clients will likely have friends who are just like them. If you are the expert at serving this niche your current customers will refer you to their friends.
When you’ve discovered who your ideal clients are don’t make exceptions. Have the courage to cull potential clients who don’t fit with you and dedicate your focus to those who do.
As the French marketing slogan suggests, cherchez le creneau!!!
5. Get a coach
Finally find a coach. Never rest on your laurels but seek to improve continually in self-awareness, performance and productivity. Coaching can help you find your own individual way to success – especially when it comes to marketing and presenting yourself.
Hopefully this post has given you a few marketing ideas you can try out – ideas designed to not only add value to your business but boost your clients’ experience too – all in all a ‘win-win’ situation.