7 roles of marketing in growing advisory firms

Growing advisory firm

Financial services require a unique marketing approach. Growing advisory firms are mainly driven by client referrals, and many top advisers have grown organically, with very little marketing investment.

Marketing in the financial sector is more than just acquiring new clients. Marketing is a valuable investment in the success of your business, even if you have a large pipeline of prospects and more business than you can handle.

Growing advisory firms

1) Keep happy clients, and make them advocates for your brand. 

The primary function of marketing is to deliver the services you have promised to your clients. It is important to integrate your brand personality and distinctive features into your service procedures and client experiences, as well as internal operations.

You can reinforce that your clients made a wise decision by regularly communicating with them and highlighting your unique value at each touch point.

2) Increase your visibility and credibility.

Marketing can help a brand be trusted by showing professionalism, knowledge and stability. Prospects may be referred by family members or friends, but they often will still go online to vet you.

A high quality website, an optimized Google My Business page, and company and personal LinkedIn pages are essential for prospects to find you and verify that you can manage their money.

Your visibility and credibility can be further enhanced by other marketing strategies, such as PR and original content creation.

3) Nurture and generate new leads for the future. 

Marketing can and should help increase revenue. Financial services is a complex industry. It requires a long sales cycle, because it is about building relationships and not initiating transactions.

Marketing is not to create a sale in this industry. It is about getting your brand in front of the right prospects and giving them opportunities to solve unique problems.

4) Offset assets that flow out of your doors month after month. 

This is due to volatility in the stock market. AUM can also fluctuate as customers begin to withdraw their retirement assets as they age.

This is your main purpose – to help clients live well and not only survive retirement. If you do not actively work every month to replace outflowing assets, your business will not only stop growing, but also decline.

5) Build relationships with the next generation of clients.

The workforce is changing rapidly, and you have the opportunity to help more people.

While younger clients may not be at their highest earning years, they still have broad financial needs, and advisers can add a great value to anyone between 35 and 55 years of age.

It is also important to build relationships with the children of your clients, so that assets do not leave your hands after they are inherited.

If you prove to be an invaluable partner, families will continue to trust you as their family, assets and income grows, and they will recommend friends and extended families to do so.

6) Be a leader in your niche. 

Marketing can help you establish yourself as an authority in your niche and attract more clients.

Whether it is ESG investing that you are personally and professionally passionate about, or you have an innovative range of products and services that appeal to a national audience; becoming a thought leader and pioneer will make you stand out. 

7) Remain in front of their mind.

You can’t force someone into hiring a financial advisor.  You can only be helpful, consistent, memorable, and available to help them when they need your services.

This can be done through a well-thought-out retargeting campaign, an email marketing sequence after lead capture, or continuous memorable social media content; you don’t want them to forget you’re there. 

Marketing should never be considered a cost; it is an investment in the success of your business.

Financial services typically have a long sales cycle. This means if you wait until your pipeline is empty before you invest in marketing, you’ll likely already be 12 months behind. 

We strongly believe that advisory firms that invest in strategic marketing will continue to lead the way in the financial sector.

Are you a growing advisory firm and looking for an external partner to take the stress out of your financial marketing? Our team is here to understand your goals and develop tailored solutions to exceed your goals.

Read our 28-page comprehensive guide to marketing for financial advisers

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