What is Lead Generation?
Lead Generation For Financial Advisors
Generating Leads Mistakes
Mistakes Financial Advisors Make When Generating Leads
Most Common Questions About Lead Generation
You have to employ a marketing strategy if you want your website to gain traction. Internet visibility generates traffic to your website, which will then be converted to qualified leads. An investor has to find your firm on the internet for them to go to your website.
In most cases, investors are often looking for a particular article on the internet, and they may be drawn to your website. This will be your opportunity to convert them into qualified leads. Note that a lead is not just anyone who chances upon your website and reads your articles.
Your ideal type of client is the best visitor to your site. For instance, you may prefer working with pre-retirees, so when seeking visibility on the internet, you have to use specific keywords that a pre-retiree would use to find a service provider and financial information.
However, visibility is only half of it. The other half is getting the investors you desire on your website. When you figure out how to work the two, your website will generate a steady flow of leads.
Financial firms have always put the responsibility of generating leads on financial advisors. In the past, whenever a financial firm wanted to increase the growth in their firm, they would hire more financial advisors. More specifically, financial advisors who had existing books of business.
Most firms do not take the responsibility of generating leads for financial advisors who are independent contractors or employees. Instead, they only do institutional advertising that aims at promoting their brand. This creates a contradiction.
Although a financial firm owns the website and the brand, they believe it is not their duty to generate leads for their financial advisors. Yet, a financial advisor cannot use a marketing strategy like inbound marketing without having a website.
The best solution may be for the firms to employ inbound marketing and financial advisors working for the firm to reimburse it for the costs of the lead. This would only work in firms where the financial advisors are independent contractors with high payouts.
Financial professionals and firms can either generate their leads or pay a third party to do it for them. They can produce their leads through methods like referrals, outbound marketing, and inbound marketing. However, if a financial advisor or a firm is struggling to generate leads, buying them from a third party is a better alternative.
Buying leads is an economical and quick way to solve your lead problem. It is worth noting that you should consider three main measures when buying leads from a third party. These include,
- The percentage you got to talk to from the leads.
- The percentage from the leads who became active prospects because you had a mutual interest
- The percentage of the prospect that became paying clients
For instance, say that you bought ten leads and each cost you $100. You were able to communicate with five of them, but only one hired you and produced $3000 of annual expenses. This is three times more than what you spent on buying ten leads, so it can be a way to effectively grow the firm as long as you can convert leads to prospects and then clients.
A financial advisor website is usually designed to give information about the firm. A financial advisory website is not intended to generate leads for the firm. A website has to be structured in a specific way to generate leads.
For instance, say your inbound marketing strategy is getting your firm’s website steady traction. This means your website has one chance to convert this traffic into leads. As mentioned earlier, the best visitor for your site is one looking for a financial advisor.
Therefore, a good visitor will go over the information on your website, and if they are impressed, they will get in touch with you to book a meeting or a screening call. Another good visitor is one looking for financial information that can guide them in making better financial decisions. Specific information is what will make them decide if you are the best financial advisor.
In most cases, such visitors often look for information that can help them fix a financial pain point. Therefore, they will sign-up to get the information they seek, which leaves you with their contact information.
Lastly, some visitors will be looking for information on local service providers. They will not register for any free offers or contact you. They are usually conducting research on which financial advisor they will contact in the future, say when they are closer to retiring.
This can go two ways. For instance, most financial advisory firms usually have a minimum asset requirement. Someone may visit your website and want to register for a free offer or schedule an interview, and they will be directed to your landing page, where they are supposed to give their information.
They may be required to state how much money they have to invest. If they state an amount lower than your firm’s minimum requirement, an automated message will pop up letting them know they have not met your minimum. Alternatively, your landing page could disclose your minimum.
When visitors see that they do not meet your minimum, they will not sign-up for a free offer or submit their contact information. When setting a minimum, consider that a person may not be able to afford your minimum currently, but they could in the future. For instance, they may be retiring in a few months, which means they can meet your minimum when they roll money from their 401k to a rollover IRA.
It would be best to drip on any visitor who registers on your website for one of the offers you have up and talk to those who require immediate contact. You could qualify them on the initial call.
Various other tips can help financial advisors with lead generation. Our agency, Alpha Bay Media, can help you. Are you interested in learning more about marketing your financial advisor business? Book a free strategy call with our team today so that we can learn more about your business. Schedule a call.
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