Advisors have many options when it comes to marketing their business online. The key is choosing one that can maximize client recruitment and lead to achievement of a firm’s strategic goals.
Over 40% of advisors landed more clients via social media marketing and nearly one-third plan to increase their website spends in 2022, according to a . Having a defined marketing strategy is associated with more positive business outcomes, the study found, yet only 28% of advisors have one in place.
For Lou Calabrese, chief marketing officer at the wealth management firm Robertson Stephens in San Francisco, social media, email marketing and a website are the main digital marketing tactics advisors have to invest in. Calabrese said advisors should be spending around 10% to 15% of their time on marketing strategies.
“This is your way of getting new businesses in the door other than the traditional waiting like referrals, introductions from clients and centers of influence,” Calabrese said.
The survey found that 30% of advisors plan to increase marketing spend over the next 12 months, especially on websites and social media. Currently, advisors spend around 3% of their business revenue on marketing, while chief marketing officers report an average marketing spend of 8.7%.
“It’s a loop,” said Rebecca Hourihan, founder of 401(k) Marketing, a marketing firm in San Diego for retirement plan advisors. “Advisor shares an email, social media post or content marketing, and then people like it, comment and share it and that loops back to that advisory firm in the form of referrals, happy clients, more favorable introductions and easier time to meet in person.”
Scroll down the cardshow to see tips and tactics from marketing experts on how financial advisors can grow their businesses.
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