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Answers to Frequent Financial Advisor Marketing Questions

Keep up with digital advertising, social media and video to boost your marketing efforts.

We are in a unique time for marketing financial services. In terms of social interaction, we’re not quite 2020, but we’re not quite 2022 either. In this article, I’ll answer some of the questions we’ve been getting most recently from financial advisors. Here we go!  

Should I plan on having significant numbers of virtual appointments in the years to come?

Yes. Fifty-two percent of the affluent say they want to continue videoconferencing with their financial advisor after the pandemic. Yes, some clients are different, but be careful in making that prediction. If you think of videoconferencing as a short-term phenomenon, you’ll likely underinvest the time, money and energy to get it right.

Should I hire someone full time for marketing?

Probably not, until you get to 10-plus team members. Many teams come to realize there’s only so much an internal marketing person can do. They can manage your social presence and plan your events, but without being able to directly prospect, they are somewhat limited in their impact. Until 10-plus, outsource most social media, video and events work to others.

Should I be spending money on digital advertising? 

Yes. It enables you to place yourself in the palm of your prospects’ hands. Even if you’re currently advertising, consider raising your budget. It’s a rarity that we encounter a team that’s spending too much. Your budget will depend on your revenue, but if you’re spending only $100 a month on Facebook or LinkedIn ads, you need to think bigger.  

Should I be getting into recorded video?

Definitely. In our experience, there’s no better way to connect from afar. It’s a way to show people you’re a cut above their current advisor before you ever speak with them. Just this week, we had an advisor land a $1 million-plus prospect because his client forwarded one of his videos to her.

Should I plan for much social prospecting this year? 

Yes, let’s all hope that we’ll see more human interaction this year, not less. As part of that, you’ll want to be ready for the most common questions you’ll get. Your responses to questions like “how’s business” and “what’s happening in the markets” can lead to opportunities if you’re well rehearsed. 

Should I continue posting social content, even if I’m not getting very much engagement? 

Yes, engagement is fixable. Consider posting more personal photos. Try to give more engagement to others. Fine-tune your content to be more engageable. With more effort, you’ll get more engagement.

Should I be wearing a suit on camera? 

Probably not. You don’t want a big disconnect between what you’re wearing and what they’re wearing. It creates a subconscious barrier to the connection you’re trying to build. Notice how your clients dress for videoconferences and consider going up one notch from there. You are the professional after all.

Should I connect with clients on Facebook?

Absolutely. Fifty-three percent of the affluent are already friends with their financial advisor on Facebook. Also, 91% of the affluent who are friends with their advisor on Facebook have sent at least one referral in the past 12 months. 

If you’re not, you’re missing out on an opportunity to learn a lot more about them. What do they do for fun? Who do they spend time with? There is much to be gained.

That’s all for now. What questions do you have? We’d love to hear from you.

Stephen Boswell is a partner with The Oechsli Institute, a firm that specializes in research and training for the financial services industry. @StephenBoswell

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