Top 10 Lead Generation Tips for Financial Advisors

Most financial advisors find it difficult to generate consistent leads. The main reason for this is that they did not use the correct strategy. In most cases, they use old strategies that are no longer effective in the modern world. These outdated strategies include calls, direct mail, and newspaper or magazine advertisements.

Financial advisors may use these outdated strategies to see some results, but they are not cost or time efficient. If you are investigating top financial advisors, none of them will tell you that their main lead generation strategy includes one of the strategies listed above. They still have some potential, but they should not be the preferred method of generating potential customers. (For more information, see: Challenging the Trend of Financial Advisors).

Overestimation strategy

Here are the reasons why some of the more common strategies are not powerful:

  • Cold calls: Financial advisors receive many negative responses about cold calls. When you combine it with a low success rate, it can lead to frustration and potential burnout.
  • Direct mail: Most recipients treat it as spam. It also does not target a specific audience, which will result in a very low conversion rate.
  • Newspaper and magazine ads: Again, unless you advertise in niche publications, it will not target a specific audience. This is also one of the least effective methods for high-net-worth investors. (For more information, see: High Net Worth Client Tips for Financial Advisors.)

To do

Knowing what not to do is as important as knowing what to do. If you use the wrong strategy, your business will not succeed, especially when competitors adopt the right strategy. In other words, the most important mistake that financial advisors make in the generation of leads is that they spend too much time in this area.

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This may sound counterintuitive, but your time is precious, which means that automatic replies are essential. You also want to be able to contact you by phone at any time, including during lunch. Most potential local customers will call during the lunch break, which is also your lunch break. If you are not there, your chances of attending the meeting will be reduced. (For more information, see: Why a client fires a financial adviser.)

The more important point-and perhaps the most important-is that most financial advisors do not spend enough time communicating and building relationships with their current clients. This is absolutely necessary. Keeping in touch shows that you care about you, not just a salesperson. It also increases the number of potential customers you get from recommendations.

Underestimated strategy

Generating potential customers is easier than you think. It’s just a matter of keeping up with the most effective exercises available today. Here is a quick breakdown of 10 effective lead generation strategies:

  1. LinkedIn: You can use the web tab to sort and filter contacts, and send a simple message (possibly with investment or money management skills) to former colleagues and local business leaders. You can use the Home tab to contact potential clients, learn about their professional achievements or like their content. You can use the Advanced tab to use mutual connections for land introductions. Another important note: LinkedIn attracts many high-net-worth individuals. (For more information, see: How financial advisors use social media.)
  2. Word of mouth: This is expected, you may think you can’t control it, but if you show existing customers that you have four Cs—trustworthy, caring, collaborative, and chemistry—you’ll see the chance of seeing a customer’s recommendation. Soaring.
  3. Dinner seminar: Don’t be stingy with the restaurant venue and only invite specific potential customers. This approach to lead generation may involve high costs, but if implemented correctly, the return on investment (ROI) should be very good. In less than two months, you can see more than 50 high-quality potential customers.
  4. Educational seminars: A more affordable alternative to dinner seminars. People prefer seminars to one-on-one sales meetings because it provides a less stressful environment for potential customers. (For more information, see: How to become a top financial advisor.)
  5. Leading groups: These groups usually meet once a week to share high-quality potential customers, but these people are usually business professionals from different industries, so you don’t have to worry too much about competition.
  6. Free report: Whether it is via snail mail, e-mail or any form of communication, everyone is interested in free. If they like what they read and your contact information is available, don’t be shocked if you receive a strong response.
  7. Community network: This will take longer, because you have to build trust. If you are consistent, participating in community events can help a lot, especially when you sponsor community events and build a local brand. You can also help build your brand on local radio shows, TV shows and podcasts. (For more information, see: Network of Financial Professionals: Maintaining a Strong Industry Influence.)
  8. Facebook: This is becoming more and more common, and over time, it will help to form and build relationships. Financial advisors can also use Facebook Events, which can be used to notify users of upcoming events.
  9. Google Ads: Depending on your budget, these ads can be expensive, so make sure your ads are highly targeted.
  10. Newspaper article: This is different from a newspaper advertisement. If you have a local newspaper, please contact them and ask for an article based on your area of ​​expertise. If you are approved, you will soon be regarded as an authority figure in the entire community. When this happens, you don’t need to search for potential customers. They will come to you.
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Extraordinary potential

Contrary to what you might have heard or read, there is no better time in history than to become a financial advisor. In the next 15 years, an average of 10,000 baby boomers will retire every day. Most of them still haven’t figured out how to plan for retirement, partly because they think they don’t have enough money to do it. (For more information, see: Top 10 Investments of Baby Boomers.)

If you think you can help new retirees and help adult children take care of their parents’ finances, please strongly consider developing a sales funnel for this market. For simplicity, please use a three-step process: lead generation, relationship establishment, and closing and sales. Modify the sub-process after finding the most effective and ineffective method.

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Financial advisors have the opportunity to take advantage of the largest retired generation in history. Older lead generation strategies should not be ruled out, but they should no longer be the focus. (For more information, see: Growth Strategies for Financial Advisors.)


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