Unfortunately, there is a big gap between investors and financial advisors. A lot of investors don’t realize the importance of hiring a financial advisor to manage their investments, and they don’t trust that the financial advisors will do what is best for them. For those reasons, the effective marketing plan and high-quality marketing schemes can help financial advisors to attract more investors to help them to achieve their financial goals. We focus here on the best financial advisor marketing tips:
Financial advisors should use innovative tools to measure their progress:
Monitoring the progress and the results of a certain investment is one of the tools of financial services marketing because it will help financial investors to foresee a lot of events. This will make them more credible and reliable in the eyes of the current and potential clients. Most of the elite financial advisors use software that measures the progress in investment.
2. Avoid cold calling:
To market their business as reliable financial advisors, these professionals should avoid cold calling their potential customers. This technique lacks the personal touch that a financial advisor should provide to a potential customer with to make them understand that they can offer them with services that are specially designed to cater for their needs. Instead, financial advisors should approach investors in a personal manner to provide individual solutions to their specific financial situation as one of the best tools of marketing for financial advisors.
3. Avoid financial jargon:
Clients and investors don’t want to feel stupid or feel that the person in front of them is talking in a language that they don’t understand. While you might think that all this financial terminology that is used on your website or brochures will attract potential customers because it makes you sound more professional, the truth is that it will drive customers away. Instead, opt for a straightforward language that the customers can understand. You need to provide your clients with the correct information in a simple language that they can understand and interpret.
4. Explain to your clients what you can do:
A lot of investors don’t understand what a financial advisor can do for them. They probably think that this person will only provide them with information regarding their investments and nothing more. Explain to your clients that you can help them with so much more. This includes providing them with the right tools to manage their budgets, to achieve their goals and information on several insurance and compensation products.
5. Less is more:
If you are inviting a group of potential customers to a seminar, then make sure that your list is well chosen and limited. Don’t invite people just to make your seminar venue look crowded. This again will do nothing to promote your image as a financial advisor who provides high-quality services that are designed to cater for individual needs. Also don’t spend too much time lecturing your clients about investment tools and plans. When it comes to speech, remember that less is more. Instead, make sure that a member of your team gets to sit with every potential client to explain your line of services and the different financial solutions you can provide them with.
6. Organize events that would appeal to your clients:
Social events are great tools in marketing financial services. Organize an event that is related to your potential clients’ industry and interests. If you are targeting people who are approaching retirement, plan an event that would involve some vacation packages. If are targeting people who work in the wine industry then organize a wine and cheese tasting event and offer your financial services. Successful financial advisors will hold successful social events. This kind of events often make people more relaxed and open to discussions regarding their financial situations in a way that is so much better than an investment oriented seminar.
7. Get personal:
Successful financial advisors will get personal. Make sure that your team members are introduced personally to your potential clients. This is very important because clients need to feel that you have the right tools to help them with their individual financial situation. Ask them about their family status, the number of the members of the family and if they are going through a major change or expecting one. The financial and investment tools used to help a retiring couple are very different from the ones a single parent is more likely to seek. Understand the individual differences and take them into consideration.
8. Create referral alliances:
While financial advisors are not lawyers or accountants, they do share a lot of information with them. A lawyer will refer your financial advisor services to a potential client who is facing the fear of bankruptcy or going through assets division in case of a divorce. An accountant will also refer your services to someone who has inherited a big sum of money and didn’t really know how to invest it properly. The referral also adds to your credibility, especially that it comes from someone your potential client has worked with and trusted for a long time.