New Advisor Marketing Inside Out

New Advisor Marketing Inside Out (May 2024)

The best marketing strategies, tactics, and trends for new financial advisors from experts inside and outside of the industry.

Publishing Reminder:

As I mentioned last month, I am pausing publishing over the summer. (I need to prioritize a few other projects for at least the next few months.) Thank you again for your understanding.

While social media marketing can offer enormous upside, there are a handful of mistakes financial advisors often make. Samantha Russell covers seven common mistakes, helpful best practices, and much more [Video]:

“Anybody here, if I asked you, ‘What was your best-performing social media post of all-time?’, most of you will probably tell me that it was something personal: you shared a photo of a grandchild or a child. You had a picture of your pet. You had a family photo. Anything personal is what really is going to get the most engagement—because people connect with people.

Why do we go to social media? It is not because we’re thinking: ‘I need a new tax strategy, [so] I’m going to go to Facebook to find one.’ That’s not why we’re there. We’re bored for a second, we’re taking a breather from work, we’re distracting ourselves, whatever it is, we’re connecting with somebody, [or] we want to see what everyone in our community is up to.

So, a great thing is if you can take the personal photo and tie it back to something that you’re doing. You can talk about a trip you’re taking and talk about: ‘This is one of the things we really encourage our clients to do is plan for a retirement they’re going to love and be able to travel and enjoy.”

So, being able to share personal stories and antidotes and then connect it back to what you’re talking about is always going to perform the best.”

7 Of The Biggest Mistakes Advisors Make On Social Media | Social Media For Advisors In 2024 [Samantha Russell, FMG]

ICYMI: Kristen Luke shares a 10-factor rubric for evaluating whether your potential niche is viable [Article]:

“Ever since I released my book Uncomparable: The Financial Advisor’s Guide to Standing Out Through Niche Marketing last summer, advisors I speak with are quick to tell me they have a niche. ‘Oh?’ I respond. ‘What is your niche?’ And 9 times out of 10, it will be something like business owners, women, executives, or my personal favorite, retirement planning.

While narrowing your client definition down to these broad categories is a step in the right direction away from being all things to all people, these categories are by no means what I would consider true niches. Why is that? Well, let me ask you these questions:

  • Is it possible for you to dominate your segment of the market? In other words, can you become one of the most well-known financial advisors for women, business owners, or pre-retirees?
  • Is it possible to completely streamline your operations because every client you work with faces the same problem, which you have built a system to solve easily?
  • Is it possible to be so embedded into your niche community that you feel more a part of that community than your own financial advisor community?

If you answered no to even just 1 of the questions, you aren’t truly focused on a niche. But don’t worry. By picking a broad category to narrow down from, you have taken the first step toward becoming a niche advisor. This article will help you take the next steps to get there.”

10 Factors To Determine If Your Potential Niche Is Really Viable (And How To Finetune If Necessary) [Kristen Luke, Nerd’s Eye View]

LinkedIn outreach gets a bad rap—and rightfully so. But what if there was an approach you could feel good about and was highly effective at converting your ideal client? Justin Welsh shares a thoughtful LinkedIn habit he’s used that begins with a genuine compliment and positions you as a potential resource [Article]:

“My template was the opposite of most DMs you get. Instead of ‘I can help you grow! Hire me! please! Me! Me! Me!’ (obvious exaggeration, but not too much), I made my message about THEM. And I tossed in a short line that might make them pay attention.

Here’s the template I used:

‘Congrats on the recent round, {{FirstName}}. I’m a healthcare technology veteran (ZocDoc/PatientPop) and love what you’re doing. Following you all from way over here in Los Angeles.’

Simple as that.

I showed them I was paying attention to the industry, excited for their new round, and had a background that might be interesting.

Once I had my Google Alert and DM template set up, I ripped through 10-12 messages every Friday with very little effort.

Just think about the math here:

Even if I got a 10% response rate, I was putting 50+ new prospects at an average deal size of $25,000 into my pipeline each year. That’s $1.25M in annual pipeline for spending 15 minutes on Friday mornings.

And I usually got more than a 10% response rate…

How To Find More Customers On LinkedIn [Justin Welsh, The Saturday Solopreneur]

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