How should a financial advisor's marketing strategy make them stand out from the crowd?
The crowd’s pretty big, by the way. According to a survey from February 2012, the number of registered representatives with a FINRA-member firm was 630,154. (In actuality, a large percentage of these registered reps do not work directly advising individuals; a more accurate estimate of practicing financial advisors might be closer to 300,000-350,000.)Today those numbers have only continued to grow!
So…how does a financial advisor distinguish themselves and their practice, and attract the necessary number of new clients to sustain a robust business…and stand out from the crowd?
Of course, it would be presumptuous to assume that there is an easy, one-sentence answer to this critical question. However, it is not a stretch to say that your financial advisor “marketing strategy” plays a key role in whatever your answer might be.
So, if you’re a financial advisor, here’s a second question for you. What is your marketing strategy? More specifically, how are you concentrating your limited resources on the greatest opportunities to increase sales, and achieve a sustainable competitive advantage for your practice?
If your responses to these questions are not as strong as you’d like them to be…don’t despair! Far from it. Use this information as a terrific starting point for building the marketing strategy that you’ve always wanted to create.
In fact, if you’re a financial advisor without a marketing strategy…you are not alone. We recently surveyed more than 1000 top-performing advisors, all very successful in their own right, and found that 86% do not have a distinct, consistent marketing and client acquisition strategy. Furthermore, 72% of this group do not have a clearly articulated Value Proposition (which is a key component of the marketing strategy).
Look...if you are a financial advisor without a marketing strategy (or a weak one), it's not the end of the world. We have observed a number of advisors who do okay without one.
However, it's safe to say that the future landscape for financial advisors competing for affluent clients will be more more....uhhh...."spirited". (Competitive? Dog-eat-dog? Cutthroat?) For the financial advisor who wants to thrive in the new world, having a thoughtful financial advisor marketing strategy will be a MUST.
In fact, it’s hard to imagine growing a profitable, sustainable financial advisory practice without it.
Along these lines, we’ve created a new ClientWise Learning Tool, “19 Essential Marketing Strategies for Top-Performing Advisors.” Feel free to download your complimentary copy.