How to Navigate Lead Generation Options for Financial Advisors

Maintaining a healthy pipeline of leads is fundamental to your success as an advisor. While you may be working on increasing wallet share with existing clients, you still need regular infusions of new clients to drive growth. And a diversified approach is key when it comes to how to navigate lead gen channels for financial advisors.

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Weighing Lead Generation Options for Advisors

Online marketing plays an increasingly significant role in branding and business development for financial advisors. Prospective clients want information, and they want it quickly. Advisors with an established digital footprint have a distinct advantage in the lead generation game.

Offline marketing still has its uses, however. Consider how each of the following options fits into your overall lead-gen strategy.

1. Invest in SEO and Content Marketing

Search engine optimization (SEO) refers to practices that are designed to boost your website’s visibility in search engines. Optimizing your firm’s website using SEO strategies can help you claim a larger share of organic traffic from people who are searching for financial advice.

Content marketing means creating content, such as blog posts, eBooks or social media posts, that’s relevant to your target audience and optimized for search engines. Each time a prospect lands on your website or one of your social media accounts, you have an opportunity to collect a new lead.

Here are some strategies for enhancing your digital presence so that it’s easier for leads to find you:

Review your website analytics to identify the SEO keywords your site ranks for, and consider creating more content around those topics that you can link together.
Create social media posts linking back to your most popular content and regularly share them with your audience.
Use an SEO tool to analyze the terms your competitors rank for, and develop unique content for your site around those keywords.
Check your site’s page loading speed and navigation to assess how user-friendly it is and what you might do to improve it.
Register your business with Google and location-specific search directories, which can help you gain traction in local searches.

Keep in mind that if you don’t feel comfortable doing these things yourself, you could hire an SEO specialist to help improve your site and content.

2. Focus on Social Media

Social media is one of the most cost-effective ways to market your advisory business and connect with prospective leads. Your choice of platform and the content you create both impact its usefulness as a lead generation tool.

If you’re unsure how to leverage social media for leads, consider the following strategies:

Research which social media platforms your target audience is most active on. For example, are you more likely to find your ideal leads on LinkedIn, Instagram, Facebook or somewhere else?
Create content that fits the ideal format for each platform. For example, you might create a longer video for YouTube that you can repurpose into a shorter clip for TikTok.
Focus on value and engagement. Avoid “fluff” or rage-bait content and share insights that will spark conversations with your target audience.
Highlight your expertise and back up any claims you make with credible sources.

Create content with a clear purpose in mind. For example, if you want your followers to join your email list, your content should have a call to action (CTA) directing them to download your lead magnet or complete a contact form on your website.

You could also consider paid social media or search ads. This type of targeted advertising can be effective if you’re reaching the right audience. Results are not guaranteed, however, so you may want to test your ability to generate leads organically first before you pour money into ads.

3. Build a Referral Program

A group of advisors discussing lead generation options for their firm.

Referrals are one of the most valuable lead generation channels for financial advisors, as they’re a mark of your clients’ trust and confidence in you. And a referral program can encourage clients to increase the number of people they refer to your firm.

Here are some tips for building a strong referral program:

Offer an appropriate incentive. Clients may be more motivated to refer someone to you when there’s a reward for doing so. Advisors can pay for referrals, though there are some compliance rules to be aware of.
Define what constitutes a referral. For instance, will a client qualify for a referral reward if someone schedules a call with you? Or will the person they referred need to open an account with you?
Track your top referrers to see which clients generate the most leads, and which ones send the fewest number of referrals your way.
Be transparent with clients about why you’re asking for referrals and why you value their help in growing your business.

Referrals aren’t just for clients, either. Building centers of influence with other professionals, such as attorneys or accountants, is another way to generate leads. These types of arrangements are meant to be mutually beneficial, with referrals moving both ways.

4. Host Marketing Events

Marketing events can open the doors to lead generation if you’re meeting with prospective clients, either online or in person.

You can share some of your knowledge and learn what prospective clients need from you. The chats you have at these events can be a springboard to a deeper conversation about how you can help a prospect realize their financial vision.

Here are some marketing event ideas for advisors:

Host an informal, hour-long “lunch and learn” at a local restaurant or hotel
Set up a longer online seminar or webinar that takes a deep dive into a topic your prospective clients are concerned about
Organize an in-person or virtual workshop or mini-camp that extends over multiple sessions

The key to a successful event is choosing a topic that your target audience cares about. Your event format will determine how deeply you explore the topic.

Once you decide what you want to cover and what the event will look like, promote it on social media and tell your email subscribers about it. Try an email blast campaign to pique the interest of prospects who may have joined your list but haven’t taken the next step to schedule a meeting with you. Conclude events with a strong CTA that gets them on your calendar.

5. Work With a Lead Gen Partner

Lead generation can sometimes feel overwhelming if you’re testing different approaches but aren’t seeing the results that you’d like. Working with a trusted partner eases some of the stress of finding qualified leads who are searching for what you have to offer.

SmartAsset AMP, for instance, helps growth-focused RIAs connect with leads and gives them the tools they need to nurture those relationships. The platform’s holistic approach ensures that your time isn’t wasted and that you’re positioned to convert prospects to clients.

Curious about how it works? Schedule a demo to learn more about how SmartAsset can help you grow your business.

Bottom Line

Two advisors discuss potential lead generation options for their firm.

Leads can come from many channels; you just need to find the pathways that generate the best return for your business. As you plan a lead-gen strategy, consider how much time you want to dedicate to each channel and your overall marketing budget. Once you get the options nailed down, develop a system for tracking metrics so you can gauge each one’s effectiveness.

Tips for Growing Your Advisory Business

Building a website and creating social media profiles can help you establish an online presence, but they don’t represent the entire digital marketing puzzle. You’ll need to spend time on SEO and create content that builds your authority as you build an audience. If you’re looking for a more streamlined way to share your messaging, consider what advisor marketing platform. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
Any time you’re talking about marketing and lead generation, you have to talk about compliance. You should be aware of which regulatory guidelines apply to your business and what you’re required to do (or avoid) to remain compliant. For example, if you haven’t read up on the latest SEC marketing rule changes, that’s something you may want to add to your to-do list.