Digital Marketing Opportunities
The Internet is a powerful resource for investors who are seeking financial advisors:
- They have access to vast amounts of public data
- They can visit multiple advisor sites in minutes
- They maintain their anonymity while they view information
- They select the advisors they want to interview
- They initiate contact with advisors when they are ready to intervew them
This also makes the Internet a powerful marketing resource for financial advisors who have Internet visibility, website traffic, and websites that convert visitors into leads.
Digital Marketing Challenges
Getting it right is tougher than you may think. Every financial advisor has a website. But, very few advisor websites produce leads:
- Investors have to be able to find advisors on the Internet
- Investors have to visit advisor websites
- Advisor sites have to be competitive with other sites
- Investors have to contact advisors
People Who Know You
Some investors have two characteristics:
- They already know your firm
- They have chosen not to contact you
Why not? What is holding them back?
Even if investors know you they will use the Internet to learn more about you.
This is your first digital marketing opportunity – the low hanging fruit.
People Who Don’t Know You
The bigger challenge is reaching people who do not know you – lets call them strangers.
This is your biggest digital marketing opportunity and also the toughest.
Whereas, people who know you enter your URL to visit your website, strangers have to be able to find you on the Internet and be directed to your website.
Types of Investors
There are two primary types of investors who use the Internet to find, research, and contact financial advisors:
- Investors who are replacing current advisors
- Investors who are seeking their first advisors
Most investors are going to be cautious when they use the Internet to find financial advisors. In particular, investors who are replacing advisors. They do not want to repeat past mistakes.
Replacement Market
When investors use the Internet to find financial advisors, it usually means they do not have other resources they trust (friends, family, associates, professionals) to refer them to the best advisors.
For example, a family is relocating and wants a local advisor in their new location. They use the Internet because they do not have local contacts who can refer them to top quality advisors.
First-Time User Market
There are several types of first time users:
- DIYs no longer want to manage their assets
- Selling another asset (stock, real estate, business)
- Rolling assets from a 401k to an IRA
- Recently widowed or divorced
- Inheritance
Sources of Referrals
It makes sense that the first places investors turn to, when they are seeking advisors, are friends, family, associates, and other professionals (CPAs, attorneys) for the names of credible, trustworthy advisors.
However, even when they are referred to particular advisors, cautious investors will still use the Internet to research them before they initiate contact.
Your Best Source
Why is digital marketing your best source for new clients? Investors visit your website, like what they see, and contact you. This fits the definition of a warm lead.
