Financial Advisor Marketing Ideas to Find Your Next Best HNW Customer

Financial Advisor Marketing Ideas to Find Your Next Best HNW Customer

November 27, 2019
Sharanya Venkatesh

Are you a financial advisor or wealth manager who has wondered how to foray into marketing? Or maybe you have wondered if marketing is the right thing for your business. If so, we have the answer. You are looking for your next best prospects and financial advisor marketing ideas can help you find them.

As you know, the financial services industry has its own brand of challenges. Issues may stem from increasing competition. Similarly, there could be pressure from building a high degree of trust with customers. Whether you’re in retail banking or in wealth management, these issues may ring true for everyone.

What can you do to grow your customer base?

Financial Advisor Marketing Ideas

Before we begin to talk about ideas, it is first important to consider your financial services marketing strategy. Your strategy should fit with your overall business goals. For example, as a wealth manager or financial advisor, let’s say your goal is to have a personalized and niche luxury consulting business. This means that your marketing strategy will have to focus on HNWIs and UHNWIs. Your tone of voice must be personalized. Moreover, your advice must be tailored to customer needs. Your plan must take on a more concierge marketing type of approach.

Interested in learning more about marketing strategy in the financial sector?

Now, let’s talk about financial advisor marketing ideas. There is a lot you can do both online and offline.

Traditional Marketing Ideas

Here are three effective offline techniques you could use to encourage customer growth:

  1. Create curated events for customers. These events could educate them on financial topics. Alternatively, they could give your customers the opportunity to network with other business owners. Creating exclusive events that add value beyond your services will help build a lasting relationship with customers.
  2. Use direct mail in conjunction with other marketing efforts. Direct mail can have a great visual and tactile impact. Well-designed pieces of direct mail can be used as event invitations or sending thoughtful seasonal gifts. Doing this can help you remain top of mind with your customers. Further, sending them an interesting item that they can see in their everyday space could trigger conversations between them and their network about your company.
  3. Additionally, you can leverage your peer network’s inner circle to gain warm introductions to new prospects. When you receive a peer-to-peer introduction, there is a built-in sense of trust which shortens the lead time for customer acquisition.

Digital Marketing for Financial Advisors or Wealth Managers

You should complement your offline techniques with online ones. This brings us to digital marketing for financial advisors. Here are the top five digital marketing ideas for wealth managers:

  1. Leverage LinkedIn– when it comes to social media, you may choose to have a presence on channels such as Facebook, Twitter or Instagram. These might be good for you to widen your outreach, however, the most effective medium for you is LinkedIn. You can build professional credibility, seek recommendations from clients, grow your network and enjoy those peer-to-peer connections through this platform.
  2. Modernize your website- your website is your chance to make a digital first impression. Make sure that it is well-designed, optimized for different devices and most importantly optimized for search engines. Doing this allows you to rank highly on searches about wealth management, financial advisory and other relevant terms that could bring you leads.
  3. Feature testimonials & success stories- a proven track record inspires trust in customers and makes them more open to taking risks. Showcasing testimonials and success stories on your social media channels as well as your website helps you inspire trust among your customers.
  4. Use email marketing best practices- when it comes to reaching your customers via email, you may find that there are several different approaches. However, using email marketing best practices can make a difference. This means that your communication not only reaches your customers but also resonates with them.
  5. Leverage existing customers- most importantly, you must leverage your existing customers to help you find new ones.

How can you do this?

Follow our three-step financial advisor marketing plan.

Financial Advisor Marketing Plan- Find New Prospects Like Your Top Customers

  1. Screen your current customers- wealth screening allows you to add a breadth of information on customers. Understand their wealth, demographics, lifestyle, affinities and interests. With this, you can have more meaningful exchanges with them.
  2. Run a Look-Alike Model- Screening not only gives you rich insights but also provides a basis for analysis. Running a look-alike model helps you identify the top common traits among your best customers. These patterns can help you create more meaningful events.
  3. Find more prospects like them- You have now understood what your top customers are like. Hence, you can use these patterns as filters in your prospecting. This means that you will find new prospects who closely resemble your top customers. Thus, they are also likely to make decisions like your top customers.

You now have a much more targeted marketing plan to grow your customer base. You can now apply your financial advisor marketing ideas towards this base. In doing so you can enjoy a higher conversion rate on your campaigns while lowering your costs.

Find New Prospects Now

We can help you with every step of your financial advisor marketing plan. Request a demo today to see how you can kick off your three-step plan.

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