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In June, Red Zone Marketing conducted a survey of 641 financial advisors to see how they are operating, what they are facing in their businesses right now, and… how they are marketing given social distancing.
We will release more information about the survey but wanted to start with the top marketing ideas that were uncovered, and our subsequent research into the specific resources for conducting these activities on your own.
The study was conducted June 15-19, 2020 and responses came in from advisors from more than 50 Broker Dealers as well as RIAs from across the United States. The survey was sponsored by Incapital.
Here are the 10 ideas being used successfully by financial advisors to generate new business right now.
1. Add a virtual entertainment/introduction event.
Financial advisors have found success doing virtual wine tasting, virtual bingo, and virtual traveling around the world. These events are entertaining ways to connect with your clients AND are powerful referral catalysts. It’s easy for a client to invite a friend (your new prospect) to join a fun event like virtual wine tasting.
2. Add a virtual prospecting/educational webinar or a virtual seminar.
Just because you are not face-to-face doesn’t mean your prospecting has to come to a halt. Advisors across the country are finding virtual prospecting events to be much less expensive and effective. Resources being used by financial advisors are here: Leading Response and White Glove.
3. Use LinkedIn Sales Navigator.
One of the most profitable ways to reach new prospects is to use the vast resources of LinkedIn Sales Navigator. It is a paid tool within LinkedIn that will help you build targeted connections, follow up, deliver valuable content, and schedule qualified prospect calls. Social Advisors has a program that will do it for you if you don’t want to take the time to do it yourself.
4. Upgrade your value proposition.
Address the biggest fears of clients and prospects right now in your value proposition. Use the method designed by prospecting consultant Caryn Kopp to help you stand out. Fill in the blanks when standing apart from your competition:
Any financial advisor can ___________. But I ______________.
For example, ______________.
Here is how one financial advisor uses this:
“Any financial advisor can help you invest in the stock market. But I also help protect what you have. For example, we help our clients invest so they can experience gains when the stock market is up without losing it all when the market goes down.”
5. Update Your Website.
Now is the time to address the volatility in the markets and what you are doing about it. Add short articles and videos sharing how you are dealing with the situation with your clients as well as helpful tips and resources. When a site hasn’t been updated to reflect what is happening and people’s biggest fears, it may appear that you are ignoring that this is happening.
6. Add a call-to-action to your website to engage prospects.
Add an offer for a report or even a planning session that is compelling to your target audience. These could include:
Download our newest report, “Insights to Help You Navigate This Unprecedented Period and Stay on Track to Your Goals”
–Or–
Contact us today about our FREE PLANNING SERVICES for executives facing furlough, layoff, pay reduction, and/or retirement postponed.
7. Post Valuable Content.
Use content marketing to post interesting content – blogs, podcasts, videos, webinars on topics deemed interesting by your target prospects. For instance, release a quick video on a topic that speaks to your target market. One advisor has just recorded this: “Within 10 Years of Retirement? Learn 5 strategies for growing and protecting what you have during volatile times.” And, if you don’t want to create content and manage it on your own, consider Lead Pilot – they have an amazing, one-of-a-kind portal for truly driving leads to you through content marketing.
8. Have a Referral Strategy for Right Now.
Isn’t it a great time for a second opinion? Check out some ideas inspired by the referral authority, Bill Cates. Consider ending your conversations with clients and strategic alliances with a version of:
When the world goes as haywire as it’s done lately, there may be many of your friends and family members that are questioning their financial advisor and financial plan. If you know someone who may need a second opinion, I hope you will share us. No cost, expectations, or strings attached of any kind.
– Or –
I know there are a lot of executives like you who are navigating their finances, investments, benefits, and future. If you know someone who could use some guidance, or even a second opinion, just let me know. This is WHY I became a financial advisor – to help. [the client or strategic alliance answers] Would you mind if I sent a brief email introduction and cc’d you?
— Followed by an email—
To: Maria
cc: Alexis
Subject Line: Maria – Alexis Smith suggested I contact you
Message: Hi Maria, My name is [FINANCIAL ADVISOR]. I’ve been doing some financial work with Alexis and she asked me to reach out to you.
I specialize in financial planning for executive women like you and Alexis, who want to focus on what you do best – doing your job and having balance with your family – especially during these turbulent times.
Based on Alexis’ urging, I’d like to schedule a brief call (10-15 minutes) to see if it makes sense to continue the conversation. May I send over some time slots for you to consider?
9. Tell Your Story.
Now more than ever, make sure you and your team are sharing insights into who you are as people. Consider making your bios more personal – maybe even recording a video bio. Add pictures that show what you like to do when you are not in the office. Tell your personal “why I am in this business” stories. Let people really get to know you … virtually.
10. Share your new policies for protecting clients.
In this age of fear and uncertainty, give your clients and prospects a reason for confidence. The more confidence you can instill, the sooner you will be able to resume more face-to-face meetings, safely. For instance, you may require masks, you may have temperature tests daily, or maybe you will just have everyone stay physically distant.
Related: Executing the ABCD’s of Your Content Marketing Campaign