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Written by: Samantha Russell
Financial advisors always look for new ways to innovate and elevate their websites. And that’s for good reason, since the website is the lifeline and center point for all financial advisors. Behavioral science can help bridge the gap between client and advisor. Important information can be found there, and it’s essential to help convert prospects into clients. But there’s a glaring problem that many advisor sites face. Prospects tend to think that most advisors offer the same thing as their competitors. Perishing even found that over 60% of investors believe that most financial advisors make the same promises, making it hard to tell the difference between them.
That’s a big deal, considering most advisors need something that helps them stand out. Fortunately, communication can help you do just that. We don’t just mean communicating more, but focusing on effective communication techniques and using behavioral science. Morningstar even found that clients are 50% more likely to hire an advisor for emotional reasons than financial ones.
For that reason, we’ll be going over some of the best behavioral science techniques and tips that you can use to elevate your site design.
First, let’s establish what behavioral science is. In simple terms, it’s the scientific study of human and animal behavior. What makes people and animals behave a certain way and interact with their world? That’s what behavioral science is here to explain. And those ideas can be transferred over into the world of marketing and financial advisory. Below, you’ll see tips and techniques that can help you, as an advisor, elevate your website and potentially convert more prospects.
1. Establish a Site Emotion/Feeling with Behavioral Science
Have you ever been to a website and felt a certain way? Maybe you hopped onto Amazon and were excited. There’s a reason for that. Sites are designed in a way to make their visitors feel a certain emotion. Those emotions and feelings entirely depend on what emotion the site owners want to evoke. For example, during the holiday season, sites use cheery designs and colors to influence users to feel happy and relaxed so they can spend their money without worry. Everything designed on a website is done with behavioral science in mind (If it’s a good website, that is).
This is why you, as a financial advisor, should also be implementing this technique. People tend to worry about their finances, so the emotion/feeling your website should evoke is one of calmness and relaxation. To be able to put your clients’ minds at ease and let them know their money is in good hands. Of course, you’re free to establish whatever type of emotion you want, but always keep in mind that it plays a big part in how prospects and clients react to your website. So be sure to put some thought into it.
2. Focus on the Customer
Most advisors like to focus on their business when it comes to creating their website, and that’s not unreasonable. Unfortunately, the issue that arises with that is a disconnect between prospects and the website. Since you’re writing with your firm in mind, copy and imagery could come off as industry jargon or insincere. What you want to be doing is focusing copy and images towards your clients and prospects. Instead of writing in industry terms, try simplifying it so that anyone can understand it.
It’s important to remember that the people visiting your websites aren’t experts, and they might not even be experienced with finance at all. This means you’re their guide, and if you come out swinging with complicated terminology or images that look like puzzles to them, it won’t work out. Yes, it’s important to highlight what your firm can do for them and to show off any credentials you have, but at the end of the day, the website informs clients and pushes action.
3. Design and Color Theory Around Behavioral Science
Color psychology is research about how color affects human behavior and emotions. Different colors, hues, and tones bring up distinct associations that impact human mood and decision-making. In marketing, color can impact how clients perceive different brands and products. In our case, it’s all about the color design of the financial advisor website. This is partially the reason why so many big companies tend to use certain colors in their logo and website design. They want to evoke emotions and feelings through color.
Every color has its own set of emotional influences. For example, blue is calming and serene, red is exciting and powerful, green tends to be with health and hope, while yellow inspires optimism and happiness. This goes on for varying colors, but the basic idea is that each color represents a set of moods and tones. These colors can be used to evoke feelings, which is why it’s important for the advisor to pick the right colors for their site.
One thing to note is that money is significant to clients coming to you for help. So, you want to use colors that inspire a sense of calm or security. This is why you’ll see a lot of advisors using shades of blue and green since each evokes positive feelings and emotions. If you want to learn more about color theory and the influence of each color, check out this article.
4. Use Solution-Focused Language
Next, let’s take a look at the reason most people will visit a financial advisor’s website. It isn’t to find recipes or for local places to eat but for solutions to their financial dilemmas. Whether that be when they should start saving for retirement, how they should do it, or other financial concerns they may have. They’re looking for solutions. So, your website should focus on using solution-based language instead of wedging in buzzwords wherever you can.
Sure, buzzwords can be great for your SEO, but they don’t help the client, and they don’t convert prospects into customers. When describing your services, use words that offer solutions and ways to fix clients’ problems. For example, instead of saying, “We offer a variety of ways to solve your financial woes.” Include the services you provide and how they can and have helped clients. This way, site visitors can understand the exact services you describe and see if they fit their needs. Making them much more likely to engage with you and become a potential convert.
5. Speak To Your Audience’s Interests
Your audience can tell you a lot of things about how to run your business as long as you take the time to listen. This is why it’s so important to speak to their interests and attract them. A big problem that a lot of customers have is that they expect a service to be a certain way and then receive something different. There’s a huge gap between client expectations and services rendered. That’s why you need to talk about what is on their mind before they begin to seek answers elsewhere.
Don’t be the advisor that loses potential clients because of communication. When engaging with prospects, be sure to share exactly what they should expect from your services so there’s no surprise service gap. What you tell them is what they’ll get. Content is a great way to fill this gap, as it shows off your expertise and helps highlight what you bring to the table regarding your services. The most important thing to remember is that you need to offer a variety of services, and the list above shows what clients tend to assume they’ll be receiving. So, if you offer it, be sure to highlight that, and if you don’t, be sure to explain why you may not to prospects.
Wrapping Things Up on Behavioral Science
It’s pretty clear to see that behavior science plays a big part in marketing. It doesn’t matter which industry you’re in, the human mind works the same. That’s why it’s so important that financial advisors think about how they present their website to prospects and clients. Certain aspects can help increase conversions, while others might cause prospects to abandon ship. Keep these techniques in mind while designing your site, and you’re sure to see an improvement.
Related: Advisor Holiday Marketing Checklist