Trending
I’m constantly asked by financial advisors about how much I think they should pay per lead. It’s a pet peeve of mine. And my answer is always the same:
It depends.
It depends on how profitable you are, how much you charge per client, how much you’re willing to deal with headache clients, and the list of variables goes on indefinitely and is wildly different from business to business.
But that doesn’t explain why this question is a pet peeve…
The real problem with this question is that it reveals a deeper problem: The wrong approach to marketing your financial advice business.
I explain why it’s the wrong approach and reveal a more effective and profitable approach in today’s show. Listen now.
Show highlights include:
- Why wondering how much you should pay per lead is the wrong approach that leads to an unstable business (and what to focus on instead) (2:19)
- How worrying about the average marketing metrics of other financial advisors “neuters” your marketing (3:48)
- The weird way the lowest cost per lead can bankrupt your business faster (4:53)
- The single stupidest marketing strategy that tricks financial advisors into lighting their dollars on fire (7:58)
- How to leverage marketing assets and systems to pay a fraction of what other financial advisors pay on a per lead basis (and have a higher chance of converting them into paying clients) (11:20)
- The “no bad metrics” secret for reframing how you approach marketing that automatically makes each campaign more profitable (17:17)
Related: The 4 Areas That Will Make You Successful No Matter What Profession You Have