Financial Advisors: Don't Go Fishing in the Forest

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If you are looking for a prospecting tip think about this:

  1. Relatively few financial advisers are really pro-active marketers, let alone masters of it.
  2. The majority of affluent investors hang around with other affluent folk.
  3. The Holy Grail for many financial advice professionals is to attract affluent clients and ONLY deal with them.
  4. Relatively few financial advisers hang out or market to the places where affluent folk are.

It doesn’t really matter if “affluent investors” is not your target market. The point is valid regardless of what your target market is:

You have to go fishing where the fish live.  There’s not a lot of fish to be caught in a forest.

Many advisers SAY they want to deal with certain types of clients.  Yet, they don’t go where the clients themselves are.  Then the advisers wonder why they can’t find the right types of clients.

Clearly the majority of financial advisers are not using the right methods or hanging about in the right places to network with their ideal prospects.

For the example we’ll work with the “affluent investors”.  There are some compelling statistics that support the contention that social media might be handy if you wanted to find them.  For instance:

  • nearly 90% of affluent investors are active on social media
  • 36% are using social media to research their choices
  • 1 in 2 use social to CONNECT with professionals.
  • 1 in 3 use social to CONSUME professional content.

“The research also shows that context matters when evaluating financial decisions, and the mass affluent are investing time on LinkedIn with the goal of getting something valuable in return. Conversation and content are key drivers of influence in financial decision-making on LinkedIn, and the study shows there is a higher degree of trust in financial information on LinkedIn than on other social platforms”

Regardless of who your target market clients are, figure out where they go to research choices and get information. Figure out where and how they connect with the other people in that target market segment.

Be there, and deliver the type of content and engagement that they value and you are half way home.

Related: How Advisors Can Convert 70% of Their Opportunities