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Do you have a marketing plan for impact?

Starting a new independent RIA is an exciting time, but it can also be overwhelming. One of the most important things you can do is to develop a strong marketing program. A defined marketing strategy will help identity your target market, develop a strong strategic message, and choose the right channels/platforms. It will also help you track your results and adjust as needed. Advisors with a defined marketing strategy are generating 2X more leads (5.6 leads) from their websites each month.

  • Do you have a defined marketing strategy with clear marketing objectives?
  • Do you have a value proposition and mission statement?
  • Do you know your target audience?
  • How do you currently reach your audience?
  • Who do you want to attract through your marketing?
  • What channels do you use?
  • How much do you spend yearly on marketing?
  • What metrics do you track?
  • Do you have a niche practice or specialization? Can visitors to your website recognize that specialization within four seconds?

Do you want to expand your prospect pool online?

Financial advice was once a strictly local business. But we’re seeing a shift. On average, advisors now report that 27% of their business is outside their local area. We see 33% of advisors intend to do more prospecting beyond their local area. Also, growth-focused advisors are successfully landing new clients on social media, with advisors citing LinkedIn and Facebook as the most effective platforms. 57% of advisors with a defined marketing strategy converted to social media lead to a new client, compared to 36% of those without.

  • Are you taking advantage of the shift of doing business outside your local area?
  • Do you utilize Search Engine Marketing tactics like paid digital advertising to increase your profile online? (e.g. Google Ads, Bing Ads, etc.)
  • Have you added your practice to local listings and directories such as Google My Business, Yellow Pages and any of 100+ other options?
  • Do you use LinkedIn, Facebook and/or X (formally Twitter) to connect and resonate with clients digitally?

Is your website worth the clicks?

Think of your site as a means of generating business. It’s a form of communication — and communication best practices must apply. That means being direct, concise and adding value for visitors. Content must be targeted, relevant and insightful. 

  • Does your website include content that speaks clearly to, and educates, your target audience?
  • Does your website convey to your clients and prospects what’s in it for them?
  • Does your website clearly reflect who you are, who you serve and your areas of focus?
  • Does your website emphasize the value of professional guidance and demonstrate your expertise?
  • Do you use Google Analytics to measure the performance of SEO and traffic?

Is your website a lead magnet?

Nearly one-third of advisors (31%) plan to increase their website spend in 2023. However, a similar percentage (32%) report that their website does not currently generate leads. One of the main causes: content that doesn’t hit the mark for their target audience.

  • Do you provide relevant content on your website?
  • Do you have a “Knowledge Center” or “Insights” page to post thought leadership, curated content, etc.?
  • Do you use plain language?
  • Do you personalize the experience?
  • Does your website have a smart call to action and quick, simple ways for them to get in touch (online form, phone, etc.)?

Do you cater to your niche?

When advisors were asked “What is your number one piece of advice for a new financial advisor who’s looking to grow their practice?” many said “Develop/find a niche market and define your market.” There are many ways you can specialize your practice. Consider life events, topics of interest, channel preferences and more to ensure relevance and establish your expertise among key segments. Then, develop marketing programs that align these preferences to your services for maximum impact.

  • Do you segment your contacts and group them together? This allows you to provide more customized communications.
  • Do you have niche programs for each segment? Review what you send to them now vs. what would be more relevant to their preferences.
  • Do you provide ongoing education on emerging trends and topics?
  • Have you tried to capitalize on artificial intelligence?

Please contact us to schedule a consultation.

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