How to generate financial advisor leads

For any business, generating new leads is crucial to success. Leads are what fuel a business. Leads help a business to keep growing.

This is especially true with financial advisors.

The problem many financial advisors face, however, is that the traditional avenues for generating these leads (things like getting referrals, word of mouth, networking, etc) are slow, unpredictable and difficult to scale.

The solution? Lead generation… with a twist.

Instead of targeting everyone (which would waste time and money)…

What if you could only target people you knew were actually looking for your services?

Well, in this article we’re going to show you how you can do exactly that.

We’ll also explore the various ways to generate leads as a financial adviser and what your most effective options are.

Top tip: You can also watch the video version of this article by clicking here instead.

The biggest challenge for financial advisors

The biggest problem financial advisors face when trying to generate new leads is that they rely mainly on outdated methods of reaching their potential clients. These include referrals, word of mouth, and networking. As I mentioned, although these traditional avenues can work, many advisors find they are often unreliable and inefficient.

To put this is in perspective, imagine you’re at a business networking event. There are 100 people in the room, but only 3 are looking for your services right now. How would you know who they are?

You could go around and speak to every single person in the room… but this would waste valuable time.

In a similar way, many financial advisors are paying to advertise to everyone in the hopes of reaching a few who need their services.

While this can work, it wastes valuable time and money.

Fortunately, there is a smarter way to go about generating leads as a financial advisor.

The best lead generation options for financial advisors

When it comes to lead generation for financial advisors, there are two popular options:

  • The first is lead sharing, where you’ll pay less for each lead but, as the name suggests, you’re sharing it with around 3-5 of your competitors.
  • Another option is to go it alone or hire a marketing person or agency to do this for you, which can cost you thousands of dollars per month on testing and can take 3-6 months for you to see any results. But on the bright side, you’re going to eventually generate your own exclusive leads.

Can these lead generation options work? Yes.

But most advisors don’t like sharing leads. And many others don’t want to pay money and wait 3-6 months before seeing any results either.

So, what if there was an even better option?

What we do at Skyline Social, is similar to hiring an agency or a marketing person to get you exclusive leads, but different in two key ways:

1. We have exclusive in-market data targeting which we use to target people who are looking for your services right now, in your local area. This reduces your cost per lead by 25-75% vs targeting everyone in your market.

2. We already have battle-tested, working marketing and sales funnel (like all the ads, the ad copy, images, landing pages, etc) for financial advisors that works. This means you don’t have to wait months to see results – you’ll start seeing results straight away.

How does this tech work?

Financial Advisor In-Market Data

We can systematically generate exclusive financial advisor leads every month, with people who are actively searching for financial advisory in your area.

Using our exclusive technology, we track the internet behaviour of over 225 million Americans across the USA. We track real people, not IPs, bots or cookies.

When someone types into Google a search term such as ‘retirement investment’, ‘financial advisor’ or ‘wealth management’, for example, we can identify who that person is.

It’s important to note here the difference between this and Google Ads.

For one financial advisor related keyword alone, businesses pay Google an average of $20 per click. That’s per click. So it’s not even for a lead. Considering it will most likely take at least 50 clicks to get a lead, they are likely to be paying Google $1,000+ or more per lead. That’s a pricey lead.

Using our unique technology, we find out which people are searching for these keywords, without paying a penny to Google, and without your website having to rank on the first page of Google either.

Top Tip: To see some case studies of financial advisors using this technology to generate leads at 90% below the industry average click here.

Going from lead generation to lead conversion

Is generating leads the last step in this process? Not quite. A lead doesn’t equal a new client. Not yet anyway.

A lead means someone has expressed interest in what you do and would like to learn more…

But you still need to nurture your leads and build trust with them so they convert into a client.

Statistics show that 80% of the sales are likely to come from after the 5th touch point. Most advisors who generate leads only follow up once or twice, missing out on huge opportunities.

We recommend you follow up with the leads several times until they respond for best results.

You can even automate the automatic follow up messages you send out so it doesn’t take you a lot of time. When a prospect responds, then you can continue that conversation and get them on a call/meeting.

Want to learn more about how we this technology works for financial advisors? Watch the video here.