Digital Marketing Strategies For Wealth Management

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I want to discuss why most digital marketing strategies fail and what I would include instead.

Alex Curtis - Founder

“I want you to think less about where to market your business (Google, Linkedin, Instagram etc.) and more about the client.

Because If we know what people consider when choosing an adviser or firm then we should build our digital marketing strategy around this.”

Listen to the ‘Digital Marketing Strategies For Wealth Management’ podcast episode below.

Why do most digital marketing strategies fail?

Never get started or fully roll out the strategy

Firstly some never start because it’s a lot of effort, most firms don’t have a marketing manager let alone a team to get the work done.

It’s rare to see firms roll out a full digital marketing strategy because of the barrier to entry (so don’t feel bad if you haven’t yet).

Financial advice is boring

There’s a perception that financial advice is boring, firstly it’s not. It also doesn’t matter, they have Netflix for entertainment.

If you can make people smile, great, but if you force this it can become contrived. Don’t worry about the entertainment for now. If someone has a problem and you have content with a solution, if the problem is big enough they’ll be interested in your solution.

You don’t have to make something more exciting than it actually is.

Compliance barrier

Then there’s compliance, people telling you what you can’t say!

When you go through all that effort and it doesn’t immediately bring results (it rarely does anyway but that’s most people’s expectations) it then feels like even more effort to start again.

When you start educating your prospects rather than selling to them compliance rarely becomes an issue.

Tracking success

Do not trust the anecdotal feedback from an adviser, the client or even from yourself (if you’re servicing the leads). Most people will not enquire on their first visit to your website if they really want to work with you they’ll most likely call.

This makes tracking the source of that enquiry hard (not impossible) to track.

Here at The Lead Engine, we track the source of every phone call down the channel (Google Ads, Organic, Direct, Social) right down to the keyword (what they searched to find you). Then each enquiry has a source which is then scored based on the quality of the enquiry.

This enables us to fully report on the cost per acquisition of a client right down to the source.

If we trusted what clients told advisers about how we found them, what the overall quality is like, then we would spend money on the wrong things.

These tools and processes are available to everyone it’s just another thing to understand and learn so most people avoid doing it (don’t feel bad if you’re not! There’s so much to think about and some of these tools are quite expensive).

Saying what you want rather than what they want to hear

However, the biggest problem is most people market and advertise what they want to say rather than what their prospect wants to hear.

This is perfectly natural behaviour, we all do it or have been guilty of doing it.

It’s not what you want them to think about you that’s important.

Most position themselves as some kind of hero rather than a guide. They try and big themselves up, make themselves look important and successful.

Rarely do people put themselves in the client’s shoes and think from their perspective, that’s why most fail.

How can we avoid failure in our digital marketing strategy?

Understand the consumer mindset and approach

Your prospect has something to lose (their wealth) and they are looking to avoid loss.

Nobody likes to be sold to and they don’t want to feel stupid either. So often people want to understand what you do and how it works before they’ll make contact with you.

I believe it’s human nature that they look for someone they can trust to not lose their wealth first, to be tax-efficient (avoiding loss) second and to grow their wealth third. The order of priority is to protect their wealth first.

This is why advisers have traditionally grown their client base via referrals.

One person telling another person that this adviser has really looked after me and I trust them enough to recommend them holds a lot of weight. It puts them at ease (less likely to lose)

If you know why people choose an adviser or a firm you’ll then know how to market to them

Trust is key, and fortunately, there are other ways to build trust other than referrals.

Rapport and likeability is high on the agenda too. A referral normally comes accompanied by a statement like “you’ll like him/her they are straight-talking”.

People buy from people, especially service-based businesses.

They don’t want to be sold to and they want to understand enough to not feel stupid speaking to an expert.

Put this all together to build your strategy

When someone looks for a wealth management firm (Google) they are looking for someone they can trust (evidence happy clients). They’ll work with someone who they like and have rapport with (showcase your advisers) and want to know more (educate them).

Looking for a wealth manager

Social media is great but nothing beats getting in front of someone when they are actually looking for you.

Most firms avoid Google because it’s more complicated and people often say “it takes years to get on page one”. It seems like there’s more reason to avoid it than pursue it but that’s where people look.

Here at The Lead Engine, Google Ads and SEO is at the forefront of all our digital marketing strategies for financial advice firms.

Evidence happy clients

Most people will look at your third party reviews (Google reviews, Trustpilot etc.) or will want to see them.

Showcase your advisers

When you get an adviser talking about what they do people can then get a feel of what it’s like to work with them.

Unfortunately, if you put a camera in front of someone they don’t act like themselves and it can come across as contrived and clunky.

When you remove the visual element advisers become more relaxed and can be themselves.

Here at The Lead Engine we informally interview our client’s advisers on a podcast format about specific topics related to investing and financial planning.

These episodes can be embedded on a web page much like a YouTube video.

It allows prospects to hear an adviser and build rapport before they call you.

We then use the questions and answers to create written articles that both Google and people love too.

Educate them

If these podcast interviews are conducted informally and are educational (rather than sales-driven) it will also make people more comfortable to call.

They’ll understand the adviser’s role and what to expect.

Slow Burn

Unlike other financial services like mortgages (have something to gain rather than lose) people don’t often enquire on the first visit to a website.

They’ll engage with content, read, listen and browse. They’ll leave and if they like what they see they’ll come back (maybe after discussing with a partner).

Remind them

If you have created lots of relevant content then you’ll have enough variety to advertise to people after their first visit to your website.

The technical term is remarketing.

You can create a custom audience of people who have visited your website then advertise to them on LinkedIn (or any social media platform) and on other websites (within the Google Display Network).

As long as you don’t have one advert with just one message (which could annoy people) remarketing can be that gentle reminder to get in touch.

Where does social media fit in?

If you’ve created lots of educational content then share it on social media.

Get your advisers to engage with the content and share too.

Just remember when it comes to social media most of your audience isn’t ready or maybe even contemplating your services so don’t expect huge amounts of enquiries this way.

Want someone to do it for you?

We specialise in online marketing and lead generation for financial advice firms.

We have an in-house team of marketers, designers, web developers, podcasters (we interview a lot of advisers!) writers and a solid administration team.

By working with you and your advisers we can roll out a strategy to build your enquiry pipeline and generate more leads. 

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