Author: Sydney

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How To Target High-Net-Worth Individuals

A lot of financial advisers want their marketing to specifically target high-net-worth individuals (HNWI). They think that content like “How to Manage $10 Million Effectively” or “Investment Alternatives For the Daring Millionaire” will help them land more high-net-worth (HNW) clients.

Contrary to common sense, many HNW clients aren’t interested in being pitched this kind of content. More often than not, it’s a turn-off because most HNWIs don’t see themselves as rich, to begin with. Brent Kimball of Kimball Financial, and member of the Million Dollar Round Table (MDRT), even said, “My clients don’t view themselves as wealthy, including one client who is in the top 1% income bracket.”

Instead of focusing on your ideal clients’ net worths, create more relevant content through proper segmentation that allows you to address pain points, talk about hobbies, and share interests. As you learn more about your prospects, you’ll find that HNWI have similar interests, needs, and pain points as your other prospects.

More High-Network Clients

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Alternative Content Marketing For Financial Advisers


As a financial adviser, you probably find the science behind finance super interesting—and we agree with you. But we also have to acknowledge that most people find financial matters confusing, mind-numbing, and even scary at times. Sending your clients weekly emails on investment tips or retirement planning is useful, but it also gets repetitive—kind of like someone who won’t stop showing you pictures of their kids.

Educational emails are great for establishing expertise and providing value, but all of that value is dead in the water if your clients never open your emails—which you risk if you flood them with too much nothing-but-finance content.

Break the monotony and increase engagement by adding a financial spin to topics your clients already care about. It’s also an opportunity to add some personality and fun to your brand and your relationships. Talk about celebrities. Talk about travel. Talk about financial scandals or how personal finances might work in your favorite sci-fi universe. We love putting this into practice— one of our favorite (and top-performing) campaigns was about celebrity money mistakes.
Let’s break down why this works so well.

Financial-Adjacent Themes Create More Engagement

In our 2020 and 2021 State of Digital Reports, we gathered data from 52,906 campaigns and 16,214,916 emails that our members sent to their clients and found that more than half of the top-performing engagement campaigns contained financial-adjacent content.

Clients opened emails that they could relate to or were interested in. For example, we found that many clients see themselves as “News Readers,” meaning they are interested in current events. It only follows that one of our top-performing campaigns in 2020 was “25 of the Most Interesting Things That Happened in 2019.”

Additionally, in 2020, our top five email subject lines (based on open rates) didn’t even mention money or finances. In fact, one of our best-performing subject lines was “Practical advice (and Frodo’s lesson).” Continue reading Alternative Content Marketing For Financial Advisers

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Viral Loops and Referral Flywheels – A Marketing “Hack”

Marketing on autopilot is every financial adviser’s dream. Everyone (not just financial advisers) wants a magical marketing hack that continuously generates qualified leads, referrals and new clients without them having to lift a finger.

We’ve got good news—the “magical marketing hack” exists; it’s called a viral loop or referral flywheel. A viral loop is a marketing tactic that relies on delighting clients enough that they share your service or product with friends, family, colleagues, and other people in their networks. These set-and-forget viral loops are all about the prep work. After investing some time and effort into your system’s initial momentum, your marketing will start to run itself.

We used data that we collected from millions of campaigns and hundreds of thousands of emails to create a viral marketing loop specifically for financial advisers: The Cold to Gold Framework. We’re here to help you get the ball rolling so that, eventually, you can spend way less time every month on your marketing and focus on growing your business.

Referrals for Advisors, Marketing for Advisors, Viral Loops Marketing

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Why Questions Are Key to Converting Prospects

When you finally get a prospect on the phone for a sales call, it’s easy to think your primary job is to explain the benefits of your financial services right off the bat. And because of that, you spend most of the conversation explaining why you’re the best financial adviser for your prospect’s needs.

These assumptions actually hurt your credibility. They signal that you don’t understand your prospect’s issues and might not be a fitting solution. Instead, ask open-ended questions and listen. This is the best way to demonstrate that you care about your prospect’s unique situation and will think critically about a solution.

Prospects don’t choose financial advisers because of the number of services they offer; they choose advisers based on who has that one solution to their specific problem. Asking your prospects multiple questions will allow them to identify their problems using their own words. It will also help you grasp the full extent of their problems and offer a bespoke solution to establish yourself as the only logical choice.

Statements tell, questions sell, content marketing for advisors, clients and prospects for advisors

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What Success Looks Like for Financial Advisers

8-minute Read | 9-Minute Listen

 

Marketing benchmarks and success look different in every industry and for every business. For example, the average email open rate in the business and finance industry is 21.56%, while the average open rate for government emails is 28.77%. Apart from industry, other factors affect performance like company size and maturity.

Industry averages tell you how other businesses are doing and let you know how you’re doing in comparison. At the end of the day, you need to define what success looks like for your business by analyzing past performance to create your own benchmarks.

Here are the most important metrics on social media, for emails, and for referrals and how to find them:

(Note: All industry averages in this article are specific to the financial industry unless otherwise indicated.)

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How Can Advisers Generate More Leads

In our 2021 State of Digital Marketing Report, we found that our top 25% of highest-performing advisers, in terms of marketing, massively outperformed everyone else. They have more contacts, get better landing page conversion rates, and—most importantly— they generate more leads.

 

 

But our top advisers aren’t spending exponentially more money or time on their marketing than anyone else; they’ve just hit on some simple, effective strategies. We’ve compiled a list of what our top advisers are actually doing to help you build or adjust your own marketing strategy and get better results.

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How to Prioritize Your Marketing Plans

Before reading this guide, take our quick 5-minute quiz to get your Marketing Opportunity Score and specific marketing tips that will boost your revenue.

 

Most advisers think that to get results out of their marketing, they need to do it all. Organizing events, setting up lead generation campaigns, emailing all of their clients and leads every day, spending countless hours on social media, creating videos, setting up ads—the list goes on.

Spending too much time (and money) on marketing means the average adviser ends up spending a whopping $3,119 to get one single client—$519 in hard dollars and $2,600 in time costs.

We’re gonna let you in on a secret: you don’t need to dot every I and cross every T to see a return on your marketing efforts. Continue reading How to Prioritize Your Marketing Plans

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Financial Adviser Marketing Campaigns That Work

7-minute read | 8-minute listen

Every year, we create a Half Time Report to identify which of our campaigns have performed tremendously well. This year, we analyzed almost 10,000 campaigns, around 36,000 social media posts, and over 10.5 million emails that our members from all over the United States sent to their target audiences.

The results are in—and we wanted to highlight 6 unique, high-performing marketing campaigns that our members personalized and then sent to their leads, prospects, and clients that got a ton of clicks, opens, and responses.

The one thing they all have in common is a deep understanding of their audience’s needs and concerns. These six pieces of content will show you how timing, genuine care, and reliability all play a part in getting you results from your marketing efforts. Continue reading Financial Adviser Marketing Campaigns That Work

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The Framework to Boost Your Marketing ROI

12-minute read | 16-minute listen

The average financial adviser sees an email open rate of 24.8% for their marketing emails and a landing page conversion rate of 6.2%. For the average Snappy Kraken member, those numbers are 29.5% and 9.9%, respectively. How do they do it? Simple. Using the Cold to Gold Framework.

The Cold to Gold Framework isn’t an ultimate marketing guide that pretends to know more than it does. It’s a six-step, data-backed marketing strategy that capitalizes on relationship-building to get you actual conversions. It’s based on the principle that the most important objective of your marketing should be to build relationships, foster trust, and become the go-to resource for financial questions and services.
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Prospect Nurturing to Generate Clients

6-minute read | 8 minute listen

Let’s say you want to start a vegetable garden. You buy the seeds and put them in the ground, but you can’t expect a bunch of ripe tomatoes the very next day. You need to nurture those tomato seeds to get some fruit.

The same thing goes for your financial adviser marketing efforts. You can’t generate leads, leave them to their own devices, then expect a sale. You need to nurture those leads to get loyal clients.

Lead generation is your first point of contact with a potential client, but lead nurturing is what builds that meaningful client-adviser relationship. Showing your potential clients you genuinely care for their well-being by producing helpful, empathetic content will help you increase sales, build relationships, and foster trust.
Continue reading Prospect Nurturing to Generate Clients