Inbound Marketing

7 Ways to Generate Leads for your Financial Advisory Business in 2020 and Beyond (Without Cold Calling)

Let’s face it: it’s 2020, and cold calling isn’t effective anymore. So, what strategies can financial advisors utilize to generate more leads? Samantha Russell, CMO at Twenty Over Ten, is answering that exact question today. We’ve got seven applicable tips for advisory firms to use in order to increase lead generation in 2020 and beyond.

Video Transcript

You don’t want to make cold calls anymore, right? Of course you don’t. It’s 2020, and cold calling just doesn’t work to drive new business successfully. So today, I’m going to break down for you seven strategies you can use- instead of cold calling- to grow your business through 2020, 2021, and beyond. I’m Samantha Russell from Twenty Over Ten, and let’s jump right in.

But first I want to tell you a quick story. So there’s an advisor client that we work with, and he works specifically with corporate executives. And what he found in one month was that 37 people found his website from searching terms related to capital gains and taxes; of those 37 people, 15 booked a meeting on his calendar through his scheduling app to meet with him and to learn more about how he could help them. So that’s a 40% conversion rate, that is insane. But 37 people visiting your website might not sound like a lot, right? The goal of your website and the goal of all your marketing is to connect with the right people, not a million people.

1. Define Your Niche

So tip number one, define your niche. The more targeted you are in who you work with, the more specialized content you can create and the more that the right people will find your website after doing a search with a particular question that they have that you can help them answer. So tip number one, define your niche as granular as possible.

2. Create a Powerful, One-Line Value Proposition

Tip number two, create a one-line value proposition. So let’s juxtapose these two: “I help people get to financial freedom.” Boring! Doesn’t help anybody, right? It doesn’t help you think, “Oh, that person works with people just like me.” But let me read you two other value propositions that clients of ours at Twenty Over Ten are actually using.

Delucia CPA Value Proposition Financial Advisor

“We work with tech-savvy dentists, eye doctors, physicians, & veterinarians that want a better solution to their taxes and their financials.” That’s number one.

Number two: “We specialize in helping sales professionals build strategic financial plans that take into account the high pressures, potential job volatility, time demands and variable compensation structures inherent in the sales profession.”

Both of those value propositions are packed with information helping the person that you’re trying to connect with understand how you are an expert in helping other people just like them with the problems that they have. So tip number two, create a powerful one-line value proposition.

2. Become a Thought Leader

Okay, tip number three: become a thought leader. I love this quote from Jason Fried, he said: “Instead of trying to outspend, outsell or out-sponsor your competition, out-teach them.” And that is because in today’s world, we are no longer sold to. We have a problem, we go online and we look for solutions to that problem. So the more you can teach others what they need to know, give that information away for free, the more people will end up coming back to you looking to work with you because they see you as an expert. So tip number three is become a thought leader.

4. Leverage Google Reviews

Tip number four, leverage Google reviews. A review and a testimonial are not the same thing, so please do not get those confused. Google is the publisher and they are in control of the review, so if people leave a review for you, it does not go against compliance rules and it’s okay. The only thing you want to make sure you do:

  1. Don’t ever ask for reviews in writing
  2. Don’t like or comment on any reviews, whether they’re positive or negative 
  3. Do not republish those reviews anywhere else

So as long as you do those three things, you are good. Reviews are social proof, and Google wants to see how others are liking your business, how good of service you’re providing, if you’re doing what you say you do- it’s lending authority to your business. So the more reviews you can get, the more positive reviews you can get, the better.

Google Reviews financial advisor

5. Use Case Studies to Create Social Proof

Alright, tip number five is to use case studies to create further social proof. So of course you cannot talk about and interview a client that you necessarily helped and go into all the details, but you can talk about in generalities: how you’re helping people solve real problems. So I love this tweet here from an advisor. He’s saying student loan planning can be one of the biggest value adds for clients that we work with, and then he says for new clients in the wrong payment plan and not filing taxes correctly, he made two tweaks to save them over $5,000 a month; it’s one of the few planning areas you can show savings immediately and show how powerful.

So I love this because it’s social proof, it’s showing that he knows how to make small tweaks to find those small little areas that can add up to big savings in your financial plan.

6. Claim & Optimize Your Google My Business Listing

Alright, tip number six: claim and optimize your Google My Business listing. Google My Business is a free app that anyone can use. It allows you to tell Google exactly what your business is all about, and it allows you to actually get found more by the right people.

  1. So step number one, you want to claim your Google My Business listing.
  2. Step number two, include categories that you want to increase the chances of your firm showing up for.
  3. Tip number three, you want to make sure you have a full business description.
  4. And then add six or more photos, because the more photos you have, the more Google likes that and it will often show your listing more than others. So you can add a picture of your office of your team, whatever, just six or more photos.
  5. And then make sure that your listing is local. You want to have a local phone number. That really helps show that it’s local to the area.
  6. And then, of course, get reviews like we talked about.

7. Prioritize Two Social Media Platforms

Okay, and then the last thing to go from cold calling to an inbound growth strategy is to use social media. So pick two platforms you want to be the most active on, and go all in on those platforms. I want you to try your very hardest to post at least five times a week on the two platforms that you have chosen, and post a variety of content types.

So videos like this, it can be a podcast, it can be a checklist, it can be a really cool image, it can be a link going back to your blog- but every single time you post, you want to make sure you’re including hashtags that you want to get found for. And don’t think about the hashtag that you are using, think about the ones that your potential audience would use. So for instance, when I post this video I’ll use a hashtag like “#wealthmanagement” or “#financialplanning” or “#investmentmanagement”. That’s not what this video is about, but those are the hashtags that my target audience is following. So if you work with physicians or dentists, think about the hashtags that they would follow and use those hashtags when you post.

I hope that these seven tips are helpful to you. We will put a link below to a full blog post that explains how to use all of them in much more detail, but again, remember: no longer are people being sold to. Cold calling does not work the same way that it used to. Instead, you want to utilize an inbound marketing strategy, because that is the best way to grow in 2020 and beyond. I’m Samantha Russell from Twenty Over Ten, and if you liked this video give us a thumbs up and subscribe because every week we drop a new video just like this one to help you grow your business through inbound marketing.

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About The Author

Katrina Herrera

A part of Twenty Over Ten’s digital marketing team, Katrina is passionate about creating content for others to enjoy. You can typically find her with an Americano in hand as she makes (yet another) bucket list, writes songs or watches wedding videos.