Mythbusters Monday: How Your Lackluster Website is Hindering You From Growing Your Firm’s AUM
Why Your Advisor Website Is Crucial to Growing Your Firm’s AUM
When visitors land on your website, they scan it to make sure it seems up-to-date, trustworthy, and reliable. A common mindset that many financial advisors have is that they don’t need to update their website because they don’t get their clients through marketing. Rather, they get their clients through referrals. However, you could be losing out on growing your AUM if you have a dull site. Twenty Over Ten, CMO Samantha Russell shares some insight on how your lackluster website is hindering you from growing your firm’s AUM.
Hello, it’s Samantha Russell from Twenty Over Ten. This morning, I had a conversation that is one I’ve had many many times before. Had it so many times that I wanted to just make a quick video about it because I know it will be helpful to so many of you.
So this is how the conversation went: I was talking with an advisor and he said, “I know my website is out of date-its like 7 years old. I understand it’s not mobile responsive, I understand I don’t have an SSL certificate to make it secure. I understand I need to update it, but it’s just not a priority for me right now. I don’t get clients through marketing, I get all my clients through referrals.”
You Could Be Losing out on Three 500,000 to 2 Million AUM Clients Every Year Because of the Lack of a Digital Presence
And the answer I gave him is the same answer I give over and over again, which is this: If I could show you how many people you are not getting business from because you’re not prioritizing digital marketing, and I could put a real number on that, would that change your mind? Would it make you think differently if I can say you could be losing out on three 500,000 to 2 million AUM clients every year because of the lack of a digital presence? Right? I think that would really be a mental shift for a lot of people, and that’s really the way you need to think about it.
The amount of time we all spend on having presentable clothing, having a really nice office space, driving a nice car for client meetings and then not spending any time on our digital presence – how many people realistically come to your office in a year versus how many people do you think go to your website?
If you don’t have Google analytics you can track it. A lot lot lot more people-thousands more people are going to visit your website than are ever going to be stepping foot in your office, and yet for so many of us, we know that first impressions matter. That’s why we don’t wear our pajamas to a client meeting. Yet for all intense purposes, we have our pajamas out there on the internet. We have this old, outdated, raggedy, not highly engaging, not a great first impression website.
So the next time you think about putting off an activity that is related to your online presence in digital marketing, stop thinking about it in terms of how much revenue or ROI are you getting right now from digital marketing. If its zero, it’s because you don’t have things set up to produce any revenue, and instead start thinking about how much you could be leaving on the table.
How many clients could be researching you right? Googling you? Because that’s what we all do when we’re referred to a business and then realizing that this company doesn’t even have a secure website.
I’m not gonna trust them. I’m with my money like they need to get up to speed with technology right? Like those are the impressions people have. So really keep that in mind.
I hope this is helpful to kind of explain it to you for those of you that have that same mindset when you think about your own digital marketing. And if you have any questions about this controversial topic, please drop them below. We would love to hear your comments or questions.