The Top Lead Generation Tactics for Financial Advisors

You want to know why most financial advisors fail when starting out?

They do not know how the top lead generation tactics that attract prospects with investable assets, focus on the wrong types of prospects, take clients off advisors that are non-producing or problematic.

I know this because I have hit my head on the wall running up all those hills and then some.

With hurdles and sales metrics coming at you fast, a baby on the way and those first mortgage payments, there was ZERO time to waste and no room for failure.

The good news is that you can avoid my mistakes and sharpen your process.

Account for all the geographical variables

The world of COVID has changed the way people do business. We are not constrained by the barriers of local professionals or companies.

This doesn’t mean your prospect doesn’t want someone close by, but you have to make it seem even though you are 200 miles away, you are closer than the advisor that is 10 miles away from that client or prospect.

Remember this, if a client or prospect says they are going with someone else because they are “local”, then you have missed something in your fact finding, question asking stage.

Cold-Marketing Wins

I came from a large Wealth Management Firm and it is difficult to receive inbound traffic unless you are a large team.

For example, larger teams had “personal bankers” which would basically be a main lead source for these large teams and be a “referral only practice”.

Many larger firms are getting rid of cold-calling, meaning advisors need to create scalable lead generation tactics to gain new business.

The good thing is that you can do this with a rifle like approach, have the data, information and right message so that your prospect becomes responsive.

I have only seen the following get out of actually prospecting for clients

  • Inherits a book of business from another advisor or family member
  • Purchases a book of business from another advisor
  • Has wealthy friends and family that are already committed to joining the book of business (be careful of this)

The issues with firms and their lead generation tactics

Cold calling might be a thing of the past for some firms and advisors, but what other way is there to get good clients other than targeting the people you want to work with?

Here are some of the issues and alternatives to get around outbound marketing.

  • You can’t use paid ads at larger firms
  • Don’t rely on inbound leads or “call-ins” coming to via the referral process
  • Move to an independent firm to have more leeway in content production and inbound lead generation
  • Purchase or integrate a book of business with another firm

Here is what you need to do

Focus on using data points out when an individual needs help.

For example, you know how you start looking at new cars, products or even have a conversation with someone with your phone in reach, then start getting ads related to that search and conversation?

That is marketing data at work.

The world of free floating, rogue data collection has slowed tremendously with introductions of new laws and legislation, making it harder for companies to blindly collect all information you involuntarily divulge.

You ever read the fine print of those bank and investment statements?

Guess what…

Notice how its impossible to turn off the “share with third marketing” options.

The bank makes money not only from your money being held there, but also selling your data!

You can use this to your advantage.

The Affluensee platform takes clients that have signed with other advisors, and finds prospects that have similar needs.

All you have to do is follow the process and approach the prospect with knowing what and when to say it.

Your next steps

It doesn’t matter where or how you get the information, but figure out the money in motion triggers that cause prospects to engage with financial advisors.

Put the processes in place to quickly get in touch with them before anyone else can, and relentlessly follow up until you get a definite answer.

If you focus on marketing Trust and Estate, Alternative Investments, Family Office Planning or Lending, the Affluensee platform may be a good fit for you.

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