Thursday, April 1, 2021

How are financial advisors acquiring new clients during the pandemic?

Financial advisers near me

A survey by FTAdviser has revealed that 1 in 5 financial advisors are looking for new ways to generate new business, with a substantial proportion either considering or seriously considering doing likewise. This is no surprise as more traditional routes to acquiring new clients have been curtailed during the pandemic. Many advisors are turning to lead generators as a potential source of new business, but this can have drawbacks.

Bought-in leads can be expensive, fickle in nature and have lower conversion rates when compared to other sources such as seminars. Many lead generators acquire their leads through Google AdWords and require volume commitments. Some advisors have reported incorrect phone numbers or that prospective clients have already been contacted by several competitors.

This can be a source of frustration for advisors, many of whom have been limited in their marketing options during lockdown, forcing them to explore new channels such as social media, online advertising, blog articles and web referrals.

It's worth remembering that the best leads come from prospective clients who contact an advisor directly based on the advisor's location, expertise, qualifications, experience and reviews. What makes an advisor different? Why would clients use a particular advisor? What do clients want from an advisor? Better for the advisor to promote their services and value to clients, engage and build up long-term strategic relationships based on trust than to enter into a Dutch auction for leads sold to the highest bidder.

Financial Advisor Finder helps to generate new client enquiries and meeting requests for one low-cost, annual fixed fee. The cost is comparable to buying one lead from a lead generator! Prospective clients are self-selected and have actively chosen to contact a particular financial advisor. Adding your details to the Financial Advisor Finder website is quick and simple, GDPR compliant and a good way of generating additional businesses during and after the pandemic lockdown.

Visit our Advisor+ page for more details.

Wednesday, March 10, 2021

How 'independent' are financial advisor finding services?

financial advisers near me

It seems like many internet intermediaries which offer an ostensibly 'independent' service for finding financial advisors are in fact owned or part-owned by the financial advisors themselves. This calls into question the extent to which these sites are actually 'independent'. In a number of instances website visitors searching for financial advisors in their area discover that its the same advisory practice that they are referred to every time! The situation isn't confined just to financial advisors either. It's been the case that insurance companies have themselves owned price comparison sites for individuals searching for cheaper car insurance. When searching for services through internet intermediaries its always worth asking the question - is your company owned or co-owned by any of the companies listed on your site? The answer might surprise you.

Wednesday, February 17, 2021

Finding a Financial Advisor

financial advisors near me

There are many considerations when looking for a financial advisor. What service do you need - is it for retirement planning, buying a house, investments or setting up a savings account for children? Do you want restricted or independent advice? How much does the advice cost and is there any obligation? Visit Financial Advisor Finder to help with your questions or give us a call on 01904 215013.

Tuesday, February 2, 2021

Are you a Financial Advisor Buying Online Leads? Disappointed?

financial advisor leads
There is an important difference between natural search listings and paid listings on search engines. Often, financial advisors will buy leads that have been generated from paid listings from third-party services only to find;

1. The prospect has no idea of who the caller is
2. The prospect is being called by their competitors at the same time
3. The number provided is a false number due to fear of spam calls

Sound familiar?

Natural search listings, whereby visitors choose to call an advisor having read their background and credentials, can result in very different types of enquiries and outcomes.

Instead of buying poor quality leads from third parties and getting involved in a scrum, its often better in the long run for advisors to focus on promoting their practice and building credibility. This 'slow burn' approach helps to nurture better long-term client relationships based on trust.

Find out more about becoming listed on Financial Advisor Finder

Wednesday, January 13, 2021

Searching for a financial advisor online

financial advisors near me

For those of us old enough to remember the pre-Internet days, searching for a financial advisor back then was a fairly arduous task. As for most searches the first port of call was Yellow Pages and a sift through dozens of pages and adverts to find a financial advisor who looked like he or she might be the most suitable. In the absence of websites or social media many people relied on word-of-mouth.

The dawn of the Internet and Web 2.0 (broadening out into social media) made access to information more readily available and, importantly, interactive and accessible 24/7. During the pandemic online services have become invaluable and in some cases a lifeline. Financial Advisor Finder is an impartial website not owned or co-owned by any financial advisory practice and provides a mixture of large and small, independent and restricted advisors. The site provides background information on financial advisors, areas of expertise, qualifications, reviews and ratings. As the website grows we will be adding a broader mix of different types of advisor to choose from, for example, advisors offering ethical investments.

Once you have chosen an advisor then meetings can be held remotely by video conference to chat through requirements, objectives, answer queries and to provide an overview of costs and procedures. As well as saving time this approach allows for social distancing whilst still maintaining the all-important face-to-face dialogue.

Monday, January 4, 2021

Lead generators - how 'independent' are they?

financial advisors near me

There are a number of websites that offer to find a financial advisor based on the visitor's postcode and area of interest, such as 'pension planning' or 'inheritance tax'. Typically a visitor will complete a simple online form and be subsequently contacted by an advisor in their local area. These type of services are usually free to use. Others provide a list of financial advisors so that the visitor can contact an advisor directly without completing a form.

The question arises, however, of how independent these type of websites really are. There have been some examples where the website is actually owned (or part-owned) by a firm of financial advisors. Not surprisingly, when a visitor searches for a local financial advisor, they are contacted by the same firm of financial advisors. In other words, despite their appearance, the websites are not truly independent and exist simply as lead generators for particular firms of financial advisors.

In other cases, a visitor who might request access to independent financial advice on ethical investments ends up being contacted by a restricted advisor with a limited range of investment products - the request and the outcome do not match.

Financial Advisor Finder is a privately owned service that lists both independent and tied advisors from a range of different practices across the country. As the site continues to grow then the number and variety of different advisors will increase to include details of each advisor's background, experience, qualifications, reviews, ratings and areas of expertise. Visitors have the option of browsing a list of advisors or asking for an advisor to be found on their behalf. We hope that the site will help visitors to make a more informed decision on which advisor to choose.

Wednesday, December 16, 2020

Finding a financial advisor - what to look for

how to find a financial advisor

There are two basic questions that arise when looking to make an important financial decision:

  1. Should I use a financial advisor or try to do the financial work and decision-making on my own?
  2. If I do decide to use a financial advisor, how should I choose which one to use?

The first question usually revolves around perceptions of cost and trust. How much will the advice cost? How can I trust that the advice I receive is the correct advice?

It's important to recognise that all financial advisors in the UK are authorised and regulated by the Financial Conduct Authority (FCA). The FCA was set up to protect consumers and the integrity of the UK financial system, and it promotes effective competition in the interests of consumers. The FCA helps to ensure that financial markets are honest, fair and effective so that consumers get a fair deal. The FCA regulates the conduct of nearly 60,000 businesses.

There is research to show that those who take financial advice tend to be better off. For example, according to joint research from Royal London and the International Longevity Centre, individuals who take advice on their investments can end up almost 40% better off in terms of liquid assets compared to those who receive no advice.

Then there is the non-quantifiable peace-of-mind from the security of knowing that your financial situation has been professionally reviewed, and that you have taken the right financial decisions.

Those who do choose to seek financial advice may find the choices bewildering but if you do need help with a financial decision it’s worth persevering. A good adviser can save you money and a great deal of stress in the long run.

Which brings us to the second consideration. How to find a financial advisor. There are two basic types of financial advisor; tied and independent. Tied advisers are restricted in the type of products they offer, or the number of providers they choose from whereas independent advisers can recommend all types of financial products without restriction. In addition, financial advisors will often specialise in particular areas of advice, for example, retirement, tax planning or income protection. The qualifications required to specialise in different types of advice will also vary and so its always a good idea to check an advisor's qualifications and experience in their specialist area of advice.

Then there is the cost to consider. Financial advisors often have a range of charging structures dependent on the type of advice and amount of work required. If you pay an ongoing fee to an advisor then there should be an ongoing service to justify the fee. Costs and the charging structure should always be discussed in advance and an advisor will provide an estimate of the cost and work involved before you decide whether or not to proceed. Most advisors offer an initial, no-obligation one-hour meeting so you can discuss your financial situation and objectives without committing yourself.

In summary, when looking for an advisor its useful to consider the following key points:

  • What services do they offer?
  • How long have they been giving advice?
  • What qualifications do they have?
  • How do they charge and what is the likely overall cost of the advice?
  • What range of financial products can they offer?
  • Do they have client reviews and feedback?

Of course, you may have other questions to ask but it always pays to do you own background homework to ensure that you get the very best advice for your own personal situation.

How are financial advisors acquiring new clients during the pandemic?

A survey by FTAdviser has revealed that 1 in 5 financial advisors are looking for new ways to generate new business, with a substantial pro...