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.