Financial advisors are often overwhelmed with marketing advice: post more social media, send more emails, start a podcast, and so on. While useful, these tactics don’t create a cohesive marketing strategy. Marketing is often summed up with a simple analogy attributed to PT Barnum: Imagine a circus is coming to town.
Designing an eye-catching sign—that’s branding. Putting it up for everyone to see—that's advertising. Strapping the sign to an elephant and parading it through town—that's promotion. If the elephant stomps into the mayor's flower bed and the local newspaper covers the story—that's publicity. If the mayor laughs about it—that's public relations. Explaining to everyone why they’ll love the circus—that’s sales. And if the entire thing was orchestrated from beginning to end—that’s a marketing strategy.
Marketing for RIAs can feel like a juggling act. Simplify it by identifying your business goals for the year—whether it’s increasing awareness, engaging centers of influence, generating new leads, or closing existing ones. Then, assess how much time, energy, and money you can invest. This will help you create a focused strategy that aligns with your goals and makes it easier to choose the right tools and tactics.
Take time to reassess your ICP. Changing demographics and technology may have shifted your target audience since you last reviewed it. Who is the perfect fit for your services? Your ICP is what shapes your marketing strategy—from design to messaging.
Start by analyzing your top 10 clients. Who do you enjoy working with? Who refers others to your firm? Do they have adult children? Look at their demographics, behaviors, and financial challenges. Are they wealth creators, inheritors, or from multigenerational families?
The first step is knowing your brand. Who you are, who you serve, how you help, and what makes you unique. Your brand identity is what shapes your voice, messaging, and the personality you project—so define it clearly.
Then, craft a brand that attracts your ideal clients. Invest in high-quality visuals and a modern digital presence. Build a website that is easy to navigate and speaks directly to your audience’s needs. Establish trust by showcasing expertise, awards, and media exposure, ensuring you leave a strong, credible first impression.
What do you offer that other firms don’t? With your ideal client profile, identity, and branding strategy in place, you’ll be well-equipped to articulate a value proposition that sets you apart from the rest. Remember that wealth management is a relationship business, so your branding and messaging need to resonate with your audience’s needs. By staying focused on who you serve and how you can solve their challenges, you’ll build a foundation for growth and success in the new year.
Creating a content series is a great way to engage your audience and address their pain points. Start by listing 12 common questions or challenges that your clients face—this will form your content calendar for the year. Focus on what your clients need, not just what you want to share, to provide them with real value. Use formats like mini-master classes, webinars, or videos that offer clear answers to better position yourself as a trusted resource.
Although wildly popular, producing a podcast can be time-consuming and expensive. A great alternative is to build relationships with established podcasters who share your target audience. By appearing as an expert guest, you can leverage their existing platform to reach the right listeners without the hassle of creating your own show.
Digital lead magnets are valuable resources that you offer in exchange for someone's contact information—like Estate Planning Checklists, Retirement Income E-books, or exclusive masterclasses. These tools are key to any growth-focused marketing strategy.
When someone downloads your resource, they provide you with their email, allowing you to grow your audience and continue fostering engagement. By adding them to your email list, you can build trust through consistent, meaningful content that keeps your business top-of-mind. Many worry about seeming too "salesy," but a good lead magnet provides real value and demonstrates your expertise without feeling like a sales pitch. Lead Magnets can also be in-person, like hosting a "Retirement Planning Seminar" or similar.
Creating great content and lead magnets is just the beginning—staying competitive means promoting it strategically. Paid advertising is the key to ensuring your content reaches the right audience at the right time. Whether it’s a downloadable guide, a video series, or webinar, relying solely on organic reach limits your ability to stand out.
For example, if your masterclass is on business succession, consider promoting it on LinkedIn to reach business owners or run targeted search campaigns on Google to drive the right traffic to your website or YouTube channel.
With paid advertising amplifying your lead magnets, your content doesn’t just stay relevant—it keeps you ahead of the competition.
Referrals are still a key source of opportunities for RIAs, but the days of effortless referrals are over. This change is due to shifting demographics and evolving client engagement with advisory firms.
Financial advisors should normalize asking for referrals and incorporate it into their business processes consistently and systematically.
Leverage your marketing content to generate referrals. For instance, after hosting an estate planning masterclass, you could say, “If you know someone in a similar situation, we’d be honored to give them a complimentary consultation.” Follow up with that same message in an email. This simple yet intentional message, delivered consistently and systematically over time, can expand your reach and provide guidance to those who need it.
Marketing drives engagement and builds trust with your audience, but the ultimate goal is to close business. Imagine building excitement for your circus only to have no one at the box office to take money for tickets.
True, RIAs need to track marketing success through analytics, but even more crucial is having a business development person ready to follow up with engaged leads. Consider hiring a part-time team member or designating an hour per week for advisors to reach out to prospects. This is a relationship-driven business—once trust is built, it’s the perfect time to connect.
Don’t wait until you’re halfway through the first quarter to get started. The longer you delay, the more opportunities you give to your competitors to connect with your audience—if you don’t engage with them, someone else will.
If you’re a financial advisor unsure where to begin when it comes to your marketing strategy, reach out—we'd be happy to point you in the right direction.