Updated on: June 18, 2024

A robust lead generation program is the lifeline of your firm. It’s the process that drives potential clients to your door and helps you grow your business. But as our world becomes increasingly digital, financial professionals need to rethink the strategies they’ve used in the past to build a sustainable book of business. The landscape has evolved, and to thrive in this digital era, financial advisors must harness the power of technology to generate leads and connect with their target audience more effectively than ever before.

Why Lead Generation Is Key for Financial Advisors

Generating a steady stream of high-quality leads is crucial for your business’s success. By implementing effective strategies, you can tap into new markets and reach potential clients who may not have been aware of your services.

Lead generation plays a pivotal role in building brand awareness for your financial advisory firm. By consistently creating valuable content, engaging with prospects across various channels, and fostering relationships with potential clients, you can establish your brand as a trusted authority in the financial services industry.

In addition, a robust process provides valuable data and insights for strategic decision-making. When you analyze the demographics, interests, and behavior of people who have become leads, you can better understand your target audience, refine your marketing efforts, and make data-driven decisions to optimize lead generation.

7 Lead Generation Ideas for Financial Advisors

While the best mix of lead generation tactics will depend on your firm’s specific audience, some techniques work better than others. Discover which lead gen tactics can produce the best results for financial professionals and fill your sales pipeline.

1. Create a Blog (and Keep It Active)

Content marketing is more important for financial professionals than ever before. One popular content marketing strategy is maintaining a blog on your website. Creating blog posts that consistently provide answers to your target audience’s burning questions is a great way to generate leads for a few reasons:

• Grows your digital footprint: The more helpful content you create, the larger your digital footprint becomes. Blog posts make it easier for people to find you through search engines.
• Builds trust: When you provide answers to your audience’s questions up front, you’re giving prospects a taste of your expertise and what it’s like to work with you. This alone can encourage conversion from audiences that are already searching for a financial professional.
• Keeps you top-of-mind: For prospects that aren’t quite ready to begin a relationship with a financial professional, continuously providing helpful content can help you build that relationship until the prospect is ready to convert.

Though the primary purpose of blogging should be to share information rather than self-promotion, all blog posts should provide an opportunity for readers to convert into leads. You can do this by ensuring that every blog post includes a call to action or way to contact you.

2. Gate High-Value Content

Though building trust with prospects is an important part of any financial professional’s lead generation strategy, gated content can also be used as a more direct lead gen tool.

Gated content is when a user provides key pieces of information about themselves to access a piece of content. Traditionally, content access will require users to fill out a form with their first name, last name, and email address. Once the user submits their information, they receive a follow-up email that contains the content for download.

Gated content needs to be higher value than a standard blog post since the user needs to give something in return for access to it. Some popular choices for gated content include:

• eBooks
• White papers
• Webinars
• Quiz results
• Templates that the user fills out, like a checklist or worksheet

Creating a piece of content that meets your target audience’s specific needs and then promoting the offer across your marketing channels can be a powerful lead generation tactic for financial professionals.

3. Get Active on Social Media

Though building a social media presence may not seem like an obvious choice for lead generation for financial professionals, it can have a big impact on your ability to attract financial advisor leads digitally—both directly and indirectly.

Financial professionals get leads from social media because it:

• Increases your digital footprint: Similar to blogging, having a robust social media presence on the platforms that your target audience uses makes you easier to find online and puts you in front of more potential prospects. If running multiple social media accounts sounds like a heavy lift, look into marketing automation solutions that can help streamline the process.
• Serves as a content distribution channel: Having an engaged audience on social allows you to share news, content, and other brand-building or promotional materials more widely. This keeps you top-of-mind for prospects and offers more opportunities for conversion. You can even consider using paid advertising on social to help drive traffic to your website and branded content.
• Provides an opportunity for direct outreach: While many advisors shy away from reaching out directly to potential clients via social, most consumers are happy to receive these messages from financial professionals. In fact, 58.5 percent of consumer respondents said they’d be open to hearing from an advisor on social media, with 78 percent of those ages 18-24 saying they’d be open to it.¹

These are just some of the many creative ways financial professionals can use social media platforms as part of their greater marketing strategy.

4. Target Your Ideal Client with Paid Advertising

While organic lead generation efforts are essential, financial advisors can also leverage paid advertising strategies to amplify their reach and target specific audiences. Paid advertising campaigns can support financial advisor lead generation because they:

• Provide an opportunity for targeted outreach: Platforms like Google Ads, Facebook Ads, and LinkedIn Ads allow advisors to create targeted campaigns based on demographics, interests, and behaviors, ensuring their message reaches the right prospects.
• Increase traffic to lead-capture opportunities: Paid advertising can be particularly effective for driving consumers to landing pages, webinars, gated content, or other lead-capture opportunities.

By strategically utilizing paid advertising, you not only expand your reach but also ensure that your efforts are focused on those most likely to benefit from your financial expertise.

5. Strengthen Your Referral Network

The financial advice industry has historically been a referral-based business. While evolving times and technologies have significantly increased the importance of digital lead generation tactics, building a strong referral network is still an important part of building a robust, sustainable book of business.

Cultivating strong connections with Centers of Influence (COI) who work with your target clientele is a great way to gain leads in your target market. If your firm primarily serves clients that live locally, these partnerships become even more important. Building a robust presence in your community can help you become the “go-to” person in town for financial planning services.

Some COIs you can consider developing a relationship with include:

• CPAs
• Insurance agents
• Bankers
• Attorneys
• Real estate agents
• Life coaches
• Personal trainers
• Executive recruiters

Before cultivating partnerships with COIs, think about which professions best suit your business model and target audience. Also, consider how these COIs will benefit from the relationship with you. The key to building a strong relationship with COIs is ensuring that the relationship is mutually beneficial and that you both contribute to each others’ business in some way.

6. Host an Event or Webinar

Whether the event takes place online or in-person, hosting an event can be a great way to generate leads while showcasing your expertise. Like offering blog posts and gated content to prospects, educational events and webinars encourage conversion because they provide value upfront and give prospects an idea of what you’re like before they commit.

The right topic for your event and how to approach it depends on your target audience and their needs. You’ll also need to consider your goals and other factors before choosing to do an event in-person or online. In-person events create a sense of connection that many people crave and gives you the chance to meet with prospects face-to-face. However, webinars offer the ability to record the event from home and reach a wider audience. Additionally, if your webinar is a success, you can always record the session and use it as gated content later.

To get leads from an event, whether online or in person, simply make prospective clients sign up to attend. You’ll then have the information you need to reach out to them afterward.

7. Tap Into Your Current Clients

Word of mouth marketing is powerful. Even in today’s digital-first world, referrals from clients, friends, or family account for 50.9 percent of new clients for advisors.¹ Luckily, tapping into your clients for leads is easier than you might think.

Straightforwardly asking for a referral may put your client on the spot. Instead, simply tell your client that you’re looking to expand your book of business this year. You can also include mention of your new client search in the occasional social media post or any e-newsletters that you send out as a friendly reminder.

To further encourage client referrals, gather client testimonials to feature on your website, social media, and other channels. Giving prospects a glimpse into what your client experience looks like can be a motivator for prospects to reach out and choose you over competitors.

Monitoring and Optimizing Lead Generation Efforts

Continuous monitoring and optimization are crucial for the success of your lead-generation efforts. By tracking and analyzing key performance metrics, you can gain valuable insights into what’s working and what needs improvement.

Monitor metrics such as website traffic, lead conversion rates, cost per lead, and return on investment (ROI) for each campaign. Use these insights to refine your strategies and allocate resources more effectively.

Get the Leads You Need

Building a lead generation strategy from scratch and executing it can seem overwhelming at first, but there are tried-and-true strategies for getting it done efficiently and effectively.

Download our eBook “The Financial Advisor’s Marketing Guide to Digital Content and Campaigns” for more information about lead generation for financial professionals and how to put these tips into action.

Sources:

1. The Cerulli Edge U.S. Advisor Edition. Cerulli. 2022.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

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