The Structure of a Strong Financial Advisor Marketing Plan

At one point the barrier to entry for new financial advisors was their lack of available references. Today with the advent of financial advisor marketing, those newbies have the opportunity to get their businesses started overnight.

But what are they doing to capture this new audience? How do they do it? Read on to find out.

The Transition from Referrals

For many years it has been said that the best way to grow a financial advisory firm was by referrals from other customers. That meant that as a new advisor entered the system they had to work hard to secure their first few clients.


But times have changed. Just like you can now get real time stock prices API, you can constantly have access to information on new financial advisors.

The Investment News 2016 survey found referrals are no longer the primary driver of growth for these types of firms. Instead, firms would need to focus on their external business development or their financial advisor marketing strategies.

The trend towards marketing is projected to continue, driven by self-directed investors who have chosen to work with an advisor for the first time.

The Search for “The Best” Marketing Strategy

There hasn’t been a consensus on what strategy is the absolute best. Options span from community involvement and hosting networking events, to traditional advertising strategies like print, radio, or online.

In the same Investment News study, they found that the pool of people to sell your services to is shrinking. No one strategy stood out among the others. The best results came from an unspecified “Other” category.

Structuring a Strong Financial Advisor Marketing Plan

Since there is no formula for success, it is even more important to develop a marketing plan.

A marketing plan is a blueprint that outlines an organization’s marketing efforts. These plans are developed to set the goals, objectives, and purpose of the firm’s efforts.

The marketing plan will also outline the branding guidelines and define how progress is to be measured. With a cohesive financial advisor marketing plan, your firm will be able to deal with any roadblocks or rises in competition.

The 7 Ps

Those who have studied in a marketing program will be familiar with the concept of the 7 Ps. It is a technique used in many industries, with financial advisor marketing being no exception.

The general principle is that you need to define all of the following elements in your marketing plan to have success.

The 7 Ps are:

  • Product – Qualities, values, and experience of the customer
  • Price – In comparison to the industry standard
  • Promotion – What campaigns will you be conducting?
  • Place – Where should customers go to purchase your product?
  • People – Who will you hire to carry out these tasks?
  • Process – From buying, through delivery
  • Physical Environment – What physical evidence is created for your customer?

Additional Tips

When you begin to develop your marketing plan you should put the customer first and try to develop a customer profile. A little market research now will pay off in spades later on.

You also need to pay attention to your digital footprint and be active on social media. This is a fast-moving world and to succeed you need to be responsive to your customers and be where they are.

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