Financial Advisors Are Marketing Like It’s 1984

“Hey – I’m not trying to tell you how to do your job as a marketer. But I feel like someone needs to call you on this before you look like an idiot when speaking at this conference,” a financial advisor recently told me. “Financial advisors can’t use the internet to market.”

You can’t make this stuff up.

My agency does business in a LOT of different industries. Some fields are more antiquated than others when it comes to marketing. But I’m pretty sure NONE are as antiquated as the financial world.

You can’t blame the advisors. For years, they’ve been beat over the head with the idea that compliance prevents you from doing ANY outside the box marketing.

My friends, it’s time to light that concept on fire and watch it burn.

Do you still have to deal with compliance? Yes. Do 90% of financial advisors want the headache or have the patience to go through the sometimes tedious process? No. And therein lies the opportunity.

Today…a couple of massively important tips for how to start marketing in the year we’re actually doing business in.

Be A Storyteller

I can already hear the alarms going off in your head. Chill out.

Being a storyteller doesn’t mean making stuff up. It doesn’t mean violating regulations by getting customer testimonials. It means being authentic.

There’s nothing stopping you from carefully sharing your story. Telling people why you got into the business. Talking about your background. Giving a narration of the “why” behind why you do what you do. And video is often the most engaging way of accomplishing this.

Have you grown a successful business? Do you have business tips and tricks you can share that you’ve learned over the years? If you find that many of your clients – or prospective clients – would find value in this, then document it. Share the story. Capture the tips on camera. Help them to grow their own wealth by contributing value to their businesses…and you’ll win.

The trick is simple here. Always provide a disproportionate amount of value to others than you expect them to provide to you. And ALWAYS be authentic.

Education and Resources

Speaking of providing value, the best way of doing so isn’t just by offering information…it’s also by engaging. Host events where you bring together different thought leaders for a lunch and learn for your clients. Put on an appreciation event where you network your clients and their friends with other business owners you know. Put on a show where you invite local artists to showcase their work.

Being a part of the community is crucial to helping you brand yourself as a friend, a partner, a thought leader and someone who contributes to society. It reinforces the trust your clients have in you and it provides value that others aren’t bringing to them.

And for the love of God, be a human. Drop the financial speak – people generally don’t like feeling stupid. While you may understand what the hell you’re talking about, chances are not everyone will.

Educate Yourself

If you’re going to rise above all of the other advisors in this digital age, you need to understand consumer behavior. You may not opt to use Facebook, LinkedIn, Instagram, etc. – but you need to understand them.

The eyeballs aren’t consuming traditional media like they once did. Direct mail campaigns? Good luck. Phone calls? You’re out of your mind. 

Educate yourself on the regs. Learn about compliance. Figure out the market. And then – and only then – will you be able to start marketing in the year we’re actually doing business.

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POSTED BY

Kyle Reyes is President and CEO of The Silent Partner Marketing. He's also an acclaimed Keynote Speaker on entrepreneurship, leadership, marketing and social media. You can find him on Facebook, Twitter, Instagram and on Snapchat @dasilentpartner.