8 Effective Lead Conversion Tips for Financial Advisors

by Mark Stewart

Updated on June 16, 2023, at 3:38 PM

Ah, lead conversion tips for financial advisors. Where do we start?

Well first, it’s not outlandish to say that converting your leads into prospects, and those prospects into clients, is the lifeline of your business.

But, that doesn’t make generating leads and converting them easy. In fact, prospecting is one of the biggest challenges advisors face.

It’s difficult getting strangers to stumble upon your website—or even better—your office. Especially when there are so many competitors out there. From Sally down the street to the newest robo-advisor, you must be on top of your conversion game to reign supreme in today’s advising environment.

Follow this list of effective lead conversion tips for financial professionals, though, and you’ll be on your way to securing more clients for your business. Let’s get started.

Lead Conversion Tips for Financial Advisors

1. Make first impressions count.

In the digital world, your first point-of-contact isn’t always controlled by you. It still can be, through phone calls or a quick meet-up with a referral, but often it happens when a prospect hits the Enter key on Google’s home page.

“Best financial advisors in [insert location here]”, is a search that’s certainly performed often. So, when people conduct a search and find your website, what do they see? After all, there aren’t second chances on the Internet. Be sure to invest properly in your company’s website, so that prospects are more likely to say “Wow!” than “Next!”. That means have it designed to be user-friendly, have relevant business (and personal) content abound, and easily found calls-to-action to get them to the next step.

The same goes for finding those little “Wow!” moments during in-person meetings. Whether it’s offering coffee, tea, or a soda instead of just water. Or offering a complimentary folder detailing your company, your people, and your services. Or perhaps even giving them a gas card on their way out the door, as a “thank you” for making the trip.

Whatever small moments you choose, be sure to make that prospect feel like your most important client.

Related: Email Marketing Tips for Financial Advisors: 9 Easy Tips to Increase Your Conversions

2. You need to be trusted.

Integrity. Reliability. Credibility: Do those words describe you and your work?

It’s easy to claim superiority and expertise, but can you back it up? And better yet, do you have proof to back it up?

Here are some tactics that can quickly convey your trustworthiness to leads:

  • Provide a link to your CFP, PFA, or other professional certificates
  • Have quality content available throughout your digital channels
  • Construct a “Core Values” that you’ll abide by
  • Verify in writing you are a committed financial fiduciary (If you’re an RIA or IAR)
  • List all other credentials (education, designations, etc.) on your site

3. Utilize LinkedIn.

Social media and digital marketing are excellent ways to draw in potential clients. The days of solely relying on brochures, referrals, and direct mailers have passed. LinkedIn is an especially great way to find new prospects and nurture relationships, due to its professional nature. This may just be the best of these effective lead conversion tips for financial advisors.

So, go prospect connections, join groups, get involved, and reap the benefits of the goldmine that is LinkedIn.

FREE GUIDE: 10 Tips for Financial Advisors on LinkedIn

4. Find your niche.

Another effective lead conversion tip for financial advisors is to find your niche.

It’s fairly safe to say that as your net is cast wider, the more irrelevant you become. Niches work, especially in this industry. Take a long hard look at where you’re positioned now, where you want to be, and what the business opportunities in your area are.

Do you see yourself working with doctors and lawyers, or salespeople and local business owners? Do you work well with people who would rather golf and sail, or throw darts and bowl? There’s a plethora of different demographics to go after, so do your research and make a targeted approach.

Focus on your niche and you’ll avoid many problems that can come with the one-size-fits-all advisor. Because at the end of the day, having an effective niche will see your conversion rates soar.

5. Give your prospects enough information (and time, and space).

Financial services are unique in the sense that you’re dealing with intangible products and services. It’s not like people are buying a new iPad from you—they’re giving you access to their hard-earned savings and assets.

With that in mind, education is the name of the game for advisors who want long-lasting, trusted relationships with prospects. When you’re interacting with prospects, try educating them properly with—you guessed it—quality content.

It’ll further your standing as a thought leader (especially if you wrote it) and will be more effective than what the often-misinformed Internet can provide.

Then, give them time and space to think about their decision. Let them digest the information. They’ll be able to absorb it, learn something new, and that will eventually lead to their selection process.

And if your content is good, your professionalism is known, and your accolades trusted; they’ll most likely return for your services.

Related: Marketing to Female Clients: 5 Better Ways

6. Outcomes reign king.

Processes definitely matter, but without seeing the outcomes, they aren’t all that useful. As an advisor, part of your job is to show prospects where their finances have gone wrong, or where they could be better—maybe they’re investing poorly, or perhaps they’re living a bit lavish.

The point is, you shouldn’t just show them how you can help them. Instead, allow them to envision their possibilities.

Where do they want to be in life when they reach retirement age?

How would they benefit if their financial worries were gone?

Allow them to peek into their future, to look behind the curtain, to envision the life they’ve imagined.

Once they can visualize it, then you can talk about the process to get them there. But if they can’t ever see the end of the road, they may be less likely to commit to your plan.

7. Understand diverse goals and ideals.

Just in: People are different! Individuals and couples have vast differences in their retirement vision, investing goals, and finances in general.

In retirement, a lot of people dream of golfing every day of their retirement in Florida or the Carolinas. Others envision a quaint mountain cabin deep in the Rockies. Yet others want to stay in their current homes, simply relaxing and living their lives how they please.

And that’s just part of the equation as an advisor. Understand that each prospect is 100% unique, and there’s no one formula that rings true for all. Instead, the best route is to truly listen to each and every lead or prospect.

Understand their pain points, their vision, and what they seek in their finances. Then, as a team, commit to a well thought out process that ends with their vision a reality. This will boost your closing rates.

8. Digital matters, but don’t forget people.

By now, you should understand how important your website, search engine optimization (SEO), social media channels, and digital advertising are for your business. Convincing the Internet and sites like Google and Bing that you’re the best the area has to offer is hard enough—let alone convincing actual people.

And that’s a great reason why you shouldn’t overlook them. Engage with your local community, and you’ll engage with the people in it. Depending on your niche, go out and work with organizations that will help promote your business.

Focusing on baby boomers? Create an event with your local AARP chapter. Going after the C-level folk? Talk to a local country club about hosting a social event there. Whatever it may be, the point is, don’t forget the grassroots efforts that can effectively create and secure leads in your community.

Related: The Financial Advisor’s Inbound Marketing Funnel

Final Thoughts on Lead Conversion Tips for Financial Advisors

It’s a prolific time to be an advisor, with an average of 10,000 baby boomers reaching retirement age every day, and an even bigger generation right behind them (millennials) who continue to seek out help with their finances.

Indeed, advisors have opportunities they’ve never seen before—if they know where to look.

By using these effective lead conversion tips for financial advisors, you can secure more clients and capitalize on the two largest generations in history needing your financial expertise.

Keep Reading: Client Segmentation for Wealth Management Firms [Guide]

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