6 Must-Know Marketing Trends Financial Advisors Can't Afford to Ignore in 2023

Introduction

The financial services industry is rapidly evolving with new technologies and client expectations. It's crucial for advisors to stay up-to-date on the latest marketing trends to remain competitive and provide value to clients.

Staying current on marketing trends provides many benefits for advisors including:

• Understanding changing client needs and preferences
• Leveraging new technologies and strategies before competitors
• Keeping their marketing strategy fresh, engaging, and effective
• Attracting new clients, especially younger demographics
• Strengthening relationships with existing clients

This article will provide an overview of the key marketing trends financial advisors should be aware of and actionable tips to implement them. By staying up-to-date, advisors can enhance their value proposition and better serve clients.

Why Staying Current on Trends Matters

In today's digital age, marketing trends and client preferences are evolving rapidly. It's crucial for financial advisors to stay current in order to remain competitive and continue attracting new clients.

Keeping up with the latest trends allows advisors to better understand changing client needs and preferences, especially among younger demographics who expect a strong digital presence (Source). By leveraging new technologies and strategies before competitors, advisors can get ahead and stand out.

Staying up-to-date keeps an advisor's marketing strategy feeling fresh, engaging, and effective. Instead of relying on the same conventional tactics, advisors can use innovative methods to grab attention. This helps with acquiring new clients who are looking for forward-thinking expertise.

In addition, keeping current helps strengthen relationships and retention with existing clients. When clients see an advisor actively improving their digital presence and outreach methods, it reinforces their image as an expert invested in the client experience.

Social Media Trends

Social media has become an indispensable marketing and communication channel for financial advisors. According to SmartAsset, 45% of advisors increased their social media outreach in 2022. Key platforms advisors should focus on include:

• LinkedIn - For connecting with professionals and businesses.
• Facebook - For engaging existing clients and local community.
• Twitter - For sharing updates, news, and articles.
• YouTube - For hosting educational videos.
• Instagram - For lifestyle content and humanizing your brand.
• TikTok - For short videos that grab attention.

Best practices on social include regular posting, responding to comments and messages, optimizing profiles, using relevant hashtags, and tagging other accounts. It's also important to listen on social media to identify client interests, trends, and feedback. Tools like Keyhole and Awario help advisors conduct social listening.

By leveraging social media strategically, advisors can attract new clients, strengthen existing relationships, showcase expertise, and monitor their online reputation.

Digital Advertising

Digital advertising is an essential component of any financial advisor's marketing strategy. With the majority of prospects conducting online research when choosing an advisor, leveraging digital ads can help drive visibility and leads.

Search engine optimization (SEO) should be the foundation of an advisor's digital advertising approach. By optimizing their website content, metadata, backlinks and technical elements for keywords prospects search, advisors can increase their search rankings and traffic from unpaid, organic results.

Pay-per-click (PPC) ads, such as Google Ads, allow advisors to appear at the top of search engine results pages and reach prospects actively looking for financial guidance. Retargeting display ads enable advisors to engage visitors after they've left their website by serving ads across other sites. When coordinated, SEO and PPC create a comprehensive digital presence.

By allocating even a small budget to digital advertising, financial advisors can target relevant keywords and demographics, track ROI, and continuously optimize their campaigns. Prioritizing digital channels is key to modernizing an advisory firm's marketing. The latest PPC and retargeting innovations, such as AI-powered ads and sequential messaging, can help advisors turn prospects into clients.

Sources:

https://www.smartinsights.com/digital-marketing-strategy/financial-services-marketing/

https://www.insiderintelligence.com/content/financial-services-industry-digital-ad-spending-2023

Content Marketing

Content marketing has become an essential strategy for financial advisors to build brand awareness and attract new clients. Advisors should focus on creating high-quality content that provides value for potential clients. Three key trends in content marketing are:

Videos allow advisors to connect with audiences in an engaging, personalized manner. Short videos can be embedded on websites and social media to share insights, build trust, and showcase an advisor's personality. For example, advisors can create a video series answering frequently asked client questions.

Podcasting has exploded in popularity, with over 100 million people now listening to podcasts monthly. Podcasts position advisors as thought leaders by sharing in-depth commentary on financial topics. Advisors should aim for high production quality and promote their podcast across multiple platforms.

Webinars are an interactive way to engage prospects through live or pre-recorded video presentations. Webinars allow advisors to demonstrate expertise through teaching opportunities. They can also be recorded and repurposed as videos and blogs to extend reach.

By tapping into video, podcasts and webinars, advisors can develop captivating content that helps convert prospects into clients.

Website Optimization

A financial advisor's website is often the first impression a prospective client will have of their business. Optimizing the website experience is crucial for engaging visitors and converting them into leads. According to Sarah Moon, "93% of all website traffic comes from search engines, so search engine optimization (SEO) is incredibly important."

User experience should be a top priority. The website should be easy to navigate, with clear calls-to-action to contact the advisor or sign up for a consultation. Important information like services offered and advisor biographies should be accessible. According to Craft Impact, "On average, websites have only 10-20 seconds to convincingly engage visitors before they click away."

Incorporating lead generation forms allows advisors to capture visitor contact information. According to SmartAsset, lead gen forms should be prominently placed on high-traffic pages, with a compelling headline like "Request a Consultation" or "Download Our Free Retirement Guide." Reducing the required fields and having a privacy policy builds trust with visitors.

Advisors should continuously monitor website analytics to identify opportunities to improve user experience. By optimizing their website, financial advisors can engage prospects and convert more visitors into clients.

Email Marketing

Email marketing remains an effective channel for financial advisors to build relationships with prospects and clients. Advisors should focus on leveraging automation and nurturing sequences in their email strategy. According to Constant Contact, setting up automated email sends can increase email open rates by up to 50%.

Some key ways advisors can use automation include:

• Welcome sequences to build rapport with new contacts
• Drip campaigns that send a series of emails over time to educate prospects
• Triggered emails based on certain user actions like opening a previous email
• Event reminders and follow-ups to drive engagement

Email nurturing moves contacts through a journey tailored to their needs and interests. SmartAsset recommends using segmented lists and personalized content. Advisors can also integrate multi-channel nurturing across email, social media and ads.

According to Taylor Method, setting up nurture tracks by topics like retirement planning or saving for college allows advisors to add relevance. Testing different nurturing approaches can optimize program performance.

Referrals & Reviews

Referrals and client reviews are critical marketing tools for financial advisors. With increasing competition, advisors cannot rely solely on existing clients for referrals. They must implement proactive referral programs to generate new leads.

Advisors should develop structured referral programs that provide incentives for existing clients to refer their family and friends. This may involve referral bonuses, fee discounts, or other rewards. Personalized referral cards and pre-written social media posts can make it easy for clients to share advisor info. Targeting strategic referral sources, like accountants and attorneys, can also yield qualified leads.

Soliciting and leveraging online client reviews has become imperative for advisors. Reviews boost local SEO and provide social proof. Advisors should proactively request reviews on platforms like Google, Facebook and Yelp. Responding publicly to feedback shows clients the advisor is attentive.

With thoughtful referral programs and review management, advisors can build credibility and trust to attract new business.

Actionable Tips to Implement Trends

Here are some concrete steps financial advisors can take to implement the latest marketing trends:

Conduct social listening on platforms like Twitter and Facebook to identify topics and concerns that are important to your ideal clients. This allows you to align your content and messaging with their interests.

Create an editorial content calendar that incorporates different formats like blog posts, videos, and podcasts. Mix educational content with more personal lifestyle topics.

Invest in SEO (search engine optimization) to improve your website's visibility in search engines for relevant keywords. Quality content and backlinks are key.

Use email marketing automation to nurture prospects with a pre-defined sequence of touchpoints that build the relationship over time.

Incentivize happy clients to leave online reviews on platforms like Google, Facebook, and Yelp. This boosts your reputation and authority.

Develop referral programs to increase word-of-mouth referrals. Offer rewards to clients who introduce new prospects.

Benefits of Staying Up-To-Date

Staying current on marketing trends provides numerous benefits that help financial advisors improve their business and better serve clients.

One major advantage is an enhanced ability to attract ideal new clients. By leveraging the latest digital marketing strategies, advisors can reach their target demographics and convert high-quality leads more effectively. According to Susan Danzing, an effective marketing strategy helps advisors attract and convert leads.

Implementing current marketing best practices also leads to increased client retention and referrals. With improved digital engagement and nurturing, advisors can strengthen relationships with existing clients to boost retention. Strategies like referral programs and social media engagement make it easier for satisfied clients to organically refer others.

Staying up-to-date also provides a competitive advantage compared to advisors who rely on outdated approaches. By leveraging new technologies and strategies first, forward-thinking advisors can get ahead of the competition. According to SmartAsset, over half of advisors have increased promotional strategies to expand their business.

Finally, knowledge of the latest trends allows advisors to enhance their value proposition and brand image. Using innovative marketing demonstrates an advisor's commitment to understanding clients' needs and preferences in an evolving industry.

Resources to Monitor Marketing Trends

There are several resources financial advisors can leverage to stay up-to-date on the latest marketing trends:

Industry Publications

Articles in industry magazines like Financial Planning, Financial Advisor Magazine, and Journal of Financial Planning often highlight new technologies, strategies, and best practices. These publications frequently profile advisors successfully implementing cutting-edge marketing tactics.

Blogs

Many thought leaders in financial advisor marketing write informative blogs advisors should follow. Examples include Kitces, Creative Planning, XY Planning Network, and Financial Advisor IQ.

Conferences & Events

Attending industry conferences and events allows advisors to network, discover new ideas, and find vendors relevant to marketing. Some top conferences include FPA BE, IMPACT, and InVest.

Continuing Education

CE providers like Kaplan and Dalton offer courses specifically focused on digital marketing, social media, and other relevant topics to help advisors expand their skills.

Social Media Leaders

Following marketing thought leaders on Twitter and LinkedIn provides a stream of insights advisors can learn from. Some experts to follow include Michael Kitces, Julie Littlechild, and Stephanie Bogan.

Call to Action

After reviewing the latest marketing trends, it's important for financial advisors to take time to thoroughly assess their current marketing strategy. An objective analysis will reveal gaps and opportunities compared to industry best practices.

Advisors should examine factors like their website design, social media presence, content marketing, and use of marketing technology. Comparing their strategy to the trends outlined in this article will highlight areas for improvement.

Based on this assessment, advisors can then begin incrementally implementing trend-aligned tactics. For example, they may create social listening alerts to inform content, start an email nurturing sequence, or research SEO keywords. Prioritize quick wins that require minimal time investment.

While today's marketing landscape is constantly evolving, a commitment to regular self-assessments and integrating emerging best practices will ensure advisors remain competitive. Propelling their practice forward with the latest methods will allow them to deliver maximum value to existing clients and attract new ideal clients.

Conclusion

In conclusion, it is crucial for financial advisors to stay current on marketing trends in order to enhance their value proposition, attract new clients, and strengthen existing relationships. By understanding the latest trends around social media, digital advertising, content marketing, SEO, and email automation, advisors can implement new strategies that help them remain competitive. Actionable tips like investing in website optimization, developing referral programs, and using social listening allow advisors to leverage trends for business growth. Staying up-to-date provides many benefits including improved client acquisition and retention, increased referrals and word-of-mouth, and an elevated brand image. With a little time invested regularly in industry resources, financial advisors can monitor trends and adapt their marketing approach for continued success.

Additional Trend Ideas

Beyond the marketing trends covered so far, there are a few more emerging tactics financial advisors should keep on their radar:

Gamification: Using game-like elements to engage clients and prospects. This could involve rewarding participation in questionnaires or content with badges, leaderboards comparing peers, or other fun incentives.

Personalization: Leveraging client data and analytics to deliver customized messaging and experiences. Strategies like website personalization, tailored content recommendations, and predictive analytics help advisors provide relevance.

Video calls: Live video has become a preferred communication channel for many, especially younger demographics. Advisors should consider offering virtual consultations and meetings to provide convenience.

Customer data platforms: Consolidating client information from various sources into one centralized hub gives advisors a holistic view of each individual. This enables hyper-personalization.

While still emerging, these tactics show strong potential. Pioneering advisors who test these approaches early could gain a competitive advantage. Monitoring industry publications and thought leaders can provide more insight into these evolving trends.

Statistics on Importance

Recent surveys indicate that nearly 80% of financial advisors rely on outdated marketing methods that are ineffective for today's clients. Advisors using modern digital strategies acquired 45% more assets in 2022 compared to those using traditional approaches. Research shows that 60% of advisors have increased their use of digital client outreach since the pandemic, leading to stronger engagement and retention. However, 40% still lag behind implementing current best practices.