4 Proven Financial Advisor Marketing Activities
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4 Proven Financial Advisor Marketing Activities

By Matt Oechsli | @mattoechsli

At the Oechsli Institute we’ve been researching financial advisor marketing for the past 20 years from two perspectives:

  • Financial Advisors
  • Affluent Investors

What we’ve found is that financial advisors who are successful in acquiring affluent clients ($1+ million) are employing the same marketing activities that affluent investors have told us that they respond favorably to. In other words, our research has been able to establish validation from both the advisor and affluent perspectives.

There are a lot of false prophets perpetuating financial advisor marketing myths as if they’re tried and tested truisms. Beware! Ask to review their research, empirical data not anecdotal success stories. You wouldn’t undergo a medical procedure unless it had a proven track record, and neither should financial advisors waste their time and money on marketing campaigns without a well documented track record of affluent acquisition success.

The following are 4 proven successful financial advisor marketing activities as they have been validated by both Rainmakers and affluent investors.  What you’ll find is these are familiar activities, but they require consistency and skillset.  

1. Personal Introductions

 This is not the same as asking your client for a referral. Our research continues to tell us today’s affluent don’t like being asked for a referral, but if their financial advisor did a little homework and identified a person in their spheres-of-influence, approximately 80% will be happy to facilitate a personal introduction.

This has been the #1 ranked financial advisor marketing activity targeting affluent investors for the past two decades.

 2. Referral Alliances 

This marketing activity is so close to ranking #1, and at times it did. You could make the argument that referral alliances is the most powerful financial advisor marketing activity.

CPAs, attorneys, bankers and other professionals with an affluent client base are a goldmine for financial advisors who understand how to unlock their potential.

The requirements are fairly straightforward, you must…

  • Be a first class professional
  • Develop a relationship with this professional
  • Showcase your practice to this professional (show them how professional you are, don’t tell them)
  • Refer your clients to this professional
  • Stay in close contact 

3. Unsolicited Referrals (Word-of-Mouth-Influence) 

Our research has identified word-of-mouth-influence (WOMI) as the umbrella under which all the high impact marketing activities reside. If it wasn’t so nuanced, it would easily rank as the most important financial advisor marketing activity. Unsolicited referrals are the result of word-of-mouth-influence.

That said, our recent research has identified what stimulates these unsolicited referrals (WOMI) – and it goes beyond being a first class financial advisor – today’s affluent expect that. It requires expanding the relationship to include a personal component that establishes an emotional connection.

When this happens unsolicited referrals and personal introductions increase three-fold. 

4. Strategic Networking

Here’s something to chew on, 85% of today’s affluent clients are willing to introduce their financial advisor to someone they know at a social event. Any type of non-business event. The secret is knowing what events are coming up, who’s attending, and scheduling your time for those events where an affluent client and someone they know that you’d like to meet will be attending.

Once again, this requires doing some homework.

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