How to Create a Marketing Plan for Your Financial Business


I believe there is no shortage of marketing ideas in the financial industry. In fact, I have found that the “shiny idea” syndrome of bouncing between too many inspirations is often a bigger marketing challenge for financial advisors.

So, how do you know what marketing efforts make sense for you and your financial brand?

Just like financial planning, successful marketing starts by having a clear plan. From there, it is a matter of scientific review to refine and improve over time.

What is a marketing plan?

A marketing plan has clearly defined goals, timelines and a budget you can use to build out a marketing calendar of activities. Whether that includes 3, 5, 7 or more sources to generate business, remember diversity is key to consistency, but adding too many variables at once can become an expensive mistake. For a helpful tool to prioritize your marketing idea, check out my past blog, “3 tips to focus your financial marketing.”

What should a financial marketing plan include?

If you have a solid list of contacts, your efforts and budget should prioritize deepening and expanding these relationships. This includes focusing on generating referrals as well as creating opportunities to capture new assets and deliver new value.

If you are opening a new location or experience a cold transition, mass marketing to build and grow a new database will be first and foremost. Public relations efforts can also be a great catalyst to enhance any of these efforts by building your credibility and exposure.

Regardless of how established you are in your practice, the financial business is deeply relational. Focusing on opportunities with personal interaction as your foundation will result in the most meaningful connections and business results. This remains true even among younger investors as a recent survey identified that traditional advisors are two times more prevalent among millennials than robo-advisors.

Another universal ingredient is having a nurture or drip system in place to stay top-of-mind with your database. At any given time, only 3% of your clients and prospects are at the point of making a buying decision. 56% are not ready and 40% are poised to begin according to Vorsight. Additionally, it can cost five times more to acquire a new client versus keeping an existing one. The takeaway? Be sure your marketing plan includes initiatives for these critical and often neglected components:

  1. Maintaining and maximizing your relationships once established and
  2. Continuing to work your database of prospects

Know that there are no magic bullets.

Just as there is no single stock or financial product that will be the perfect solution for all your clients, there is no big, singular marketing secret standing between you and your next level of success.

At AdvisorPR, we work with leading advisors from all over the U.S. in cities big and small. While there are a number of similarities among them, it is important to recognize the unique brand personalities, too. Marketing moves that work in Topeka, Kansas, may not translate in Laguna Beach or from one advisor to the next.

For example, serving warm cookies and a drink menu in your lobby may be something your clients have come to expect and enjoy. For others, these types of gestures may evoke feelings of red flags and suspicion. Trust your gut. Know yourself, your business, and most importantly, your ideal client.

Be sure to check out part two of this blog series to learn how to refine and improve your marketing results over time. As they say, the definition of insanity is doing the same action repeatedly and expecting a different result!

Need help breaking the mold of template marketing solutions for your financial business?

Learn more about our high-impact marketing solutions, and contact us to discuss how we may be able to help.

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