The Evolution of Lead Generation for Financial Advisors in 2024

The Evolution of Lead Generation for Financial Advisors in 2024

Moving beyond webinars and seminars to a social media advertising and virtual sales process can catapult success

Financial advisor marketing is going through a pivotal transformation – and Alex Khassa, Founder and CEO of Clients Blackbox, a marketing partner to some of the fastest growing financial advisory and retirement planning firms in the USA, is on a mission to help them move beyond webinars and seminars to a social media advertising and virtual sales process that can catapult success.

“Traditional methods, like webinars and seminars, once popular for generating leads, are being reevaluated due to the changing preferences and behaviors of potential clients,” Khassa said. “The truth is, in today's fast-paced digital environment, the most interested and ready-to-act leads aren't willing to wait several days for a webinar. They're looking for immediate solutions and interactions. This shift necessitates a fresh look at how financial advisors can more effectively connect with and convert their target audience.”

SWITCHING TO A VIRTUAL SALES STRATEGY

Jonathan Leonard, Founder of Leonard Financial Solutions, is one advisor who looked into his firm’s lead generation approach after growing tired of conducting in-person seminars and webinars, often missing out on family time due to evening meetings, only to experience less than stellar results. His experience exemplifies the evolution of lead generation for financial advisors in 2024.

“My kids were in sports and doing other activities I wasn’t able to attend because I had these virtual and in-person marketing obligations,” Leonard said. “I began to realize the limitations of traditional methods and sought a change, switching to virtual sales utilizing social media ads, which has led to significant business growth,” Leonard said.

Leonard started recording videos targeted towards potential right-fit clients – individuals who needed help navigating the transition to Medicare and needing to create predictable retirement income streams. He then started using the videos as ads on Meta’s social media platforms, Instagram and Facebook. Initially skeptical about the effectiveness of social media ads, Leonard was surprised by the positive results. By moving away from webinars and seminars, Leonard has seen many benefits.

“While organic social media is still something I do, just to build awareness and maintain a good online presence, paying for ads on Meta moves the needle faster,” Leonard said. “In good months, I'm meeting with 50 prospects a month. As a result, I had to develop an efficient workflow and sales protocol so that the leads did not fall through the cracks. While some advisors might say paying for ads on Meta is expensive, for me, it’s well worth the investment. For instance, I closed a $5 million annuity deal, making this my firm's largest case. I improved my work-life balance, too. This shift has allowed me to spend more time with my family while generating solid business success.”

UNDERSTANDING THE LIMITATIONS OF WEBINARS

Typically, the journey from seeing a webinar advertisement to booking a call stretches over a week – and for an in-person seminar, the timeline can be longer still. A long timeframe introduces multiple opportunities for leads to get distracted or lose interest. Once a prospect clicks on an ad, they're not just waiting for your webinar or seminar, they're exploring other options, receiving offers from competitors, and possibly even engaging with them. By the time your event rolls around, these leads have been pulled in various directions, making them harder to convert and often increasing the cost per lead.

THE HIGH COST OF A LENGTHY PROCESS

The traditional webinar / seminar funnel involves several steps: An ad leads to a registration page, followed by email and SMS reminders to attend the event, and finally, the opportunity to book a call. This process is not just slow but also costly. Investing thousands into ads for an educational event might only yield a handful of booked calls, with each appointment costing significantly more than more direct methods. This inefficiency, combined with technological hurdles and a lengthy feedback loop, diminishes the appeal of webinars and seminars as lead-generation tools.

EMBRACING A MORE DIRECT APPROACH

A more streamlined and efficient model is emerging in response to these challenges. This approach cuts out the lengthy wait times and multiple steps of the traditional funnel, opting instead for a direct connection with potential clients. By presenting a concise, informative piece of content—such as a short video—immediately after the initial click, advisors can build trust and engage leads while their interest is high. This not only speeds up the process but also significantly reduces the cost-per-lead by eliminating the drop-off points inherent in the traditional webinar / seminar funnel.

BENEFITS OF THE NEW STRATEGY

This new, more direct method offers several advantages:

1. Immediate Engagement: Leads are engaged instantly, keeping their interest piqued and mitigating the possibility that they will begin exploring other options.
   
   
2. Reduced Costs: With a more efficient funnel, the cost per booked appointment is significantly lower, allowing for a better allocation of marketing resources.
   
   
3. Simplification: Eliminating complex steps and technologies reduces the potential for technical issues and streamlines the lead generation process.
   
   
4. Higher Quality Leads: This approach tends to attract more serious prospects who are ready to take action by this newer, more modern strategy which captures leads at the moment of highest interest.

IMPLEMENTING THE CHANGE

“Financial advisors must reevaluate their digital marketing strategies to adapt to this evolving landscape,” Khassa said. “Focusing on immediate, direct interactions rather than delayed webinar and seminar presentations can lead to more effective lead generation and conversion. By leveraging concise, compelling content that addresses the needs and pain points of their target audience, advisors can create a more engaging and cost-effective funnel that resonates with the immediacy of today’s digital consumer behaviors.”

LOOKING AHEAD

As we move further into 2024, shifting away from traditional webinars and seminars toward more efficient and direct lead-generation methods is becoming increasingly clear. For financial advisors willing to embrace this change, the potential for improved engagement, reduced costs, and higher conversion rates is substantial. In doing so, they can better meet the needs of their prospective clients, ensuring their marketing efforts are both effective and aligned with the expectations of a rapidly changing digital landscape and increasingly distracted, online population.

ABOUT ALEX KHASSA AND CLIENTS BLACKBOX

Alex Khassa is founder and CEO of Clients Blackbox, a marketing partner to some of the fastest-growing financial advisory and retirement planning firms in the USA. Their strategic demand generation capabilities are designed to elevate their clients' visibility among millions of prospective clients, facilitating engagements with a distinguished demographic of affluent pre-retirees and retirees. Because of that, they feel a moral responsibility to only give a platform to financial services companies and independent financial advisors who offer the best solution, in their opinion, to the pre-retiree/retiree end-consumer. Learn more at www.ClientsBlackbox.com.

ABOUT JONATHAN LEONARD AND LEONARD FINANCIAL SOLUTIONS

Jonathan Leonard founded Leonard Financial Solutions in 2017 out of his strong desire to improve the lives of everyone he meets. Leonard Financial Solutions' primary focus is retirement planning for people ages 55 and over. Jonathan has worked for non-profit companies and church ministries in the past, and the company is committed to donating 10% of all their profits to 501(c)(3) charities and organizations. Leonard Financial Solutions has clients nationwide and is licensed in all 50 states. Learn more at www.LeonardFinancialSolutions.com.

Dori Thomas and Colin Swift
Impact Communications, Inc.
913-649-5009
DoriThomas@ImpactCommunications.org

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