Financial Advisor Marketing Podcast

I’m constantly asked by financial advisors about how much I think they should pay per lead. It’s a pet peeve of mine. And my answer is always the same:  It depends.  It depends on how profitable you are, how much you charge per client, how much you’re willing to deal with headache clients, and the list of variables goes on indefinitely and is wildly different from business to business.  But that doesn’t explain why this question is a pet peeve…  The real problem with this question is that it reveals a deeper problem: The wrong approach to marketing your financial advice business.  I explain why it’s the wrong approach and reveal a more effective and profitable approach in today’s show.  Listen now. Show highlights include: Why wondering how much you should pay per lead is the wrong approach that leads to an unstable business (and what to focus on instead) (2:19)  How worrying about the average marketing metrics of other financial advisors “neuters” your marketing (3:48)  The weird way the lowest cost per lead can bankrupt your business faster (4:53)  The single stupidest marketing strategy that tricks financial advisors into lighting their dollars on fire (7:58)  How to leverage marketing assets and systems to pay a fraction of what other financial advisors pay on a per lead basis (and have a higher chance of converting them into paying clients) (11:20)  The “no bad metrics” secret for reframing how you approach marketing that automatically makes each campaign more profitable (17:17)  Since you listen to this podcast, I want to give you a gift:  If you subscribe to the Inner Circle Newsletter, I’ll send you a collection of seven “objection busting” and copyright free emails, personally written by me, that you can use right away to begin getting more clients. Sign up here: https://TheAdvisorCoach.com/Coaching. Then, let me know you subscribed, and I will reply back with a link where you can download them for free. 

A young financial advisor DM’d me on LinkedIn and asked what advice I’d give to someone in his early 20s to be successful.  And I took quite a different approach with my answer than the typical advice for growing a financial advice business. I zoomed way out and focused on the 4 areas that will make you successful no matter what profession you have.  In today’s show, I reveal these 4 areas of personal growth that indirectly lead to business success no matter what you do.  Listen now. Show highlights include: The 4 areas of personal growth that indirectly result in business success (1:07)  The weird way to grow your financial advice business by going to the gym (3:30)   Why getting in a good relationship is the #1 most important thing to do for your mental health and, thus, your business (8:44)  How taking frequent breaks makes you more productive and impactful (even if it seems like a version of procrastination) (11:23)  Why the Bible is the single most effective self-help book you’ll ever read (14:05)  What a multiple-hour conversation with ChatGPT revealed to me about humanity’s free will (or lack thereof) (15:17)  Why your skills aren’t responsible for your success, this is… (19:03)  Since you listen to this podcast, I want to give you a gift:  If you subscribe to the Inner Circle Newsletter, I’ll send you a collection of seven “objection busting” and copyright free emails, personally written by me, that you can use right away to begin getting more clients. Sign up here: https://TheAdvisorCoach.com/Coaching. Then, let me know you subscribed, and I will reply back with a link where you can download them for free. 

Larry Sprung, CFP, author, and owner of Mitlin Financial, champions the transformative power of joy in financial advising. He shares how embracing joy helped his firm grow 650% more than typical firms. Listeners learn about leveraging authentic stories to connect with clients, the importance of effective firm naming, and avoiding the pitfalls of 'budget shaming' that drive clients away. Larry also offers insights on attracting ideal clients through simple questioning and nurturing relationships via social media adventures.

Financial advisors often fall into the trap of seeking external permission to achieve success, delaying their growth. The discussion reveals that this mindset leads to mediocrity and reliance on hope rather than proactive strategies. Listeners learn about the importance of self-empowerment and taking agency in their marketing efforts. Insights on overcoming procrastination linked to credential-seeking are also shared, highlighting a crucial emotional mindset shift needed to truly thrive and transform their practices.

Discover how financial advisors can up their game and break the $500,000 income barrier. Learn the crucial four-step process that transforms earnings from $150,000 to half a million. Explore the surprising strategy of firing clients to accelerate growth and the unique 'broken slot machine' secret known by seven-figure advisors. Dive into tips for enhancing client conversion rates and why a distraction audit might boost productivity. The insights shared could redefine wealth building for advisors and their legacies.

In this discussion, Michael Kitces, the Chief Financial Planning Nerd at Kitces.com, reveals key insights from his recent marketing study for financial advisors. He shares how advisors can reduce client acquisition costs from up to $10,000 and avoid the 'anti-scale' trap that threatens profitability. Kitces emphasizes the 'Transfer of Trust' technique to expedite client onboarding and highlights proven marketing strategies backed by data. Valuable tips on leveraging personal strengths and the importance of storytelling in client relationships round out this must-listen conversation.

Most marketing advice is all about drawing people in. And for good reason: Your business can’t exist without clients.  But there’s a problem with attraction marketing…  If you attract the wrong people into your business, then you might create a business that pays you well but creates a life you despise. That’s why repulsion marketing, the exact opposite of attraction marketing, is often a more powerful marketing strategy.  Not only does it tend to be more profitable, but it also ensures that your clients are of the highest quality. That means they happily pay you more, don’t think they’re entitled to your time, and don’t cause endless frustrations.  In today’s show, you’ll discover a few simple ways to add repulsion marketing into your campaigns and create a more successful and fulfilling business as a result.  Listen now.  Show highlights include: Why attracting your ideal clients isn’t nearly as profitable following this overlooked “Gold Prospector” method (0:53)  This seemingly innocent thought has crippled more financial advice businesses than perhaps any other thought in human history (6:08)  A bulletproof way to weed out entitled freebie seekers from the people who make great clients (7:02)  The magic ingredient you need to actually build a business that lets you spend as much time as you want with your kids (15:31)  Since you listen to this podcast, I want to give you a gift:  If you subscribe to the Inner Circle Newsletter, I’ll send you a collection of seven “objection busting” and copyright free emails, personally written by me, that you can use right away to begin getting more clients. Sign up here: https://TheAdvisorCoach.com/Coaching. Then, let me know you subscribed, and I will reply back with a link where you can download them for free. 

Financial advisors often struggle to sell ongoing advice, viewing it as a scam. This episode uncovers how to shift that perspective, revealing it as an honorable and effective practice. Key insights include the power of belief in sales, how to achieve psychological alignment with clients, and the necessity of adapting strategies as circumstances change. Plus, discover why charging more can reflect greater value, and how adopting a lawyer's mindset can triple your success.

One-time financial plans can be beneficial, helping potential clients test services before long-term commitments. Key insights include overcoming client hesitations by highlighting long-term value and addressing DIY mentalities. Advisors can boost conversions by empowering clients and mastering the art of selling delayed-payoff services. The importance of strategic pricing and positioning for future relationships is also discussed, revealing how to transform one-time clients into recurring revenue streams. Time to rethink that sales approach!

Dive into the world of content marketing secrets designed for financial advisors. Discover how a personal grip strength story can inspire significant business growth. Learn the art of creating high-performing lead magnets that attract ideal clients. Explore why most advisors miss the mark with their content and how critical the months of November to January are for success. Uncover effective time management tips that elevate your marketing strategy and allow for deeper client connections.