The best marketing advice is often the most obvious, at least once you’ve heard it. As a financial advisor, you probably already have solid instincts for what marketing strategies make the most sense for you and your community. The right ones just feel right, right from the beginning. The wrong ones make you want to take a shower after you’re through.
But, it’s also likely you’re unsure whether your instincts are correct. To help you decide, I am pleased to share some thoughtful commentary from Shubha K. Chakravarthy of THEWEALTHMARKETER.com (with permission). Thanks for your thoughts, Shubha!
Why (Traditional) Marketing Won’t Work in Wealth Management
If you’ve ever tried to take a deep dive into marketing to shore up your business development efforts, you’ve probably run across a wealth of advice on how to get your marketing up to snuff. It’s all about creating a wide-mouthed marketing funnel that’s designed to capture as many possible prospects at the top to maximize your chances of getting paying clients at the other end:
- Find and “capture” as many prospects as possible by casting a very wide net across your network or the internet, depending on your marketing method of choice
- Work through all your prospects to figure out if they’ll fit your criteria or not
- If they don’t, thank them for their time and move on to the next until you do succeed in signing up a qualified new client. Rinse and repeat.
I’ve concluded that this approach won’t work in wealth management.