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Successful lead generation is all about strategy. If your business is new or your tried-and-true lead generation methods are not producing the same results, you might consider a new approach: buying leads. Twenty-six percent of advisors incorporate lead generation platforms and services into their marketing strategy, according to a 2024 Kitces report on financial planner marketing.1 Understanding where to find high-quality financial advisor leads for sale and how to evaluate them can make a difference for your bottom line.
SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.
Where to Find Financial Advisor Leads for Sale
Finding leads for sale is as simple as searching for “financial advisor lead generation services.” Numerous companies offer lead generation for financial professionals, so there’s no shortage of options.
For example, SmartAsset’s Advisor Marketing Platform (AMP) gives financial advisors access to a steady flow of validated leads, along with automated tools to follow up, nurture prospects and stay top of mind. The subscription-based platform can streamline outreach and simplify marketing tasks that may otherwise fall through the cracks. In the Kitces report, 22% of advisors who rely on lead generation platforms for marketing use SmartAsset. For RIAs and advisors focused on scaling their business, AMP functions as a comprehensive system for attracting and developing client relationships.
Examples of other platforms that sell financial advisor leads include:
- WiserAdvisor
- Zoe Financial
- Ultima Sourcing
- Money Pickle
- SalesGenie
- Altrata
- UnbiasedPro
Some lead gen services specialize in a particular type of lead. For example, if you’re primarily interested in annuity leads, that’s a service that Revenx provides. Other companies may sell only life insurance leads or leads for high-net-worth prospects who are interested in alternative investments.
You’ll want to select a company that aligns with your needs and goals. Some companies listed cater to different types of advisors and price their lead generation services differently. Here are some things to keep in mind as you shop around.
Clarify Your Needs and Goals
It’s important to think about what you hope to accomplish when buying leads, and how you want to track progress. Developing some specific metrics or performance indicators can help you gauge whether your investment in lead generation services is worthwhile. For example, you might track contact rates, booking rates and conversion rates.
When setting goals, consider what’s realistic. For example, you might decide that you want to connect with 10 new prospects per month, or acquire two new clients via lead generation services per month. Without tangible goals, it may be difficult to estimate how well buying leads is working for your business.
Consider Lead Quality
In lead generation, less can be more. And it’s quality, not quantity, that matters. You may derive more value from buying a smaller list of curated leads that align with your niche versus a larger list of names and contact details that haven’t been properly vetted.
When researching lead generation services, consider how and where they obtain their information. The highest-quality leads typically come from platforms that rely on a mix of resources, including:
- Public records
- Social media platforms, like LinkedIn
- Digital ads
- Content marketing
- In-person or virtual events
The more information a platform is able to offer about its leads, the more confident you may feel about buying them.
Ask About Tools
A good lead generation service does more than just send you names. It also provides you with tools that you can use to nurture relationships with prospects. SmartAsset AMP helps financial advisors streamline communication with potential clients by automating call, text and email campaigns. For example, AMP’s Next Call feature automatically tracks and logs every call made and text message sent to individual referrals, giving advisors detailed records that update in real time.
If you’re considering AI lead gen tools, pay attention to the details. Specifically, where do leads come from? How are they vetted? Will using an AI tool for lead generation save you time and/or money? While AI is advancing, it’s not a perfect technology. Reputable AI lead gen platforms incorporate plenty of human oversight to ensure that lead buyers are getting quality in return for what they spend.
Review Testimonials
One of the best measures of any lead generation service is what current or past users have to say about it. Reading reviews or testimonials can offer insight into what other advisors do or don’t like about a particular lead generation company. You can use what you read to fuel your storyselling efforts in your own marketing campaigns.
Client Acquisition Simplified: For RIAs
- Ideal for RIAs looking to scale.
- Validated referrals to help build your pipeline efficiently.
- Save time + optimize your close rate with high-touch, pre-built campaigns.
CFP®, CEO
Joe Anderson
Pure Financial Advisors
We have seen a remarkable return on investment and comparatively low client acquisition costs even as we’ve multiplied our spend over the years.
Pure Financial Advisors reports $1B in new AUM from SmartAsset investor referrals.
Financial Advisor Leads for Sale: Cost and ROI
If you’re paying for leads, it’s important to have an idea of how much you’re likely to pay and what you might get back on your investment. A “good” ROI for lead generation is typically anywhere from five to 10 times what you paid for the lead. However, results may vary widely from advisor to another.
In terms of how much it costs to buy leads, let’s first consider the different pricing models that lead generation platforms may use. They include:
| Fee Structure | How It Works | Pros/Cons |
|---|---|---|
| Flat Fee/Subscription | In a flat fee/subscription structure, you pay a set amount monthly or annually for leads. | Flat fee models offer predictable billing and the potential for reduced client acquisition costs, however, they do not guarantee quality. Lower conversion rates may shrink ROI. |
| Pay Per Lead | Pay per lead services charge a fee for each lead you receive. | Pay per lead allows for flexibility, since you can scale the number of leads you receive up or down. However, pay per lead platforms may sell the same leads to multiple buyers, increasing competition for prospects. |
| Revenue/Performance-Based | Fees are assessed based on the number of leads that convert and/or the amount of revenue they generate. | With revenue/performanced-based fees, you only pay when a lead yields some benefit to you. Percentage-based models may cost you more to acquire new clients in the long term, compared to other fee structures. |
Calculating cost per lead can help you better understand what you might pay to acquire leads, using different fee structures. The formula to calculate cost per lead is as follows:
Cost Per Lead = Total Marketing Spend / Total Leads Generated
As an example of how much it costs to buy financial advisor leads for sale, consider the following data from FirstPageSage, a B2B marketing and SEO Agency. The table below breaks down average CPL for the financial services industry as a whole.
| Average Paid CPL | Average Organic CPL | Average CPL Blended |
|---|---|---|
| $761 | $555 | $653 |
Obviously, organic leads are the most cost-effective option for financial advisors, based on these numbers, but it often requires more work to generate them. For example, you may need to invest time and financial resources into developing a strong referral program or dedicate part of your busy schedule to building centers of influence to gain referrals from other professionals. However, these types of leads may have more sticking power if you’re using word of mouth to build credibility and trust.
Similar to any other investment you make for your business, it’s important to weigh the quality of leads you get in return for what you pay. Cheaper leads may be tempting, but that could be money wasted if you’re not converting prospects at a high rate, or at all. At the same time, choosing a pricier lead gen service doesn’t guarantee results either.
As you debate whether it’s worth it to buy financial advisor leads, consider your average client acquisition cost. Here’s the formula for that calculation:
CAC = Total Sales and Marketing Costs / Number of New Clients Acquired
Comparing CPL and CAC, along with the expected revenue per new client you may generate, can help you temper your expectations for costs and ROI. For some added context, here’s a breakdown of the average CAC for financial services, also from FirstPageSage.
| Average Organic CAC | Average Paid CAC |
|---|---|
| $146 | $173 |
Organic client acquisition is the more budget-friendly choice but again, you have to consider how easily you might be able to execute that. If you’re starting a brand-new RIA with zero AUM and zero clients, for instance, you have a bigger challenge ahead of you compared to an established advisor with more than $100 million in AUM.
Customer lifetime value, or CLV, is one more factor to consider. This is the total revenue or net profit you expect to earn from a client for as long as they remain your customer. The formula for this calculation is:
CLV = (Average Revenue Per Client x Customer Lifespan) – Costs to Serve the Client
For financial services firms, the average CLV is $45,976, according to FirstPageSage, 2 though that figure is a few years old. However, keeping this number in mind as a guideline can be useful when estimating how much value you’re likely to generate per new lead acquired.
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Converting Purchased Leads into New Clients
Unfortunately, buying leads doesn’t guarantee immediate success in adding new clients. Advisors who invest in a lead generation service like AMP should keep in mind that it takes effort, diligence and persistence to convert a purchased referral into a client.
Once you acquire leads, act quickly. Speed and timeliness matter because contacting prospects within minutes increases the likelihood of engagement. Use a personalized approach when reaching out, referencing any details the lead provider shares, such as financial goals or investment preferences. Implement a multichannel follow-up strategy that includes phone calls, emails and, if appropriate, text messages.
Justin Fitchko, a Certified Financial Planner™ (CFP®) and managing partner at DayMark Wealth Partners in Ohio, told SmartAsset that AMP gives him the ability to set up an automated process for contacting new leads.
“I’m immediately informed via an email and text message to my personal cell phone saying you have a lead,” Fitchko told SmartAsset, adding that new leads automatically receive a text message from his number. “I generally try to call immediately, with the assumption that other advisors are going to do the same.”
Additionally, automated tools like CRM systems can help you stay organized, track interactions and follow up efficiently. AMP integrates with popular CRMs like Salesforce, HubSpot, Zoho, Redtail, SmartOffice, Pipedrive and Wealthbox.
Finally, nurture your leads with valuable content and insights. Offer educational resources like webinars, articles or newsletters to demonstrate your expertise. Building rapport over time increases the chances of converting leads into loyal clients. By combining a strategic approach with personalized communication, you can turn purchased leads into long-term relationships.
Pros and Cons of Buying Financial Advisor Leads
Should you buy leads as an advisor? The question is up for debate, and there are plenty of arguments both for and against doing so:
| Pros | Cons |
|---|---|
| Buying leads gives you access to a pool of interested prospects who are actively looking for financial advice, and thus are likely to be more receptive. | Lead generation services are not perfect, and you could end up paying good money for leads that are poor quality or where the prospect’s contact information is inaccurate. |
You may be able to reach a broader audience than you would with your current marketing strategy. | Competition may be stiff if other advisors are buying the same leads, and the first advisor to make contact with a prospect might be the one to close the deal. |
| Compared to the time and financial investment that’s often required to implement an effective marketing strategy, buying leads is a faster and easier way to achieve your goal. | Buying leads can sometimes make it more difficult to build relationships, which is central to creating a sustainable business. |
Robert Gilliland, founder of Concenture Wealth Management in Houston, says his success using SmartAsset AMP is rooted in his persistent and consistent outreach to the leads he receives.
“I realized very, very quickly that in order to make this investment worthwhile, it has to be a full contact sport. You have to be engaged. You have to be reaching out,” Gilliland told SmartAsset. “And I said to myself, if I’m going to spend this money, I need to make sure that I’m working it.”
Tips for Generating Leads Organically
For every advisor who pays for leads, there’s another who doesn’t. One isn’t better than the other; different approaches work for different businesses. If you’d like to try to generate more leads organically before you buy leads, here are some ideas on how to do that.
Talk to Your Current Clients
Your current clients can be one of the best sources of new leads if they’re sending a steady stream of referrals your way. If you’re not getting those referrals, ask your clients what you can do better. You can also ask them to fill out an anonymous experience survey if you don’t want to put them on the spot.
Collaborate With Other Financial Professionals
Forming strategic partnerships can help you get new eyes on your business and potentially reach a broader field of prospects. For example, if your ideal clients are 30-somethings with young kids, you might gain exposure as a guest on a millennial money podcast.
You could also consider building centers of influence with other professionals, such as attorneys and CPAs. Adding these types of individuals to your network could help you collect more referrals if they have clients you’re equipped to serve.
Improve Your SEO
Search engine optimization (SEO) refers to strategies that are designed to help your website rank higher in search results. If you have a website that doesn’t get much traffic, revamping your SEO strategy could help you rise in the rankings and be more visible to prospects who are searching for financial advice.
As AI increasingly competes with human-powered sites for search traffic, it’s also wise to focus on AEO or answer engine optimization. To capitalize on AEO, focus on creating content that includes detailed answers to the questions investors may be searching for in a reader-friendly format. Focus on user intent and use bulleted lists to provide concise answers, which can help improve your brand’s visibility in search.
Build Your Email List
If you’ve neglected email marketing, you could be shooting your lead generation strategy in the foot. You can give your list an instant boost by developing a valuable lead magnet and promoting it on your website and social media accounts.
To unlock your lead magnet a prospect simply has to enter their email address. That puts them on your email list and gives you an opportunity to continue to market to them. Drip sequences, for instance, can help you build a rapport slowly and learn more about what a prospect might need from you.
Engage
Social media is a great marketing tool for advisors, but only if you’re actively using it. If you have social media profiles, but aren’t doing much with them, consider how you can ramp up engagement. Those efforts might include:
- Sharing a poll and asking followers to respond
- Asking followers to share their favorite financial quote, or relate a positive/negative experience they’ve had while navigating their financial goals
- Hosting a livestream Q&A session
- Inviting followers to join in an AMA (ask me anything) session, where you answer their questions about financial planning
- Sharing a funny meme or GIF
- Discussing a controversial topic
- Posting newsworthy stories that your followers are likely to care about
And of course, you can also promote engagement by responding to the comments your followers leave. If this seems like too much to handle on your own, you might consider outsourcing some of your social media management to an experienced virtual assistant.
Host a Seminar
Seminars are great for marketing because you can reach a large audience without having to gather them into a physical space. Seminars, whether live or prerecorded, offer prospects a closer look at how you can help them develop their financial plans. Twenty-five percent of advisors in the Kitces report used seminar marketing, generating $7,679 in revenue per new client on average.
When planning a seminar or workshop, choose your topic carefully. Ideally, you should be speaking to a specific need or problem your ideal clients have. Your topic should be narrow enough to fit into a 60- or 90-minute format, but not so narrow that you run out of things to talk about.
Frequently Asked Questions (FAQs)
Should Financial Advisors Buy Leads?
Whether it makes sense to buy leads depends on your goals for growth and what you can afford to invest in this type of marketing. For some advisors, buying leads is a cost-effective way to connect with the right-fit prospects. Others may find that organic methods of lead generation work best.
How Much Do Financial Advisor Leads Cost?
Lead generation services structure their fees differently, and the cost per lead can vary greatly from one company to the next. You might pay a flat monthly fee or a fee that’s based on the percentage of a prospect’s assets. Comparing fee structures for different lead generation services can help you determine which one may offer the most value for your money.
Where Do Financial Advisors Get Their Leads?
Financial advisors can get leads from a variety of sources, including email marketing, social media, digital ads, direct mail marketing and SEO-driven local searches. Referrals can also bring more leads your way if your clients are motivated to tell their friends and family about you. Diversifying your sources for leads can help you cast a wider net when attracting prospects.
Bottom Line
It’s relatively easy to find financial advisor leads for sale, but it may take some research to find the right company to work with. At the end of the day, whether you buy leads or generate them yourself, the most important thing is making quality connections.
Tips for Growing Your Advisory Business
- How big is your firm’s digital footprint? The answer matters as more investors turn to online searches to find financial advice. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- Hosting client events is a way to show your appreciation and potentially generate more referrals. When deciding what kind of client appreciation event to hold, consider your client’s interests and passions, as well as what’s feasible for your budget.
Testimonials appearing on this site are actually received via text, audio, or video submission. The testimonials are provided by financial advisors that have ongoing business relationships with SmartAsset. They are individual experiences, reflecting the real-life experiences of those who have used our products and/or services. The testimonials are not 100% representative of all of those who will use our products and/or services, and we make no admissions of such. The testimonials displayed (text, audio, and/or video) are given verbatim except for correction of grammatical or typing errors. In some cases, the testimonial has been shortened in length where it has not been possible to display the whole testimonial, and where we considered, acting reasonably, that some parts of the testimonial were not relevant to our site, products, or services. SmartAsset may extend free products, discounts, promotional support, or other indirect or direct financial incentives to these sources. These incentives may or may not influence the nature of the testimonial. In this case, compensation was provided.
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Article Sources
All articles are reviewed and updated by SmartAsset’s fact-checkers for accuracy. Visit our Editorial Policy for more details on our overall journalistic standards.
- Average Customer Lifetime Value (LTV / CLV) for a Services Company. First Page Sage, 9 Nov. 2022, https://firstpagesage.com/reports/average-customer-lifetime-value-ltv-clv-for-a-services-company-fc/.