Email FacebookTwitterMenu burgerClose thin

How Hiring a Marketing Agency Can Help a Financial Advisory Firm


Financial advisory firms deal with complex products and services that require clear and compelling marketing messages. A marketing agency can provide financial advisory firms with the expertise and resources they need to enhance their market presence and attract more clients. Agencies can improve your leads and overall revenue. Before working with a marketing agency, it’s important to make sure you know how to find the right one for you.

Are you looking to expand the marketing of your financial advisor practice? Try SmartAsset AMP.

Marketing Needs of Financial Advisory Firms

Financial advisory firms have unique marketing needs to effectively reach and engage potential clients. These include regulatory compliance challenges inherent in their industry. Navigating marketing within the boundaries of regulatory compliance makes it crucial for financial advisory firms to partner with agencies that understand these requirements.

Furthermore, given the complexity of financial services, achieving effective communication can be a hurdle. To illustrate this, Vanguard adopted a successful strategy in their “Straight Talk” marketing campaign that simplified complex financial terminologies. This underscores how a marketing agency can help clarify and communicate complex concepts more effectively.

Benefits of Hiring a Marketing Agency

Hiring a marketing agency can offer numerous benefits, including time savings, expertise and innovative marketing methods for financial advisory firms. Each of these benefits is crucial when considering the competitive nature of the financial advisory landscape:

  • Time savings: One significant benefit is the potential time saved for the financial advisory firm. In fact, 85% of advisors find it difficult to find the time to do marketing activities. By delegating complex marketing tasks to professionals, agencies can manage labor-intensive tasks, thus allowing firms to focus more on their core competencies.
  • Marketing experts: Agencies provide access to marketing professionals who stay abreast of the latest marketing trends and strategies. For instance, a firm could hire a marketing agency to revamp its digital strategy, potentially leading to increased web traffic.
  • Ability to try new marketing methods: Another potential benefit of hiring a marketing agency is the innovative strategies they might introduce. 
  • More Effective Effort: If you’re not a marketing expert then hiring marketing professionals to do your work is more efficient, helping you find the right leads. It also helps protect your brand because you aren’t making the same mistakes you might make on your own.
  • More Leads: If you aren’t good at marketing then bringing in an agency can help you improve the number of leads you’re receiving.

Hiring a marketing agency can bring even more benefits depending on what your individual needs are but only you will know how it can save you time or money or just bring in more leads for you than other efforts.

Why You Might Not Want to Use a Marketing Agency

SmartAsset: How Hiring a Marketing Agency Can Help a Financial Advisory Firm

While the potential benefits are appealing, hiring a marketing agency isn’t without its challenges. These could include costs, potential misalignment with the company culture and a lack of industry-specific knowledge. Each of these factors merits careful consideration. Many agencies aren’t used to working with the unique needs that your firm has so it’s important to hire someone who has previously worked with other firms in the industry. 

Hiring an agency isn’t the only way to get leads. SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.

Marketing Services an Agency Can Provide

Marketing agencies can offer diverse services that you may or may not need. The key is understanding each and making sure you don’t ask for services that aren’t needed at your firm. Some of the services you might be able to get include: 

  • Website design: You may want to make your website more appealing or add some client features to your site. 
  • Content creation: If you want to increase your organic leads then you might want to have a consistent flow of blog posts or social media content to reach your potential clients
  • Social media management: You might want to outsource your social media communications entirely. 
  • SEO optimization: Your website might need some work to make sure your blog articles or other content on the site is being maximized. 
  • Lead generation: You may just want to hire an agency to improve your overall lead generation and ensure you’re getting a constant flow of new potential clients. 
  • Branding: You might need to create a new voice for your firm to provide a selling point to potential clients. 
  • Public relations: If you’ve had a disclosure recently or taken some other bad press, you might need to hire an agency to help you manage all of it. 

This isn’t an all-inclusive list of what a marketing agency can help you with but just the most popular services being offered to many financial advisory firms. You may want each firm you talk with to have a list of recommendations for you. 

Tips for Hiring a Marketing Agency

When hiring a marketing agency, it’s crucial for financial advisory firms to consider industry experience, past results, culture fit and the range of services offered. Moreover, understanding the agency’s approach to client communication and reporting and its pricing structure is vital. Here are some other tips that you may want to consider:

  • Try before you buy: Before committing to using a firm for multiple services, give them a test project or a trial run to make sure that working with them is a good fit. 
  • Know what you’re getting: You need to understand the expertise of the staff you’ll be working with but also the exact deliverables that the firm will be providing. 
  • Understand your needs: Make sure you understand what you need help with before you start working with a firm or you’ll be likely to sign up for a bunch of services that you may not need. 
  • Interview multiple firms: Don’t just hire the first firm that comes along. You might get along with the next one better or you might be overpaying if you haven’t heard from multiple firms. 

Ultimately, you should take your time to find the right fit and know what services you actually need to grow your practice before you decide on a marketing agency. 

Bottom Line

SmartAsset: How Hiring a Marketing Agency Can Help a Financial Advisory Firm

Hiring a marketing agency might offer financial advisory firms numerous benefits. However, potential drawbacks like cost and possible cultural misalignment must be thoroughly considered. Avoid rushing into a decision based on promising outcomes and carefully evaluate all the pros and cons before making a final decision. After all, every firm’s needs are unique.

Tips for Building an Advisory Firm

  • Getting a steady flow of leads is the lifeblood of your firm’s survival and growth. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Get access to potential client referrals that match your needs. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
  • Increase your visibility online. When people need a financial advisor, they typically go to one of two places: friends and family or an online search engine. If you haven’t searched for yourself, take time to do so and see what comes up. How easy is it to find your website or social media profiles, for instance? How quickly and clearly does your online presence convey what you’re about?

Photo credit: © Phaisitsawan, ©, ©