How Hiring a Marketing Agency Can Help a Financial Advisory Firm

A marketing agency can help an advisory firm turn its expertise into messaging that resonates with the right prospects. Instead of relying on ad hoc outreach, agencies can support a more consistent approach across a firm’s website, content, search visibility and lead-generation campaigns. For firms that want to grow but have limited time to run marketing in-house, an agency can handle execution while the advisor stays focused on client work and business operations.

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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 can matter 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, a Broadridge survey of more than 400 financial advisors found that 85% say it’s difficult to find time for marketing activities. ¹ By outsourcing complex marketing efforts, firms can focus on their core services while agencies handle labor-intensive tasks.

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 an uptick in web traffic. An agency may also employ experts who are well-versed in tech tools that can help to streamline and automate your marketing plan.

Ability to Try New Marketing Methods

Another potential benefit of hiring a marketing agency is the innovative strategies they might introduce. For example, if you’ve never tried email drip campaigns or blast campaigns before, that’s something your agency might recommend. An agency may also be experienced with creating viral social media marketing campaigns that break the traditional rules for how advisors promote their services. That may be particularly beneficial if you’re hoping to attract a younger client base with a high digital IQ.

More Effective Effort

If you’re not a marketing expert, hiring professionals can be a more efficient way to connect with the right leads. It can also help protect your brand by reducing the risk of common marketing missteps. For example, an agency may recommend that you segment your book of business if you haven’t done so. This step can enable the agency to create highly targeted campaigns that have a better chance of converting prospects to clients, versus being lost in a sea of marketing noise. An agency can also handle the analysis side of marketing to determine which tactics are most effective for your firm, and which ones are not.

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. They may do this through a combination of data analysis, tech tools and campaigns that are tailored to the exact pain points your ideal clients struggle with. An agency can can develop multiple marketing strategies and coordinate them to increase your visibility with your target audience and capture the attention of leads, leaving you free to focus on your existing clients.

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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.

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Tips for Hiring a Marketing Agency

When hiring a marketing agency, it’s important 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:

1. Try before you buy: Before committing to 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. 
2. Know what you’re getting: Understand both the expertise of the team you’ll be working with and the specific deliverables the firm will provide.
3. Understand your needs: Clarify your needs before hiring a firm to avoid signing up for unnecessary services.
4. Interview multiple firms: Don’t just hire the first firm that comes along. You may find a better fit (or better pricing) by speaking with multiple firms.

Of course, it’s also helpful to consider the cost and the potential return on your investment when hiring a marketing firm. Ultimately, it’s important to 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. 

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When You Might Not Want to Use a Marketing Agency

While the potential benefits are appealing, hiring a marketing agency isn’t without its challenges. These could include costs, potential misalignment with your firm’s culture and a lack of industry-specific knowledge. Each of these factors merits careful consideration. Since many agencies lack experience with the unique needs of advisory firms, look for one that has worked with others in the industry.

An alternative to working with a traditional agency is to find a way to automate your lead generation and marketing efforts. SmartAsset AMP helps you connect with high-intent prospects who are in the market for professional help with their finances. A single subscription gets you access not only to these referrals but also to live connections with prospects, automated email and text campaigns, CRM integrations and more.

Bottom Line

Hiring a marketing agency might offer financial advisory firms numerous benefits. However, potential drawbacks like cost and possible cultural misalignment must be thoroughly considered. Evaluate all pros and cons carefully rather than rushing into a decision based on optimistic projections. 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?

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