Digital marketing is a powerful tool for financial advisors who want to connect with prospective clients while building brand awareness. While investors are increasingly turning to online search tools and social media to find financial advisors, there’s still a place for an analog approach. Analog or offline marketing strategies for financial advisors can support your digital marketing efforts, while potentially allowing you to tap into new prospect pools.
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Offline Marketing Strategies for Financial Advisors
Marketing offline looks different from going digital, but the goal is the same: to attract new clients to your business. Here are some of the most effective ways to do it.
1. Host a Local Seminar
Hosting free seminars or workshops is an opportunity to connect with prospective clients face-to-face while sharing some of your knowledge and expertise. There are two major keys to success:
- Choosing a relevant topic that’s likely to be of interest to your target audience
- Promoting the event through the right channels
Selecting a topic comes down to how well you know your ideal client base. For example, your target niche might be pre-retirement couples in their 40s with one or more children. You might host a seminar on tax-advantaged savings plans, including 529 plans that are specific to your state.
Once you have your topic, you’ll need to promote the seminar. Some of the ways you can promote offline include flyers and advertisements in local newspapers or on television. Word of mouth can also be a powerful promotional tool if you tell your existing clients about the seminar, and they spread the word to their friends and family.
2. Billboard Ads
Investing in billboard ad space can get eyes on your business instantly, particularly if your ad is located in a high-traffic area. Ads are low maintenance, which is also a plus, but there are some potential downsides to consider.
Billboard advertising requires a certain upfront cost, as you’ll need to pay to rent the ad space for a set period of time. The cost, which can easily run into the thousands of dollars, can depend on the location and the rental period.
You’ll need to weigh that against your expected ROI. One of the challenges of billboard advertising is that it’s difficult to track how well they convert unless you specifically ask new clients how they found your business.
3. Direct Mail
Direct mail marketing is the offline equivalent of email marketing, and there are some good reasons to consider including it in your promotion efforts.
Sending direct mail to prospective or existing clients can help you to:
- Pique curiosity and encourage higher open rates
- Build rapport in a pressure-free environment
- Share your expertise and knowledge
- Foster trust
You can tailor your campaigns to fit different segments of your target audience and use A/B testing to experiment with different messaging. If you’re unsure how to launch a direct mail marketing campaign, you might consider working with a third-party marketing company.
4. Host a Client Appreciation Event
Your existing clients may be the best resource you have when searching for new prospects. And the most successful financial advisors understand the power of client referrals.
Hosting client appreciation events is an excellent way to remind your current clients that you value them. In turn, they may be more inclined to refer you to friends, family members and colleagues who are looking to work with a trusted financial professional.
Here are a few ideas if you’re stumped on what to do for a client appreciation event:
- Plan an outing to a theme park or adventure park
- Treat clients to a private cooking class with a local chef
- Book an escape room (ideal for smaller groups of 10 or fewer people)
- Schedule private golf lessons with a local pro
- Reserve a spot at a local winery for a private wine-tasting
The type of event you plan will depend on your clients, their interests and what’s available in your local area. You may host events quarterly, biannually or yearly as your time and budget allow.
5. Join a Local Business Group or Association
Joining local business groups can open up new opportunities to promote your business offline if you’re participating in community events or networking with other professionals.
For instance, your local chamber of commerce might host an annual event that draws in 50,000 visitors. You could gain exposure for your business by setting up a vendor booth or becoming a paid sponsor of the event.
Keep in mind that joining business groups or associations typically comes with certain expectations. You may be required to pay dues, attend monthly meetings or participate in community events. Those are all important things to weigh when deciding which organizations to join if you have limited time in your busy advisor schedule.
6. Volunteer
Doing pro bono work in your local community is a chance to give back while building your network and potentially connecting with wealthy donors who are pursuing philanthropic goals.
Some volunteer programs allow you to connect with people in need online, while others encourage you to get active in the local community. Similar to joining local business groups, there may be a specific time requirement to volunteer.
When comparing volunteer opportunities, consider the training period required and whether errors & omissions (E&O) insurance is provided for you if you don’t have this type of coverage already.
7. Attend Trade Shows or Conferences
Trade shows and financial advisor conferences offer multiple ways to promote your business offline. You could market your firm as a vendor, sponsor, expert panel member or guest speaker.
Events that are exclusive to other advisors are ideal for growing your network, while events that are open to the public can allow you to connect with potential clients. Attending a mix of both throughout the year can help you balance your marketing efforts.
Frequently Asked Questions (FAQs)
Does Offline Marketing Work?
Offline marketing can be an effective way to promote your advisory business. As with online marketing, the key lies in choosing messaging that resonates with your target audience and promoting your business in places where they’re most likely to see it. Billboards, print ads, direct mail marketing and in-person events are some of the strategies you might use to increase your visibility locally.
Is Offline Marketing Still Relevant for Financial Advisors?
Digital marketing may be the go-to approach for many advisors, but there’s still a place for offline strategies. Marketing offline can expand your reach and help you build a positive reputation for your firm in local circles. Word of mouth is one of the simplest – and most significant – ways to gain traction for your business in your community.
What Is the SEC’s Marketing Rule?
The SEC’s marketing rule specifies what registered investment advisors can and can’t say when marketing their businesses. If you’re using offline marketing tools, such as brochures, flyers or direct mail, for instance, you cannot include hypothetical performance unless certain conditions are met. Understanding SEC and FINRA marketing rules can help ensure compliance when advertising your business online or offline.
Bottom Line
Implementing offline marketing strategies for financial advisors can help you grow your business and gain new clients. Including some of these tried-and-true tactics can help you create a well-rounded advisor marketing plan.
Tips for Growing Your Advisory Business
- Marketing can be one of the most time-consuming aspects of running your business. If you’d like to streamline and save time, you might consider working with an advisor marketing platform. SmartAsset AMP helps you connect with leads while leaving you free to serve your clients. Schedule a demo to learn how you can use it to grow your business.
- Advisor marketing doesn’t have to be one thing or the other. If you’re working to increase visibility offline, you can do the same thing online using digital ads, search engine optimization (SEO), social media and email marketing. Figuring out what works best for your business can help you decide where to focus your time, attention and resources.
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