power your advice

5 Strategies for Financial Advisors to Gain More Local Business

It can be hard for advisors to compete for local business, especially since every community has many advisory firms and no longer does every advisor have a brick and mortar storefront.

We’ve often are asked by financial advisors “how can I get more local business”? Our advice: use your blog and social media to bring more awareness more traffic to your website, and ultimately, more inquiries about your service. These 5 ideas can get financial advisors more local business, and even better, they are sure to make your firm look great!

1. Interview local people in the community or your industry and blog about it

As a financial advisor, you most likely have a network of other professionals that you refer clients to, such as estate planning attorneys and CPAs. A great way to continue to build rapport with these folks and showcase your integrated approach is to feature them in a blog post on your website. Come up with 10 questions that you think your clients and prospective clients would find interesting to learn more about, and then email them the questions and ask them to answer them. Be sure to also include pictures of the person and links back to their website in your post.

The person you interview will most likely see this as a very flattering gesture, and often they will share the post with their own network as well (you can also ask them to share it on their social media pages or link to it via their client newsletter). These types of post show that you are an active member of your community, and make someone else the “hero” – showing that you are not just focused on your own business but truly want to give the best experience possible to your clients. Not only will you end up learning a plethora of things from the people you interview, but the feature will help to remind the person you interview of your relationship (and hopefully lead to even more referrals!).

2. Get involved in your local community, and share it on social media

It’s important to let your current and perspective clients know that you’re engaging in events throughout your local community. Don’t be afraid to showcase the events that you’re involved in on social media – the local organization you post about will be happy to have the publicity, and if you tag the group or organization in your post, you’ll get many new eyeballs on your post that may have never heard of you before.

For instance, let’s say your business sponsors a local 5k or other charity event. You could first promote the event on Facebook and LinkedIn, then live tweet about the event in real time (being sure to include the event hashtag), and finally, post an album on Facebook of photos you took on the event. You could then even write a blog post about the whole experience and share it on LinkedIn and your other networks after the event. This not only shows your commitment to the community, but it creates a greater awareness about your brand and business.

3. Participate in conversations with other businesses online

Often we forget that social media is supposed to be “social”. Don’t just post your own content and quietly read others posts – actually engage! A great way to show engagement in your community is to like, comment on, and share posts from other businesses, professionals or non profits in your community. Just be sure to keep the conversations positive, and don’t just be self-promotional, but actually take an interest in what other people are sharing and respond back thoughtfully.

"It could be that a perspective client is unaware of your business or your services, but after reading through a Twitter thread of conversation between you and a different business, has stumbled upon your page and is interested in learning more."

By participating in conversations with other locals in your area, you’re expanding your network and allowing for more opportunities to arise between you and the people in your community to connect.

4. Offer exclusive deals to locals at events

Do you regularly give talks and presentations to local groups? Are you a member of the local chamber of commerce? Do you sponsor local events? All of these are opportunities to not only showcase your expertise and offering, but to incentivize locals to get started working with you quicker. For instance, If you have a booth or give a speech at a local event, you could offer a freemium incentive or discount to those that visit your booth or attend your speech. Another idea is to offer create a deal that only applies for a short period of time – such as “sign up for a free initial client consultation and get 10% off your first financial plan”. Ultimately, showing the people in your local area that you are engaged and invested in the community will drive more traffic your way.

5. Become a resource for the local community

If you post important and relevant content to your blog and social media accounts about current events that are ongoing and upcoming in your community, perspective and current clients will appreciate that you’re in-the-know and up to speed with what’s going on locally. It shows that you care about what’s going on around you and proves that you’re on top of community events. For example, if you post on your blog or social media outlets about upcoming community events, such as a food drive or a 5k, it shows that you’re interested and involved in your local community.