Research Shows Demand for Financial Advice is Growing

Have you been wondering whether now is the right time to grow your financial advisory business? Recent research from Cerulli Associates suggests it is the perfect time. Why? Well, right now, demand for financial advice is climbing like never before. More people are looking to hire a professional – the question is, are your financial advisor marketing efforts getting you noticed?

What Investors Are Saying

In the Cerulli Report for 2020, investors were surveyed on a number of topics, with special attention to their willingness to engage in paid, personalized financial advice relationships. The numbers speak for themselves:

  • 56% of investors say they are willing to pay for advice – up from 51% in 2019.
  • 40% of those already paying for financial or investment advice say they need even more guidance.
  • 80% of investors expressed satisfaction with their current advisor.

Survey respondents were also asked about their motivations for engaging in paid advice relationships. The ongoing COVID-19 pandemic and economic challenges were cited by many as two main factors influencing their thinking. According to Scott Smith, Director of Advice Relationships at Cerulli, current conditions have created a “nearly perfect” environment for the comprehensive financial advice industry to expand.

What This Means for Your Business

How can this data impact your financial advisory business? Well, it’s clear that client demand is growing, and that advisors are proving their value.

Here’s another important thing we know:

Using Google and other search engines to find financial advice and financial professionals is on the rise. A 2019 survey by Lexington Law found that 30% of respondents were relying solely on internet research for financial advice.

So, if we put the puzzle pieces together, we have a majority of investors indicating a willingness to hire a financial advisor, high client satisfaction from those with existing paid advice relationships, and a great many people without an advisor using online search engines like Google to find financial information and professionals.

In short: there are many prospective clients out there right now looking for financial advice and willing to pay for it. The question is, can they find you?

SEE ALSO: 5 Signs it Might Be Time to Redesign Your Website

Is Your Digital Marketing Strategy Working for You?

I want you to think about your financial advisor marketing presence for a moment, specifically your digital footprint:

  • Do you have a website? Is it professional, user-friendly, and well-designed?
  • Are you publishing useful blog content, and are you doing so with search engine optimization (SEO) in mind so that you’ll show up in Google searches?
  • Do you regularly communicate with clients and prospects via email?
  • Are you active on social media? Do you have a strategy for marketing yourself in this digital space?

This is a lot to think about – I know! However, if you want to capitalize on the increased demand for financial advice and claim your market share to grow your business, your financial advisor marketing strategy should encompass those items bulleted above.

How Illuminated Advisors Can Help You with Financial Advisor Marketing Strategies

You’re busy running a business and focusing on client engagement for your existing clients, so putting a lot of energy and focus into your financial advisor marketing presence and digital marketing strategy may never make it to the top of your to-do list.

That’s where we come in. At Illuminated Advisors, we do it for you. Whether you need website design and optimization, timely and original blog posts, an email marketing strategy, or a comprehensive social media presence, we’ve got you covered. And, if you’ve got a few pieces of the puzzle in place already, we help you fill in the blanks and build a streamlined, efficient digital marketing strategy that sets you apart from the competition and generates more leads to help you grow your business.

Take Advantage of the Growing Demand for Paid Financial Advice

The time to grow your financial advisory business is now. Schedule a discovery call with us to learn how Illuminated Advisors can advance your marketing and business development goals. We’ll take 30 minutes to learn about your business goals and your financial advisor marketing strategy, and we’ll answer your questions about what we can do in the digital marketing space to help you grow your business.

There’s never been a better time to be in the business of financial advice – or to grow your digital presence. Right now, we’re offering a 15% discount on all websites and free website hosting for one year, plus 20% off our essentials marketing setup and monthly fee with the purchase of a new website. So, check us out on the web and schedule your discovery call today!

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