Financial Advisors: Do you need Marketing?
  • Sep 20, 2021
  • EOE Digital

I had an interesting conversation with one of our financial advisors recently. He mentioned that most of the successful financial advisors that he knew never dabbled with marketing in their entire life. What contributed to their success were referrals and connections. My belief is that if it has been working for you, then keep it up. Why fix what is not broken, right?

However, just like these successful financial advisors have a very specific target (usually high-profile clients) so do marketers. If we take things a step further, one might argue that a few clients state that marketing has no effect on them whatsoever and that they purchase the products simply because they are the best. If marketing is not necessary and has little to no effect on either end of the spectrum why do established brands such as Coca-cola and Apple still spend millions on marketing when the products would probably sell themselves. Today I will discuss what is the protocol to determine whether you need marketing and how it could benefit successful and established financial advisors. 

Defining marketing

To think of marketing as something that generates leads is shortsighted. Many people place marketing as the equivalent of advertising. Simply put, marketing is the process of identifying your customer's needs and determining how your business can meet those needs. Advertising is just a component of marketing that does not have to be used. Therefore, maybe high-profile financial advisors have used marketing but just don't know it yet. It's about determining the best ways to communicate with your clients. Marketing is not about creating more work or expenses for your business, it is meant to make your life easier and contribute to your ROI. Do I believe that advertising is necessary? No, but marketing is. 


Have you heard the saying that old ways won't open new doors? Let us look at the topic of the Pandemic. Lockdowns came and went and restricted contact with your clients, broker consultants, and assistants. Today you find yourself having more and more virtual meetings and you can almost expertly maneuver virtual apps. Change is inevitable and the last thing you want to do is be late to the game. 

Millennials and Gen Z

If you are planning on selling your practice and retiring within the next 5 years, this does not apply to you. However, if you still plan on being around a long time, you might want to turn to the youth. I have come to the realization that the further a generation is from ours, the more difficult they are to understand in business terms. Cheugy, capping, bop, drip, fleek. Did you understand any of that terminology? That's Gen Z jargon. I understand that these groups might not be your ideal target market as they are still early in their careers but you might want to make space for them for 2 reasons:

  • See them as an investment, as they progress they will require more guidance and inevitably become a larger part of your ROI. 
  • According to CNBC, Gen Z started earlier, therefore they will have more time to generate more wealth. 

When it comes to marketing to these groups, the older methods might not work as well and it might be time to reach out more digitally. 

In my dentist's famous words: "you don't need to floss all your teeth, only the ones that you want to keep". If you don't want to grow your business, don't use marketing. You do not need to apply every component of marketing but it's important to comprehend its value and although you might not have realized it, the most successful financial advisors have dabbled with marketing. Not sure where to start with your marketing journey, let us assist you: