What are the trends in business for 2020? Well, the financial services industry has experienced a lot of change these past six months. There’s no denying it. The real question is, what trends have emerged from these economic and social changes? And how can advisors use them to their advantage?
At Indigo Marketing Agency, we send out a client survey each year asking advisors to share their feedback on how we can improve our services. This year, we included the question, “What trends are you seeing in your business?”
We evaluated the responses and, in the process, uncovered three main trends. We’d like to talk to you about each of these trends today—along with steps you can take to make sure you don’t get left behind.
Trend #1: Financial Planning Is Going Digital
The first trend is an obvious one: financial planning is going digital. While there was already a slow push for firms to adopt technology before the coronavirus, it’s been exacerbated by stay-at-home orders and social distancing.
As one client put it, “I’ve been using Zoom for about a year, but I’ve really put it to good use this year. This may be the future of how we work with our clients and prospects.”
The beauty of running a digital business is that you can target clients from anywhere in the country. Instead of limiting yourself to your local area, you open the door for a broad range of opportunities.
How To Stay Ahead Of This Trend
Now that financial planning meetings are digital, it really opens up the geographical area you can serve. How can you make the most of this opportunity?
The answer lies in embracing a specialty. When you embrace a specialty, you position yourself as a go-to expert who can solve the problems your clients are facing, no matter where they are.
The key to choosing a niche without alienating anyone is to opt for a specific niche and a broader niche. For example, your specific niche could be “financial planning for Ford Motor Company executives” and your general niche could be “financial planning for families pursuing financial freedom.”
Then you can use your digital marketing to focus on those keywords and target those specific people no matter where they live.
Need help choosing your niche and creating a radically relevant marketing message? Watch our exclusive webinar here.
Trend #2: There’s A Sharp Urgency For People To Get Their Finances In Order
People generally have a lack of urgency when it comes to their financial plan. That’s one reason why advisors struggle to get new clients. But thanks to COVID-19 and the recent market decline, there’s now more urgency than ever.
Our survey results found that individuals are looking for holistic financial planning over investment management. They’re turning to CFPs and fiduciary advisors to help them get their finances in order, protect their assets, and make sure they’re on track for retirement.
How To Stay Ahead Of This Trend
One way you can benefit from this urgency is by making your website super easy to use. We recommend setting up a Get Started Now page that has a built-in calendar scheduler—that way clients can book a call with you before their sense of urgency wanes.
If you’re a current client of ours, you don’t need to do anything for this step. We add a calendar scheduler to your website when you go through onboarding. If you’re not a current client, you can add a calendar scheduler to your website using these instructions.
Want to make it even easier for prospects to contact you? Go the extra mile and add a floating button to your website, which lets prospects schedule a call from any page on your site.
Trend #3: Advisors Need To Proactively Communicate With Clients
Staying in front of current clients during a market decline is critical. The financial services industry is a noisy space, so you can bet your clients are being bombarded with info from the news, family, and friends about what they should be doing right now. But instead, they should be hearing this information from you.
One way advisors are doing this is through digital marketing. Our survey results found that advisors are using social media now more than ever to keep clients up to date on last-minute market information. Others are sending out frequent blog posts and emails as information changes almost daily.
For a more personal touch, many advisors are reaching out to clients one-on-one. One of our survey respondents said: “I’ve spoken to some clients at least 2-3 times since early March. I feel I can improve their financial lives when there’s turmoil in the markets. I love talking to them, reassuring them, and helping them.”
How To Stay Ahead Of This Trend
We recommend sending out recurring blog posts that give your clients and prospects actionable steps they can take to protect their future. At Indigo, we have a list of “marketing in a crisis” articles that we send out for all our advisors. Those topics include:
- How To Manage Your Finances In A Crisis
- What Should You Do Now About Your 401(k)?
- 4 Key Financial Lessons From The Last Recession
- How To Protect Your Wealth During A Recession Or Depression
- Strategies To Grow Your Wealth During The 2020 Financial Crisis
- Worried About Your Financial Plan? Schedule A Q&A Call Today
- Do Your Friends Or Family Need Financial Guidance? We’re Here To Help!
If you want to learn how to multiply your best clients and grow your business during COVID-19, we invite you to watch our exclusive webinar on How To Market During A Crisis. This 30-minute webinar shows advisors how to:
- Use the current crisis to multiply your best clients
- Become the “Go-To Expert” in your niche
- Make it easy for clients to work with you virtually
- Create urgency for prospects to act today
The Bottom Line
2020 has been a year of constant change. We’ve all had to adapt and build resiliency during these times of uncertainty. Through all this change, it’s become abundantly clear that:
- Financial planning is going digital.
- There’s a sharp urgency for people to get their financial lives in order.
- Advisors must stay on top of constant market changes.
The best way to stay on top of these trends is with a solid digital marketing strategy that clearly communicates your specialty, establishes your authority, and constantly reminds clients who you are and what you do best.
If you don’t have the time or expertise to devote to your digital marketing strategy, we encourage you to schedule a call with our team today. We love chatting with new advisors and welcome the opportunity to go over your current marketing strategy and talk about the steps you can take to grow your business during this financial crisis.
Looking for more ways to improve your marketing as a financial advisor? Find more information on our blog. Or learn more about how we help financial advisors just like you grow their businesses with our Total Marketing Package.