My team at Simplicity Lone Beacon has just completed a 𝘁𝘄𝗼-𝘆𝗲𝗮𝗿 𝘀𝘁𝘂𝗱𝘆 about WHY investors become clients of financial advisories.
We traced the customer journey of HUNDREDS of new clients from around the country to see HOW and WHY they became a client and to see how marketing and data works. Here are the three things we learned…
𝟭. 𝗗𝗲𝗹𝗶𝗯𝗲𝗿𝗮𝘁𝗲 𝗘𝗺𝗮𝗶𝗹 𝗡𝘂𝗿𝘁𝘂𝗿𝗶𝗻𝗴 𝗪𝗶𝗹𝗹 𝗦𝗽𝗲𝗲𝗱 𝗨𝗽 𝘁𝗵𝗲 𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗣𝗿𝗼𝗰𝗲𝘀𝘀
Prospects who received about 30 emails in the first 60 days after becoming a lead close A LOT FASTER than leads who don’t get any emails. Leads who get consistent email communications take about 𝟯 𝗺𝗼𝗻𝘁𝗵𝘀 𝘁𝗼 𝗰𝗹𝗼𝘀𝗲 while leads who get no emails take 6 months to close – that’s a BIG difference.
𝟮. 𝗧𝗵𝗲 𝗩𝗮𝗹𝘂𝗲 𝗼𝗳 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗥𝗲𝗳𝗲𝗿𝗿𝗮𝗹𝘀
Our study shows that most referrals come between the 2nd and 4th year of the advisor relationship. And those who have been referred are TWICE as likely to keep the trend going and refer others. This has dramatically changed 𝘄𝗵𝗲𝗻 we develop referral programs… and email has been the main communication method. Not just to remind clients to pass along useful content, but also to consider WHEN to do face-to-face referral programs and with WHOM.
𝟯. 𝗛𝗶𝗴𝗵-𝗡𝗲𝘁-𝗪𝗼𝗿𝘁𝗵 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗪𝗮𝗻𝘁 𝘁𝗼 𝗕𝗲 𝗜𝗻𝗳𝗼𝗿𝗺𝗲𝗱
Out of all clients, those with $𝟴𝟬𝟬𝗞 𝗼𝗿 𝗺𝗼𝗿𝗲 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗵𝘂𝗻𝗴𝗿𝗶𝗲𝘀𝘁 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿𝘀 𝗼𝗳 𝗼𝘂𝗿 𝗮𝗱𝘃𝗶𝘀𝗼𝗿𝘀’ 𝗰𝗼𝗻𝘁𝗲𝗻𝘁. They consume TWO TIMES the time information on our clients’ sites than those with less than $800K. When people are vetting your firm they want to know that you’re a thought leader, and offering them timely information has been game-changing.
So there it is! Three gems that took our team TWO YEARS and MILLIONS of data points to unearth. But you’ll be able to put these to work NOW to grow your practice.
About the Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.
