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To expand your financial advisor business, you have to acquire new clients. And to excel at customer acquisition, you must connect with and win over new prospects. Marketing is essential! Whether you are just starting out or have been in the business for decades, you must find ways to reach new prospects. But times change – so how do you market as a financial advisor? And more importantly – how much should you be spending on marketing? Let’s dig into some general benchmarks and ensure your business is on track.

What kinds of marketing work for financial advisors?

Let’s start at the beginning. There are so many ways to reach new prospects. Multichannel marketing, reaching more prospects in more places, is guaranteed to help financial advisors connect with more clients. You can do that in various ways, including seminars, webinars, educational workshops, and more. Need more ideas? Review the top 15 marketing tips for financial advisors.

How much should you be spending on financial advisor marketing?

It’s a crucial question! If you don’t spend enough on your marketing, you lose out on possible leads. If you spend too much, you can set your budget off balance and not grow at the rate you need. How do you find the sweet spot for financial advisor marketing?

The general rule of thumb is that a financial advisor should allocate 4-10% of their revenue to marketing. That should include your website, content, and events. Those who spend on the 4% mark should focus on website design and events, like financial seminars, educational workshops, and webinars. If you have 10% or more to spend, add performance marketing, digital ads, social ads, buying leads, and SEO.

Why is budgeting financial advisor marketing important?

Marketing is what brings prospects into your sales funnel. And not all customers will be viable or ready to commit. When you have financial advisor marketing strategies in place through multichannel solutions, you don’t have to worry about those that don’t convert. Because your sales funnel is still bringing more leads your way.

When setting up budgets, determining marketing spend, cost of acquisition, and making plans for the next quarter or year, look at all the segments that matter. How is your intake process? Is it pushing leads effectively down towards sales?

And don’t forget about your cost of acquisition. Are the costs where you want them? How can you save money and still reach consumers? What is your highest-performing marketing strategy?

Where do you go when you need help?

It’s a lot for a financial advisor to handle their marketing and run a successful business. When you need help planning a marketing strategy that aligns with your goals, our expert consultants are here to outline the right solutions. And there’s no obligation to set up an appointment. Our team is here to provide FREE consultations to ensure you are on the right