Blog

How Much Should Financial Advisor Marketing Cost?

Aug 9, 2022 | Financial

Marketing Blog

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. Financial advisor 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 financial advisor 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 financial advisor 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 marketing 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

Popular Topics
A dart sits at the bullseye of a target on a desk, next to a laptop, glasses, pen, and notebook.
Apr 11 2024

How LeadingResponse Delivers Quality Legal Case Leads

Having the right tools at your disposal can make all the difference in your legal marketing efforts. LeadingResponse offers cutting-edge legal...
A stethoscope and a card that reads 'medicare' sit on a yellowish green background.
Apr 06 2024

Medicare 2025: Your Guide to the Latest Changes and What They Mean for You

CMS just rolled out the latest on Medicare Advantage (MA) and Part D Payment Policies for 2025. Here’s what these changes mean for you and...
Business men sitting at a desk, going over graphs and financial reports.
Mar 28 2024

10 Creative Marketing Ideas for Financial Advisors

How do you effectively market your services as a financial advisor and stand out in a competitive landscape? In this blog post, we’re going to...
Man with a crutch meets with and shakes hands with his personal injury attorney
Mar 14 2024

5 Tips for Your Personal Injury Marketing Plan

A well-crafted plan can set you apart from the rest. To help you achieve this, here are five crucial tips to consider when developing your personal...
Financial advisor works on his phone, with metrics out on his desk. His phone glows with light bulb, productivity, and growth icons.
Feb 01 2024

Unlocking Growth: The Crucial Role of Marketing for Financial Advisors

Finding clients as a financial advisor can be complicated. In an era marked by dynamic shifts in the financial services sector, the need for...
Formal handshake
Jan 22 2024

Unlock Success: Your Guide to Outsourcing Legal Marketing

Effective lead generation is essential for business strategy and cash flow and plays a pivotal role in supporting the financial growth of your...
Young black woman speaking into a podcast microphone
Jan 17 2024

2024 Performance Marketing Trends to Watch

For those who are well-versed in performance marketing and want to know more about marketing trends, keep reading fort the anticipated marketing...
Close up of estate planner shaking hands with new client
Jan 15 2024

5 Tips To Get High Quality Estate Planning Leads

Estate planning leads is a niche market, and knowing how to find the right prospects can be daunting. If you’re ready to see a significant...
Get More Leads
Jan 08 2024

The Hottest Mass Tort Leads for 2024

Is your law firm looking to expand this year? If so, then lead generation should be your top priority. Getting the best legal leads doesn’t have to...
Man draws his business growth rising
Jan 04 2024

5 Ways to Improve Conversion Rates in Client Acquisition

Discover 5 effective strategies to boost conversion rates in client acquisition. Learn how to optimize your marketing efforts and maximize...
Professional woman sits on a chair to the right, in front of a large yellow wall. Drawings display "PPC" and internet connectivity symbols to the left.
Dec 28 2023

The Ultimate Guide to PPC Advertising Best Practices

Pay-Per-Click (PPC) advertising, aka search engine marketing, is a potent tool for digital marketing. With PPC ads, businesses can reach more of...
Professional man works on his laptop keyboard, a pen in his hand as he types. An internet search bar is over the image.
Dec 20 2023

A Comprehensive Guide to Search Engine Marketing

In today’s online-driven world, businesses compete to capture the attention of their target audience with more and more competition each...
w

Now is the time to grow your business for tomorrow. Ready to get started?

We respect your right to privacy.