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11 Marketing Mistakes By Otherwise Brilliant Advisors

Certified Financial Planners™ and other professionals advising ultra-high net worth or income individuals (UHNWIIs) make many, many marketing mistakes. These 11, however, are common among professionals building a practice by advising a small number of UHNWIIs – the best and brightest advisors.   

  1. Not sharing content. Sharing content on social sites, emails, websites, blogs, is a requirement of modern marketing for advisors.

  2. Sharing library articles. The rich really are different. So, CFP®, CPA, and other practitioners advising ultra-high net worth or high-income individuals (UHNWIIs) require a different approach, one targeted to individuals with at least several million of investable assets or an annual adjusted gross income of more than $400,000. UHNWIIs urgently – before the new tax law is finalized in the days ahead – urgently need to be alerted to bracket management opportunities under the pending tax bill, trust and gift strategies and the changes in ILITs. UHNWIIs continually need to be reminded of their investment policy statements, reasons they can trust you, and that educated financial consumers are your best clients.

  3. Little financial education. Almost all advisor marketing materials claim a commitment to client education. Few back it up with a stream of substantive financial news that UHNWIs cannot get from The Wall Street Journal, New York Times, or by googling “S&P 500.” Advisor Products’ Financial Advisor Marketing Engine 3.0 is an unrivaled solution.  

  4. No written marketing plan. This mistake is quite ironic: While methodical about financials number crunching, CPA and CFPs almost always fail to write down a strategic marketing plan before investing in a website, PPC or SEO marketing campaign.

  5. Not sharing videos. According to the A.C. Nielsen Co., the average American watches about 28 hours of TV every week, equivalent to two months nonstop per year. Textual content is not as effective as video in reaching most people. Making engagement harder still, some people prefer charts and tables to text. Advisors need to share content on multiple mediums and social networks. 

  6. Not requiring signing in or signing up.  If you have are not making the four mistakes outlined above, then you have valuable evidenced based analysis to share, require signing up for your financial news alerts. While you can show the title and topic of every article along with the first paragraph or two, reading the full; text of articles should request signing in to your client portal filled with educational content updated regularly. Not requiring your users give you a name and email address undermines marketing success.

  7. Not integrating digital badges. The CFP Board, AICPA, CFA Institute and other professional designation organizations enable advisors to link back to a secure server to validate your credentials online. When you meet someone for the first virtually, share a link to your accreditation body digitally verifying your hold a credential.   

  8. Not targeting UHNWIIs. CFP®, CPA, and other practitioners advising ultra-high net worth or high-income individuals require content marketing campaigns targeting individuals with at least a several million of investable assets or an annual adjusted gross income of more than $400,000.

  9. No Yelp Listing. Advisors should list on Yelp. However, don’t let an online advertising or SEO sales consultant convince you that Yelp is marketing-gold. Leads generated on Yelp may keep you busy with questions from individuals below your minimum, but UHNWIIs not so much.

  10. No follow through. Because communications for UHNWIIs about personal finance is complex and advisors are marketing experts, shiny objects – lately, Yelp, Facebook, LinkedIn paid ad schemes – may bring some leads but are not a permanent solution for client communications. Ultimately, content is king, and CFP practitioners need a stream of campaigns for UHNWIIs. Because learning enough to find the right solution with the right messaging takes time and then it takes even more time and patience to implement a strategy that will reliably return leads from UHNWIIs, advisors fail to follow through and get sold or sidetracked.    

  11. Not building a list. If you’re not building a list continually, you will fail. Social and email list-building is a game of numbers. Actively building your list of emails, connections, and friends is a requirement of success. Highly targeted paid ads with content for UHNWIIs builds a list of fans who will contact you in two, three or five years. Budget $100 or $200 a month to build your list using PPC ads to find low hanging fruit.     
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