March 4, 2024



When it comes to marketing your business online, consultants have many options. The key is to choose an approach that will maximize customer engagement and achieve your company’s strategic goals.

Over 40% of advisors attract more clients through social media marketing, and nearly a third plan to increase website spend by 2022, according to a survey Survey by Broadridge Financial Solutions. Studies have found that having a clear marketing strategy is associated with more positive business outcomes, yet only 28% of consultants have a marketing strategy in place.

Read: Advisers struggle with ambiguity to comply with SEC marketing rules

For Lou Calabrese, chief marketing officer at San Francisco-based wealth management firm Robertson Stephens, social media, email marketing and the website are the primary digital marketing strategies advisors must invest in. Calabrese says consultants should spend about 10 to 15 percent of their time on marketing strategy.

“It’s how you get new business, rather than the traditional waiting ways, like referrals, client referrals, and centers of influence,” Calabrese said.

The survey found that 30% of consultants plan to increase marketing spend in the next 12 months, especially on websites and social media. Currently, consultants spend around 3 percent of their business revenue on marketing, while chief marketing officers report an average marketing spend of 8.7 percent.

“It’s a cycle,” says Rebecca Hourihan, founder of 401(k) Marketing, a San Diego-based retirement plan consultant marketing firm. “Consultants share an email, social media post or content marketing, and people like it, comment and share it, which then loops back to the consultancy in the form of referrals, satisfied clients, more favorable introductions and easier meeting in person”

READ: Marketing trap: SEC warns new advisors of their compliance shortcomings

Scroll down the deck of cards to see tips and strategies from marketing experts on how financial advisors can grow their business.