Updated January 15th, 2024.
Today, we dive into your 3-step lead generation strategy to grow your funnel and bottom-line results.
One of the most common challenges financial advisors and money coaches share is generating enough qualified, ideal leads.
They struggle to attract enough qualified prospects, resulting in insufficient clients or income. The great news is that when you take the time to create a lead generation strategy, it becomes easier and even fun! The secret lies in creating a plan, strategy, and process to make it a reality.
So, whether you’re a digital marketer using an online platform or still generating business offline, this article will help you create the perfect lead generation strategy.
What Is Lead Generation
The art of lead generation (aka prospecting) is the secret to financial success.
Prospecting is a marketing strategy that includes transitioning a prospect into a paying client.
How It Works
Let’s demystify lead generation.
Lead generation is the process of identifying and attracting affluent individuals who are your ideal clients. It includes a combination of strategies and an effective delivery of your message, including how to solve their challenge.
The goal is to create an interest and turn it into a need for your financial expertise.
Picture this: Your ideal client, in the vast sea of possibilities, is like a needle in a haystack. Lead generation is your magnetic force, pulling that ideal client toward you. From feeder workshops to effective funnels that capture your ideal prospect, every step brings your ideal client to you.
Why It’s Important
Without a robust lead generation strategy and follow-through, your business will struggle and likely fail. One study proved that financial advisors fail because they lack qualified leads in their funnel.
You must define your ideal client, ask the right questions, and weave a strategy that resonates with them.
Remember, you’re not just attracting any prospect; your entire focus is on that ideal, affluent client you want to serve. It’s about quality over quantity.
However, the secret lies in creating a plan, strategy, and process to make it a reality. Here are the three steps for you to follow:
The 3 Step Lead Generation Strategy
Step 1. Define Your Ideal Client
Defining who you serve is one of the most important aspects of any business. Successful coaches and financial advisors focus on one or two niche markets.
Their lower-earning producers often work with everyone. As a result, lower-end producers end up struggling to work with anyone.
Creating a client acquisition machine is easy when you know who you serve.
An easy way to define your niche market is to create an Excel worksheet of your existing clients. Rank your clients from most favorite to least favorite. Your ideal client will be first on the list.
Step 2. Ask Key Questions
After identifying your ideal client, you must confirm they are your best target. Interviews are a great place to begin.
The best people to ask are interviewees (prospects that may never become your clients), clients (new and existing), and referral partners (centers of influence and reciprocal referral partners).
Examples of questions include:
- Do they need your services?
- What topics do they want you to provide?
- How do they make decisions?
- What are their biggest challenges?
- Most importantly, ask yourself, “Do I really want to work with this niche market?”
Find out if the ideal client is a good fit before you invest a lot of time and money marketing and attracting them.
Begin interviewing everyone associated with your niche market. This will allow you to validate that this target market fits you well.
Step 3. Choose Your Lead Generation Strategy
The goal is to create a plan that attracts enough ideal prospects in your funnel.
To create your strategy, first, identify your baseline. Your baseline is what you are currently doing to attract new clients.
Then, add warm prospecting strategies to your baseline. This allows you to add strategies without increasing your time or other resources.
Some great client attraction strategies include:
- Feeder Workshops
- Website Captures
- Relationship Marketing
- Warm Introductions
Financial coaches, advisors, and business owners have increased revenue by 30-150% from relationship marketing. The secret is to balance technical information with heartfelt connections. The heartfelt connections should not be about business.
These connections should deepen your connection and relationship with your ideal prospects and existing clients.
Top Lead Generation Tactics For Financial Advisors and Money Coaches
A good lead generation strategy can work wonders for your client acquisition system in the financial advisory and coaching industry.
The Internet can help you acquire new clients or generate an interest in your services.
That being said, here are some of the best lead-generation tactics that work for financial advisors and money coaches:
1. Create a Website
Think of your website as your digital storefront – clean, inviting, and ready to impress.
Keep it simple and user-friendly. Add landing pages and contact information or a form where your target audience can connect with you. Remember, your website is your 24/7 assistant, always working to capture leads.
Part of a good website is a content market strategy to attract potential customers. This may include a blog, vlog, podcast, or a combination. Regardless of your format, share the show notes in your blog posts.
Always include your contact information on your website.
2. Utilize Social Media
This allows you to share some financial wisdom across the social landscape. Create profiles on platforms like Facebook and LinkedIn.
Share bite-sized financial tips, engage with your audience, and drop hints about your expertise. Social media is your megaphone; let it echo your financial expertise.
3. Leverage Email Marketing
Email is a powerful tool to attract your ideal client. It is also a great format because you own it. This allows you to collect email addresses from interested prospects (with their consent).
Send them newsletters, financial insights, and updates is the key. It’s like planting seeds – nurturing them and watching them grow into solid leads.
4. Run PPC (Pay-Per-Click) Ads
This entails getting your message in front of those actively searching for it for a fee.
You will need to create a compelling ad with relevant keywords. 
This will help your message pop up when potential clients browse the internet. It’s like a shortcut to the top of the attention list.
5. Build a Presence in Local Directories
This allows you to show up in your community. Get your name out there by listing your financial information in local directories.
This allows someone in your area to find you when they are looking for financial guidance
Should Financial Advisors Buy Leads?
So, you’re navigating the financial waters and hit a speed bump – not enough leads to keep the ship sailing smoothly. What’s a financial advisor to do?
Some advisors use a third party to help generate or purchase leads. But is it the golden ticket or a detour to reconsider?
While it can work with advisors and coaches, offering a free lead magnet your ideal prospect wants is generally the best strategy to begin using. Test your results to determine which free offer is performing the best.
Define Your Need
How many financial leads do you need in a set period? This requires that you know your numbers.
Of these qualified leads, what’s the magic number that turns into paying clients?
The Big Question – To Buy or Not to Buy
Now, let’s address the elephant in the room – should financial advisors hit the buy button on leads?
It all boils down to your resources.
If your team can turn leads into gold, sure, consider it. Generally, generating leads through warm strategies using in-house lead generation campaigns is more effective.
Why Generate Leads In-House
Why? Because when you do it yourself, you get to know your target clients intimately.
It’s not just about the numbers; it’s about understanding the persona of your clients and crafting a journey that feels tailor-made for them.
Buying leads might be a quick fix, but the real magic happens when financial advisors become the architects of their lead generation journey.
So, weigh your options, consider your resources, and decide whether you’re ready to buy your way in or craft your path to more financial leads.
Ultimately, you must determine what works for you and produces the best results.
Conclusion – Creating Your Lead Generation Strategy
Identifying your ideal client is the first critical step in creating an effective lead-generation strategy. The next is to assume nothing and conduct research with everyone connected to your ideal client. This includes potential prospects, clients, and referral partners.
The final step is identifying the best client attraction strategies to resonate with your ideal prospect.
