Engaging new prospective clients can be challenging. Lead generation is crucial for financial advisors who want to grow their practice and help more people.

However, many advisors find it challenging to consistently engage new prospective clients.

To overcome lead generation challenges, many financial advisors are prioritizing financial planning over product discussions.

By “putting financial planning first”, advisors are building a strong relationship and understanding a client’s needs before entering into product-related conversations.

Advisors who start with financial planning can help lower the “trust barrier” when engaging with a new prospective client. Clients are more willing to open up when they know products aren’t going to be part of the conversation quite yet.

In this blog post, we’ll explore how advisors can use client-led financial planning as a lead gen tool to help grow their practice and help more people.

More specifically we will explore how you can use a client facing financial planning platform to engage clients with a free trial.

To overcome lead generation challenges, financial advisors should prioritize financial planning over product discussions. By prioritizing financial planning, advisors build trust and can tailor their strategies to address the unique needs of each client.

Generating New Leads Is Difficult (But It Doesn’t Have To Be)

Lead generation is the lifeblood of any service based business and it’s no different for financial advisors. It involves identifying and engaging potential clients, ultimately driving growth. For financial advisors, engaging new clients is important for long-term success and sustainability.

Many financial advisors struggle with lead generation and engaging new clients. “Old school” client prospecting methods no longer capture the attention of today’s clients.

Advisors need to adapt to new technologies that help engage clients digitally and put financial planning at the forefront of any new engagement. Advisors who embrace a client-centric approach that speaks to modern clients will have more success in the future.

What NOT To Do

Old-school prospecting methods have lost their effectiveness. Twenty years ago cold calling was the main method of reaching new clients but today only 1-2% of cold calls result in a meeting or sale.

Cold calling, direct mail, and generic advertising are easily ignored (or worse, downright annoying).

Additionally, direct mail campaigns have declining response rates, with a meager 4.4% average response rate.

These “old school” methods of lead generation are no longer effective. Product-led sales, without a foundation in financial planning, can turn off prospective clients.

It’s time to shift the focus away from “old school” marketing tactics and adopt a more client-centered approach.

Put Financial Planning First

To overcome lead generation challenges, financial advisors should prioritize financial planning over product discussions.

Building a strong relationship and understanding the client’s needs should come before product-related conversations.

In fact, financial planning is often the solution clients are seeking, with products and investments serving as the means to implement that solution.

By prioritizing financial planning, advisors build trust and can tailor their strategies to address the unique needs of each client.

Client-Led Financial Planning

Client-led financial planning shifts the conversation dynamics with prospective clients. It lets the client take the lead in the planning process, creating a more collaborative and personalized experience, and puts them in charge.

This approach flips the conversation with prospective clients, allowing advisors to gain valuable insights before discussing specific products or investments.

Platforms like Adviice help facilitate this client/advisor collaboration. The white labeled version of Adviice, which is customized for each advisor, will provide clients with a user-friendly interface, where advisors can guide them through the planning process. Clients can input their financial details and upload documents, simplifying the information-gathering process for financial advisors.

This then leads into deeper discussions about best practices, risks and opportunities, and detailed projections, all on the same platform.

Generating Leads With A Free Trial

One innovative way to leverage client-led financial planning for lead generation is by offering a free trial through a platform like Adviice. This unique opportunity allows prospective clients to experience the benefits of financial planning in a very low friction onboarding process.

With built-in trial features clients can;

• Create an account
• Input their financial information
• Schedule a Discovery Call with the advisor
• Develop a detailed financial plan for the next 10-years

This interactive experience fosters client engagement and trust.

Best Practices When Offering A Free Financial Planning Trial

There are a few best practices when generating leads using a client-facing financial planning platform that provides clients with a free trial:

1. Clear Call to Action (CTA): Incorporating clear calls to action on your website, such as “Start Planning” or “Start Your Retirement Plan,” can encourage visitors to engage with your financial planning platform.
2. Automated Onboarding: Use Adviice to automate the onboarding process for prospective clients. This ensures a seamless transition from interest to active engagement.
3. Calendar Integration: Embed your Discovery or Intro Call calendar directly into your Adviice platform, allowing clients to easily schedule appointments without navigating away from the platform.
4. Free Trial Duration: Offer prospective clients up to a 30-day free trial to explore the platform and experience the value it provides.
5. Follow-up Email: Use the built-in API integration to send follow-up emails from your email marketing platform, maintaining communication and nurturing leads effectively.

Client-led Financial Planning

Client-led financial planning is a game-changer for financial advisors seeking effective lead generation.

By prioritizing financial planning over product discussions, leveraging user-friendly platforms like Adviice, and incorporating best practices, advisors can build meaningful relationships with prospective clients, ultimately driving business growth.

It’s time to embrace a client-centric approach and unlock new opportunities to grow your practice and help more people.