Authority marketing will help financial advisors be seen as the expert to help their clients achieve their financial goals. You want high-net-worth prospective clients to not only understand your competencies but feel as though it would be a huge win for them to be accepted by you as a client.
How do you get there?
Challenges Facing Financial Advisors
According to the Certified Planner Board of Standards, there are currently 95,137 CFP® Professionals in the US.
Natixis Investment Managers conducted a Global Survey of Financial Professionals in March and April 2020. The survey included 2,700 financial professionals throughout 16 countries. For financial advisors who want to nurture relationships with their clients:
- 54% said they need to communicate with their clients regularly
- 50% said they need to know clients on a personal level
- 43% said they need to invest in proactive outreach during market turbulence/notable market events
- 41% said they need to review financial plans regularly
- 35% said they need to build relationships with clients’ families
How many wealthy people are in United States? According to Finance Buzz:
- Median net worth in the United States is $121,700, up 17.6 % from 2016
- Average net worth is $748,800, up a more modest 2% from 2016
- Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth
- Four-year college degree holders have a median net worth more than four times that of someone with only a high school diploma
- The top ten percent of households own 76% of all wealth in the U.S., while the bottom 50% of households own just 1% of all wealth
The amount of U.S. millionaires, according to the Global Wealth Report conducted by Credit Suisse, as of the end of 2020, was 21,951,000. This number is expected to rise by 28% to 28,055,000 by 2025.
Room to Grow Your Authority Marketing
Taking the 2020 figure and dividing that by the number of financial advisors in the U.S. would amount to 231 clients per financial advisor. And that number of millionaires is expected to grow. Although you may not have as many millionaire clients as you would like, the future looks good.
Additionally, although financial management is important for all Americans, not everyone seeks a financial advisor’s guidance. In 2022, only 35% of Americans worked with a financial advisor, while 57% said they did not have a financial representative. The myth of financial advisors being accessible only to the wealthy could be why many Americans hesitate to work with them.
Who Is Your Target Market?
Robo advisors have become more popular, which is why they have filled the gap for those who believe a financial advisor is out of their reach.
So, there is a lot to think about as you market your services to two distinctive audiences. You have:
1) High-net-worth-individuals, which according to the Credit Suisse report, are increasing in number or
2) Those who have account balances between $50,000 – $1,000,000
Both require separate marketing strategies, of which I would need to write separate articles. Just remember that the High-net-worth-individuals (HNWIs), the Very-high-net-worth-individuals (VHNWIs), and the Ultra-high-net-worth-individuals (UHNWIs) have a different perspective and emotional triggers vs. the hard-working upper-middle-class client.
Before you dive into authority marketing strategies, it is crucial to understand exactly who you wish to attract as clients. It will determine how you want to position your marketing. Because in today’s competitive market, establishing authority as a financial advisor is dependent upon understanding your prospective clients’ needs—and communicating that understanding in your marketing materials—in order to attract them.
By demonstrating expertise and credibility, you can build trust and differentiate yourself from competitors. In this article, we’ll explore seven effective marketing strategies that can help financial advisors promote their expertise and establish themselves as trusted authorities in their field. Let’s get started.
#1 Content Marketing
Content marketing allows financial advisors to showcase their knowledge and expertise while providing valuable information to prospective clients. It establishes credibility, builds trust, and positions advisors as thought leaders in their industry. Content marketing assets are blog posts, a newsletter, emails, eBook, articles, webinars, videos, print magazines, print newsletters, digital magazines, executive roundtables, white papers, case studies, podcasts, books, audiobooks, checklists, tip sheets, and more. (Book recommendation: Epic Content Marketing, Second Edition: Break through the Clutter with a Different Story, Get the Most Out of Your Content, and Build a Community in Web3 by Joe Pulizzi and Brian Piper).
The book, Epic Content Marketing, will give you a fuller explanation of the various content types and how you can use them.
Here are a few ideas to implement:
- Start a blog on your website and regularly publish informative articles on relevant financial topics.
- Create engaging videos or podcasts offering practical advice and insights.
- Guest post on industry-specific websites and publications to expand your reach and credibility.
#2 Social Media Engagement
Social media platforms provide an excellent opportunity to engage with a broader audience, demonstrate expertise, and build relationships. Regular and meaningful interactions establish trust and position advisors as accessible experts.
Here are a few ways to implement social media in your marketing:
- Share insightful posts, tips, and news related to finance on platforms like LinkedIn, Twitter, and Facebook.
- Respond promptly to comments, messages, and inquiries from followers.
- Participate in relevant industry groups and discussions to showcase your knowledge and engage with potential clients.
#3 Webinars and Workshops
Webinars and workshops are powerful tools for showcasing expertise, educating clients, and building trust. Webinars have also been found to be one of the most powerful marketing tactics to use to generate leads (12 Traits of Webinars That Convert & Turn Leads into Sales, Hubspot). These interactive sessions allow advisors to engage with a targeted audience, answer questions, and establish themselves as go-to resources.
Some ideas to explore:
- Host webinars on specific financial topics, offering in-depth insights and practical strategies.
- Collaborate with industry experts or partner with other professionals to enhance your events’ value.
- Promote your webinars through email newsletters, social media, and your website.
#4 Case Studies
Case studies provide social proof and demonstrate the positive impact you’ve had on your clients’ lives. They establish credibility, build trust, and give potential clients confidence in your abilities.
The case study, otherwise known as Success Stories, is one of my absolute favorite marketing pieces. Check out how I worked with Dan Cuprill, CFP©. Dan is president of Money & Clarity, a fee based financial advisory firm in Cincinnati, Ohio. In addition, he’s the founder of Advisor Architect, a systems implementation firm dedicated to helping financial advisors and attorneys maximize their profitability and personal freedom through the implementation of 10 distinct systems. Dan is also the author of six books, the host of the Profitable Advisor Podcast, and writer of the Profitable Advisor Newsletter. Although his firm is in Ohio, his systems-oriented approach to business enables him to live 300 miles away in Franklin, TN.
I’ve been privileged to work with Dan on many projects. We created four case studies, which were transformed into a stunning marketing asset: The Profitable Advisor Magazine. I think it’s one of the most powerful marketing assets you can have.
How to implement this into your business:
- Request testimonials from satisfied clients and showcase them on your website, social media, and marketing materials (Note: for financial advisors, testimonials are prohibited in most states. Supposedly that’s going to change, but in many places it’s still not allowed.)
- Create case studies that highlight specific client challenges, your strategies, and the successful outcomes achieved.
- Use video testimonials for a more personal touch and increased authenticity.
#5 Thought Leadership Through Publications
Getting published in reputable financial publications or industry journals helps position financial advisors as experts in their field. It enhances credibility, increases visibility, and attracts a broader audience.
This takes a little more effort to reach out to potential publishers and to consistently follow up on your submissions. But if you’re published, it’s a true feather in your cap. You can reference these types of articles as media appearances on your website and other marketing materials.
A few ideas:
- Submit articles or op-eds to finance-focused publications.
- Write guest posts for influential financial blogs or websites.
- Contribute to industry-specific magazines or newsletters.
#6 Speaking Engagements:
Speaking engagements provide opportunities to showcase expertise, establish authority, and connect with potential clients in person. Public speaking engagements boost credibility and visibility within the industry.
Here are a few ways to get started:
- Offer to speak at local community events, industry conferences, or seminars.
- Focus on delivering valuable content and actionable insights during your presentations.
- Engage with the audience, answer questions, and network with attendees afterward.
#7 Strategic Partnerships
Collaborating with other professionals or businesses in complementary fields can expand your reach, enhance credibility, and attract new clients. Strategic partnerships leverage shared audiences and provide mutual benefits.
A few ideas to test out:
- Partner with accountants, estate planning attorneys, or real estate agents to offer comprehensive financial solutions to clients.
- Co-host webinars or workshops with industry experts from related fields.
- Participate in cross-promotion initiatives, such as guest blogging or referral programs.
By implementing these seven marketing strategies, you can effectively promote your expertise and authority, attract prospective clients, and establish yourself as a trusted advisor. Think about a surgeon and the way he presents himself. Does he say to the patient, “Well, I think I can do this…”? Does that instill confidence in the patient? And would you gladly pay that surgeon his fee?
Remember, building authority takes time and consistent effort, but the rewards are worth it. Embrace these tactics, adapt them to your unique brand and target audience, and watch your authority and client base grow.
 “CFP® Professional Demographics.” CFP Board, 1 June 2023, www.cfp.net/knowledge/reports-and-statistics/professional-demographics.
 Goodsell, Dave. “2020 Global Survey of Financial Professionals: Natixis Investment Managers.” Diverse Investment Capabilities and Portfolio Consulting, 28 June 2020, www.im.natixis.com/en-ch/research/2020-financial-professionals-survey.