The COVID-19 pandemic has had a huge impact on people's finances, through furloughs, unemployment and rising medical bills, but that impact hasn't been felt in the same way from generation to generation. the other. Forty-four percent of Gen Z and 35% of Millennials have experienced a negative impact on their financial security due to the pandemic, compared to just 20% of the silent generation. With growing financial instability, it's no surprise that more and more people are seeking financial advice. Since the pandemic began, 16% of American adults who didn't have a financial advisor before have decided to start working with one, 22% of whom are Gen Z and Millennials. To attract new clients and retain existing ones, financial advisors need to show their credibility and stand out from their local competitors by establishing a strong online presence and engaging marketing campaigns. The Biggest Marketing Challenges for Financial Advisors Financial advisors face challenges common to marketers around the world: generating new leads, finding new clients, and measuring and attributing results. But these challenges are further complicated by the unique regulatory environment surrounding financial advice. Modification of financial marketing regulations Financial marketing is heavily regulated. A recent example is the 2020 reform of the Investment Advisers Act aimed at modernizing the rules relating to ad investment advice. The reforms aim to make it easier for clients to assess investor performance and choose the right financial investor for their needs. Specific changes financial investment companies need to Employee Email Database make include:Standardize parts of performance presentations so that clients can evaluate and compare investment opportunities Disclose and attribute advertisements that include third-party reviews to avoid providing misleading informationAllow the use of testimonials and endorsements These changes make it easier for clients to assess the quality of the financial and investment advice they receive, giving them more control over choosing a financial advisor. Appearance in online search results COVID-19 has changed consumer behavior. Think With Google analyzed consumer behaviors likely to continue in the future (post-pandemic) and found that our use of search engines to seek financial information and advice is most likely to be a permanent change. This makes online research the most used point of contact during their financial research process. As people increasingly seek financial advice online, financial advisors need to build their presence in digital marketing to show up in search results and stand out from their competition. If no one can find you online, you won't generate any new leads through your digital marketing efforts. Measure ROI across all marketing channels As a financial advisor, you closely monitor your clients' investments to make sure they're getting a good return — and should take the same approach with your marketing investment. But some channels can be difficult to track and measure results, such as offline campaigns like direct mail, print ads, or word-of-mouth recommendations. With so many different online and offline channels to track and measure, if you try to manage all leads from different marketing channels individually, some will fall through the cracks. To manage leads more effectively, look for a platform to bring all of your marketing activities together in one place. 8 Financial Advisor Marketing Best Practices These best practices will help financial advisors overcome marketing challenges to generate more leads, find more clients, and improve the ROI of your marketing efforts. 1. Ditch the financial jargon. There is so much specialized terminology – also known as lingo – in the financial industry that Investopedia has over 14,000 definitions of financial terms on its site:Investopedia Investopedia's extensive dictionary of financial terms Using jargon makes it harder for the general public to understand your services by increasing the readership of your content. For this reason, the Center for Plain Language advises businesses to "reduce jargon and other unreadable material" in all communications. Your potential clients are not financial experts, which is why they seek your advice. Keep this in mind when writing advertisements and marketing materials. While you may not be able to completely avoid jargon, try to use plain language whenever possible so that potential clients can more easily understand your services. You should also assess the readability of your copy to ensure that it is accessible to as many potential customers as possible. One way to make sure messaging resonates is to use conversation intelligence tools, which transcribe and analyze calls with current and potential customers. You can identify the key words and phrases your customers use and incorporate their language into your marketing materials. Plain language will make you feel approachable rather than intimidating and will build trust with potential customers.