Driving growth in advice firms is often treated as a marketing issue. You can push for leads and create more activity, but sometimes all that does is result in more noise. In this article, Ben Peele, MD of Partner Group at PortfolioMetrix, says that what ultimately drives conversions are interactions that make a prospective client feel understood and confident in their financial future.
Guest speakers at PortfolioMetrix’s Women in Advice webinar in April, reinforced a simple and effective strategy: growth follows structure.
How prospects find you, how they engage with you, and how they move towards becoming your clients all need to be aligned and work together.
The opportunity to grow your business is there; the challenge is how consistently firms convert it.
More opportunity than you think
Founder of LifeTalk & Adviser Growth Community Philip Calvert, who has worked with advice firms for decades (47 years, to be precise), made an often-overlooked point. Many firms already have visibility and interest among their desired audiences, but they do not convert those leads.
Many advice websites receive up to 200 visits each month, he said, yet advice businesses rarely track what happens to those visitors. Some will leave quickly, while others will be researching their options without contacting you directly. “There are leads right under your nose that you’re missing,” he told attendees.
Rather than letting those visitors leave your website without a trace, there are ways to capture data for follows ups. For example, hosting a tool on your website that allows them to gain useful information on their financial circumstances by answering a few questions.
Isabella Grace, IFA at Westminster Wealth, said leveraging insights from your peers – both internally and externally – is a good idea too.
We chose this topic for our latest Women in Advice webinar because demand for growth is clear: according to Dynamic Planner data two-thirds (62%) of female advisers say they want to actively grow their business.
What’s more, 70% from were optimistic about increasing their client numbers over the next three years, whereas only 56% of male advisers reflected that same optimism.
Reframing ‘selling’
However, battling with that desire to grow is discomfort with the perceived “pushiness” associated with selling.
From the webinar we found that internal barriers such as self-doubt, imposter syndrome and hesitation around charging the right fee can hold female advice professionals back.
A poll we ran during the webinar highlighted that 67% of female advice professionals see explaining their value as their biggest challenge when approaching new clients. A smaller proportion (18%) said their biggest struggle was discussing fees more generally.
It was clear from the speakers that women thrive more when shifting away from a ‘selling’ mindset, towards building genuine connections and establishing trust.
Building a simple funnel
Louis Adkins’ sole focus is on growth via LinkedIn, he set out a clear three-step framework for reaching and converting leads: fuel, funnel, follow-up.
The first step, fuel, is about awareness. This comes from referrals, networking, seminars and targeted outreach. According to another poll we ran during the webinar, referrals alone account for 58% of new clients, with professional networks contributing 37%.
The second stage, the funnel, is converting the leads. This is where many firms fall short, Adkins said. Interest is generated, but there is no clear mechanism to move prospects forward.
Lead magnets can help here, like those short questionnaires Calvert mentioned. These can be hosted on websites, used in seminars or shared through LinkedIn.
They work because people value personalised insight. Even simple analysis creates insight, engagement and a reason to continue the conversation.
Follow-up is the final step. It sounds simple but is often overlooked. Automated reminders, confirmation messages and structured communication improve attendance at meetings and conversion of prospects without adding complexity.
Trust
Regardless of the tactical and strategic elements of generating and converting leads, our speakers agreed that the process is about building trust. People choose advisers they trust. As Caroline Anstee, MD at Anstee & Co, said: “People buy people.”
This also explains why certain approaches work better than others. Informal conversations, educational content, community engagement and seminars all contribute to building trust over time.
So, what ultimately drives conversion? Interactions that make a prospective client feel understood and confident in their financial future.
Main image: shaking hands, mina-rad-qFSQFSmfZkA-unsplash
