Limited budgets pose the biggest challenge to advisers’ marketing efforts, according to Unbiased.
New research from the advice platform found nearly half (44%) of advisers named limited budgets as their biggest barrier to growth.
A lack of budget hinders their ability to invest in digital channels, test new strategies or scale their outreach effectively, the firm said.
The research showed this had a knock on effect, with nearly one in three (28%) struggling to generate enough leads and 16% citing poor return on investment as a major barrier.
Despite the growth on AI across marketing, and its direct impact on how advice firms attract new clients, just 5% of advisers described keeping up with the impact of AI on marketing as their biggest challenge.
The research also showed that 31% of advisers rely on client referrals to attract new business. While the use of digital marketing is on the rise, 12% of advisers still rely on traditional marketing techniques, including direct mail (8%) and newspaper ads (4%) to produce leads.
Matt Cockayne, chief revenue officer at Unbiased, said: “Financial advice firms face growing pressure to scale while keeping costs down. Traditional methods like referrals can help but they often lack the consistency and reach needed today.
“Many firms are stuck in a cycle of tight budgets, low lead volume and missed opportunities. With AI reshaping how people search for financial advice, those who don’t adapt risk falling behind.”
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