My team at Lone Beacon has just completed a ๐˜๐˜„๐—ผ-๐˜†๐—ฒ๐—ฎ๐—ฟ ๐˜€๐˜๐˜‚๐—ฑ๐˜† about WHY investors become clients of financial advisories.

We traced the customer journey of HUNDREDS of new clients from around the country to see HOW and WHY they became a client and to see how marketing and data works. Here are the three things we learnedโ€ฆ

๐Ÿญ. ๐——๐—ฒ๐—น๐—ถ๐—ฏ๐—ฒ๐—ฟ๐—ฎ๐˜๐—ฒ ๐—˜๐—บ๐—ฎ๐—ถ๐—น ๐—ก๐˜‚๐—ฟ๐˜๐˜‚๐—ฟ๐—ถ๐—ป๐—ด ๐—ช๐—ถ๐—น๐—น ๐—ฆ๐—ฝ๐—ฒ๐—ฒ๐—ฑ ๐—จ๐—ฝ ๐˜๐—ต๐—ฒ ๐—–๐—น๐—ผ๐˜€๐—ถ๐—ป๐—ด ๐—ฃ๐—ฟ๐—ผ๐—ฐ๐—ฒ๐˜€๐˜€

Prospects who received about 30 emails in the first 60 days after becoming a lead close A LOT FASTER than leads who donโ€™t get any emails. Leads who get consistent email communications take about ๐Ÿฏ ๐—บ๐—ผ๐—ป๐˜๐—ต๐˜€ ๐˜๐—ผ ๐—ฐ๐—น๐—ผ๐˜€๐—ฒย while leads who get no emails take 6 months to close โ€“ thatโ€™s a BIG difference.

๐Ÿฎ. ๐—ง๐—ต๐—ฒ ๐—ฉ๐—ฎ๐—น๐˜‚๐—ฒ ๐—ผ๐—ณ ๐—ฆ๐˜๐—ฟ๐—ฎ๐˜๐—ฒ๐—ด๐—ถ๐—ฐ ๐—ฅ๐—ฒ๐—ณ๐—ฒ๐—ฟ๐—ฟ๐—ฎ๐—น๐˜€

Our study shows that most referrals come between the 2nd and 4th year of the advisor relationship. And those who have been referred are TWICE as likely to keep the trend going and refer others. This has dramatically changed ๐˜„๐—ต๐—ฒ๐—ป we develop referral programsโ€ฆ and email has been the main communication method. Not just to remind clients to pass along useful content, but also to consider WHEN to do face-to-face referral programs and with WHOM.

๐Ÿฏ. ๐—›๐—ถ๐—ด๐—ต-๐—ก๐—ฒ๐˜-๐—ช๐—ผ๐—ฟ๐˜๐—ต ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—ช๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—•๐—ฒ ๐—œ๐—ป๐—ณ๐—ผ๐—ฟ๐—บ๐—ฒ๐—ฑ

Out of all clients, those with $๐Ÿด๐Ÿฌ๐Ÿฌ๐—ž ๐—ผ๐—ฟ ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ผ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜ ๐—ฎ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ต๐˜‚๐—ป๐—ด๐—ฟ๐—ถ๐—ฒ๐˜€๐˜ ๐—ฐ๐—ผ๐—ป๐˜€๐˜‚๐—บ๐—ฒ๐—ฟ๐˜€ ๐—ผ๐—ณ ๐—ผ๐˜‚๐—ฟ ๐—ฎ๐—ฑ๐˜ƒ๐—ถ๐˜€๐—ผ๐—ฟ๐˜€โ€™ ๐—ฐ๐—ผ๐—ป๐˜๐—ฒ๐—ป๐˜. They consume TWO TIMES the time information on our clientsโ€™ sites than those with less than $800K. When people are vetting your firm they want to know that youโ€™re a thought leader, and offering them timely information has been game-changing.

So there it is! Three gems that took our team TWO YEARS and MILLIONS of data points to unearth. But youโ€™ll be able to put these to work NOW to grow your practice.

About theย Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.