My team at Lone Beacon has just completed a ๐๐๐ผ-๐๐ฒ๐ฎ๐ฟ ๐๐๐๐ฑ๐ 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 learnedโฆ
๐ญ. ๐๐ฒ๐น๐ถ๐ฏ๐ฒ๐ฟ๐ฎ๐๐ฒ ๐๐บ๐ฎ๐ถ๐น ๐ก๐๐ฟ๐๐๐ฟ๐ถ๐ป๐ด ๐ช๐ถ๐น๐น ๐ฆ๐ฝ๐ฒ๐ฒ๐ฑ ๐จ๐ฝ ๐๐ต๐ฒ ๐๐น๐ผ๐๐ถ๐ป๐ด ๐ฃ๐ฟ๐ผ๐ฐ๐ฒ๐๐
Prospects who received about 30 emails in the first 60 days after becoming a lead close A LOT FASTER than leads who donโt get any emails. Leads who get consistent email communications take about ๐ฏ ๐บ๐ผ๐ป๐๐ต๐ ๐๐ผ ๐ฐ๐น๐ผ๐๐ฒย while leads who get no emails take 6 months to close โ thatโs a BIG difference.
๐ฎ. ๐ง๐ต๐ฒ ๐ฉ๐ฎ๐น๐๐ฒ ๐ผ๐ณ ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐ฅ๐ฒ๐ณ๐ฒ๐ฟ๐ฟ๐ฎ๐น๐
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 ๐๐ต๐ฒ๐ป we develop referral programsโฆ 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.
๐ฏ. ๐๐ถ๐ด๐ต-๐ก๐ฒ๐-๐ช๐ผ๐ฟ๐๐ต ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ๐ ๐ช๐ฎ๐ป๐ ๐๐ผ ๐๐ฒ ๐๐ป๐ณ๐ผ๐ฟ๐บ๐ฒ๐ฑ
Out of all clients, those with $๐ด๐ฌ๐ฌ๐ ๐ผ๐ฟ ๐บ๐ผ๐ฟ๐ฒ ๐๐ผ ๐ถ๐ป๐๐ฒ๐๐ ๐ฎ๐ฟ๐ฒ ๐๐ต๐ฒ ๐ต๐๐ป๐ด๐ฟ๐ถ๐ฒ๐๐ ๐ฐ๐ผ๐ป๐๐๐บ๐ฒ๐ฟ๐ ๐ผ๐ณ ๐ผ๐๐ฟ ๐ฎ๐ฑ๐๐ถ๐๐ผ๐ฟ๐โ ๐ฐ๐ผ๐ป๐๐ฒ๐ป๐. 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 youโre 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 youโll 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.