Having been in the financial planning industry in Australia for a number of years, we understand that one of the biggest pain points for financial advisers in Australia is retaining existing clients and growing referrals. In this article, we’ll discuss some of the challenges faced by financial advisers and how digital marketing can help address them.
- Retaining existing clients – Financial advisers need to continuously work on retaining their existing clients as it’s more cost-effective than acquiring new ones. This is particularly challenging as clients may switch advisers if they don’t feel satisfied with the service they are receiving or if they don’t perceive value in the service they are receiving.
- Growing referrals – Word-of-mouth referrals are crucial for financial advisers to grow their business. However, it can be challenging to get clients to refer others, especially if they don’t fully understand the value of the services being offered or if they aren’t entirely satisfied with the service they received.
- Build a strong online presence – An online presence is essential for financial advisers to reach their target audience effectively. Building a website and creating social media profiles can help establish a professional online presence that can attract and retain clients.
- Educate clients about the value of financial advice – Clients may not fully understand the value of the services they are receiving, making it challenging to retain them or grow referrals. Financial advisers can create educational content such as blog posts, infographics, and videos that explain the value of financial advice.
- Engage with clients regularly – Communication is key to retaining clients and growing referrals. Financial advisers can engage with clients regularly through email newsletters, social media updates, and personalized messages.
- Leverage automation – Automation tools can save financial advisers time and resources, allowing them to focus on providing high-quality services to their clients. Automation can help with email marketing, social media scheduling, and lead nurturing, among other things.
- Build a referral program – Offering incentives for clients who refer others can help financial advisers grow their business through word-of-mouth referrals.
In conclusion, digital marketing can play a significant role in addressing the pain points faced by financial advisers in Australia. By building a strong online presence, educating clients about the value of financial advice, engaging with clients regularly, leveraging automation, and building a referral program, financial advisers can retain their existing clients and grow their business through referrals. At Advice Lab, we can help financial advisers implement these solutions effectively, allowing them to focus on providing high-quality services to their clients.