Like everything else in our world, marketing in the financial services industry is anything but static: It is constantly evolving and those who want to be successful in this space must understand how the consumer they are trying to reach is different today than they were even two or three years ago.

At Lone Beacon, we make it our business to understand the changes and trends in the key demographics we are marketing to. The most important shift we have found is the adaptation in the digital space. The prospects you are trying to reach are more comfortable with communicating online than ever. This is especially true of busy high net worth individuals who don’t necessarily have the time to meet in your office.

Another very real opportunity is generational wealth transfer. In speaking with our clients, one of the most common threats their business faces is losing money to deceased clients, particularly if they don’t have a great relationship with their children. With people living longer today than ever, many of your current clients have children in their 40’s and 50’s, exactly the type of potential customer you should be talking to. Getting a conversation going with your client’s eventual heirs should be an important part of your plan to grow your business.

Referrals should also be an integral part of your growth strategy. The biggest roadblock regarding referrals for most advisors is reluctance, but you must remember the reason why you are managing millions of dollars is because you have earned that position among your competitors, and you are worthy of referrals. Your clients today are more comfortable using social media and speaking with their peers. Referrals have been growing among our clients and we have been deliberate about working with them to gain more referral business. With the SEC relaxing and modernizing their rules on testimonials[1], this is a huge opportunity in the financial services sector.

If you’re not sure how to get the conversation going about generational wealth transfer with your client’s family, or how to form marketing initiatives to increase your number of referrals, get in touch with us today to learn how we have leveraged both of these growth possibilities for our clients with great success.

[1] https://www.sec.gov/news/press-release/2020-334