Five tips for converting and retainingleads 

6 mins readLast updated June 22, 2023by Kate Morgan

Lead retention and conversion are essential to growing your financial advice business. Read on and discover the best tips for advisors hoping to convert and retain leads.

Why is knowing how to convert leads so important?

In a fiercely competitive industry, financial advisors need to know how to convert leads into sales, and they need to know how to do this effectively.

Standing out from the crowd is never easy, and lead conversion isn’t as simple as bringing one client to your business once.  

There’s nuance to be found in the difference between customer acquisition and customer retention.

Many advisors ask, “How can I get as many new clients to pay for my services as possible?” But they should be thinking about the longer term, asking, “How can I earn my customers’ trust and keep them using my services in the future?

Acquisition versus retention

Customer acquisition equals attracting new clients. Customer retention equals keeping clients and working with them for extended periods, earning trust and establishing great working relationships.

Finding new leads is costly, while converting and retaining a higher percentage of leads offers a better return on your investment (of time and of money).  

Post-pandemic financial advice must be more targeted, bespoke and individually focused than ever, and there’s a lot of value to be found in creating loyal customers.

A recent study found that financial advice companies would improve their profitability by up to 95 per cent if they could maintain a 5 per cent retention rate.

Therefore, raising your customer retention rate should be as much of a focus for you as raising your customer acquisition rate.  

How to convert leads into customers and retain them

1. Focus on search engine optimization (SEO) 

SEO has become essential for all businesses. Ranking well for keywords that sell your company’s services is one of the most effective ways to get noticed.

SEO generates quality leads, but this isn’t the only reason to take the time and effort to optimize your website and online content catalog.

To offer another, SEO is a free visibility-boosting alternative to paid advertising.  

To offer yet another, 46 per cent of Google searches specify that customers want services near them.

This is a significant factor for most people when choosing an advisor. To retain leads, you must stand out to customers in your local area, and local SEO is a big help. 

One drawback to note is that it can often take up to 12 months to see any real return from SEO efforts.

Plus, optimizing in a digital world that’s constantly shifting and changing takes some work, and you must review and update your SEO strategy regularly to keep things effective. 

2. Create a well-designed, value-filled website 

Beyond SEO, which must also be factored in, many more things go into creating a valuable website for your financial advice business.

From a sleek design with quick page load speeds to a catalog of enough content to keep potential future customers browsing on your site, it all adds up. 

If your website is effective, aesthetically attractive and genuinely helpful to site visitors, leads are far more likely to become customers, and existing customers are far more likely to keep frequenting your site and seeking out your new content.

A welcoming, informative website that spells out your services immediately increases your authenticity and builds trust in your brand. 

3. Make time for social media advertising 

If you choose to run paid ads, sites like Instagram, LinkedIn and Facebook have proven track records and wide user bases.

Facebook, for example, has around 2.7 billion users worldwide who are scrolling and engaging on the platform. That’s 2.7 billion potential pairs of eyes on your ads.

While running advertising campaigns on these platforms can be expensive for financial advisors, it’s a scalable source of brand visibility with the fastest results of any lead generation tool.  

There are also unpaid ways to advertise on social media, from building your following through posts to a digital alternative to cold calling commonly used on LinkedIn.

Financial advisors can target former colleagues and business connections on LinkedIn, converting leads where possible by accessing a hidden customer base from a new angle.  

That said, it’s worth noting that lead conversion might take longer utilizing this method, as a lower percentage of people you reach out to will be actively looking for the solutions you offer.

It’s usually a better option for advisors looking to work with larger-scale clients.  

4. Use mailing lists to stay in customers’ minds 

Mailing lists are a great way of spreading the word about your company’s latest offerings and achievements.

As email newsletters are opt-in, they usually connect you more directly with your core audience of retained, loyal clients (the clients who, as we’ve explored, will be the most valuable to your business in the long term).  

Use mailing lists to remind customers, at just the right level of frequency, that your financial advisory services are there for them. Don’t bombard their inbox.

Incorporate informative videos and guides when you do get in touch. Use lead magnets to offer further explanations with ease. Always be transparent, friendly and communicative. 

5. Invest in paid lead-generation software 

As their name suggests, paid lead generators are more costly than some alternatives.

Leads can cost anywhere between under 20 cents and $100. That said, lead generation software is a great way to keep leads coming consistently, matching you up with an extensive database of vetted clients to connect you with appropriate customers.  

It’s particularly useful if you don’t have the time to find leads yourself, and there are so many different options, so you’re sure to find a platform that suits your business’s needs.

We, of course, would recommend Unbiased Pro. Our software is highly valuable if you want to find the right customers quickly and easily (customers you’re likely to retain for a long time).  

Ultimately, to retain and convert leads, financial advisors should embrace technology.

Automation can enable financial advisors to attract new clients and work more quickly than competitors who are still using more traditional methods. 

Find out more about attracting customers and managing your financial advice business on our website.

Content writer

Kate Morgan

Kate has written for leading publications and blue chip companies over the last 20 years.