- While referrals still matter, they can’t be your only source of growth, as today, more new clients are discovering financial advice through digital channels.
- Digital leads behave and convert differently and demand a new approach than traditional referrals.
- When it comes to converting digital leads, speed, persistence, and personalization are key.
Today, more new clients are discovering financial advice through digital channels than ever before.
As an asset under management (AUM) growth platform for financial advice firms, providing digital leads to firms nationwide, Unbiased has witnessed this growth firsthand, becoming a trusted channel for new clients to financial advice.
But digital leads aren’t like referrals. They behave differently, convert differently, and demand a new approach.
What makes digital leads different?
Referrals are no longer the reliable source of leads they once were. Broader cultural shifts, such as the rise of digital finance tools and the ongoing Great Wealth Transfer, are reshaping how people find financial advice.
According to Ficomm Partners’ 2024 Consumer Insights Study, only 29% of people working with an advisor said they needed a referral. In contrast, 45% hired their advisor based on digital marketing.
To win, digital leads and referrals require different strategies. Here’s how they compare:
How to generate digital leads
Success with digital leads doesn’t come from a single channel. You need a multi-channel strategy that reaches your ideal clients across multiple touchpoints.
According to Ficomm Partners, 64% of effective marketing tactics were digital, and consumers typically need at least two digital interactions before taking action.
Here are three tactics to kickstart your journey:
1. Digital advertising
Social media ads, search ads, and display advertising are powerful tools for expanding your reach. As online engagement grows, so does the effectiveness of digital campaigns.
While auction-based pricing can drive up costs, advancements in ad tech have made campaigns more efficient.
To succeed, you need specialists in both creative content and advertising channels guiding your strategy.
2. Content marketing
Online search remains a key activity.
SparkToro found that American desktop users perform 126 unique Google searches per month.
To show up in those searches, you need high-quality, engaging content that’s optimized for search engines.
Focus on your firm’s specialisms and ensure your content is relevant, informative, and up to date, especially in the age of AI.
3. Use a lead generation platform
A premium lead generation platform offers a scalable way to grow. It connects you with people actively seeking financial advice and delivers leads directly to your inbox.
At Unbiased, leads go through a robust validation and verification process, including multiple quality control checks. You also get tools to help you convert, like a dashboard, pipeline Kanban, automated welcome messages, and scheduled reminders.
Not every lead will be the right fit, but Unbiased gives you control, allowing you to choose the leads that match your target audience.
How to convert digital leads and reach your growth targets
To hit your growth goals, whether that’s increasing client numbers or boosting AUM, you need to treat digital leads differently.
Here are some important elements you need to consider:
- Speed is crucial
Speed is one of your most important assets. The faster you respond, the higher the lead’s intent and the more likely they are to convert.
Insights from Unbiased’s top-performing firms show that advisors who respond on the same day achieve an 80% lead-to-first-appointment rate. Wait 24 hours, and that drops to 25%.
This difference directly impacts your client acquisition and AUM growth.
- A CRM system will make your life easier
Digital leads often require more nurturing than referrals.
A customer relationship management (CRM) system helps you:
- Automate communication
- Personalize outreach
- Track performance
- Learn from conversion data
A good CRM does the heavy lifting, giving you more time to focus on building relationships.
- Introduce cadences across multiple touchpoints
Consistency is key. To convert digital leads, you need to stay in touch across multiple channels.
We recommend at least 10 contact points in the first 10 days, using a mix of emails, phone calls, and texts.
A multi-channel approach helps you maintain momentum and increase your chances of conversion.
Why this matters for your firm
Digital leads are no longer optional; they’re essential.
While referrals still matter, they can’t be your only source of growth.
By embracing digital marketing and adapting your conversion strategy, you can:
- Reach new audiences
- Improve lead quality
- Scale your business sustainably
How Unbiased can help
Unbiased is a financial advisory platform that empowers RIA firms to grow their business through high-quality, verified leads.
The Unbiased platform gives you the tools to manage your pipeline, track performance, and scale your business efficiently.
Book a free demo today and learn how Unbiased can help you scale your business in a repeatable and effective way with a steady stream of new clients.