What is lead generation for financial advisors?

1 min read by Unbiased team Last updated January 23, 2025

Explore lead generation strategies for financial advisors to help you build a steady source of qualified leads to grow your practice.

Summary

  • Lead generation involves attracting viable leads and ultimately converting them into clients.

  • Personalization and building trust are essential when engaging with leads.

  • Qualified leads have a 30% higher conversion rate than those that do not meet the criteria or standards of the ideal target audience.

What is lead generation?

Lead generation for financial advisors involves sourcing potential clients who may be interested in your services.

Generating a steady source of qualified leads is essential to growing your client base and building a thriving business, which relies on an effective sales pipeline.

Leads can originate from different sources, including online marketing, referrals, partnerships, lead generation organizations, LinkedIn, and more.

However, to turn leads into clients, financial advisors must work with qualified leads, those with a proven interest in their financial products and services, rather than cold or unqualified leads.

What are some lead generation strategies for financial advisors?

Below, we share some tips on how to generate leads as a financial advisor:

1. Identify and connect with valuable leads

The first step in effective lead generation for financial advisors is identifying valuable leads.

This means finding prospects who match your target market – those who need financial advice and are ready to act. It’s essential to follow up with these leads within a business day or sooner; we recommend getting in touch within the first hour of them getting in touch.

Example: A person responding to a lead magnet on your website is a valuable lead. Your services match their needs, so it’s time to connect with them via phone call or automated email. Make it a simple introduction and ask them which type of communication they prefer.

2. Make the most of the data you have

Using a customer relationship management (CRM) system is the best way to make the most of the data you already have.

A CRM stores customer information in a central database and automates tasks such as follow-up emails and tracking interactions with prospects.

Example: You could set your CRM up to email every new lead and automatically notify you when they reply.

3. Stay up to date with your competitors

Understanding what your competitors are doing can help you stay relevant. Keep an eye on their lead generation strategies.

Regularly reviewing your competition’s activity may reveal gaps in your lead generation methods and give you new ideas.

Example: If a competitor uses webinars to attract leads, consider hosting your own virtual events and offering attractive lead magnets for attendance.

4. Form partnerships

Building partnerships with other professionals, such as accountants and lawyers, is an excellent way to encourage lead generation for financial advisors. These professionals often work with individuals needing financial advice.

Example: Reach out to complementary businesses in your area and see if you can start working together. This could be adding your information to relevant content on their website or asking them to provide your details when their clients are looking for a financial advisor. Expand your reach and create mutually beneficial relationships that lead to client referrals.

5. Utilize LinkedIn

LinkedIn is one of the most effective platforms for financial advisor lead generation. It allows you to connect with professionals who may need your services and draws many high-net-worth individuals.

Ensure your profile is complete and showcases your expertise. You should also post content regularly, engage with followers, and participate in industry discussions.

Example: If you specialize in wealth management, share articles and insights relevant to this topic to attract your target audience. You can also contact potential leads directly.

6. Industry networking

Attending and hosting industry events is another key financial advisor lead generation strategy.

Networking helps establish relationships with potential clients and partners.

Example: When hosting a seminar, ask attendees to complete a registration form. After the event, follow up with a quick email offering personalized advice.

7. Ask for referrals

Your current clients are a valuable source of new business leads. Satisfied clients will tell their friends, family, and colleagues about your excellent service, especially if you have an incentivized referral system.

To achieve this level of client satisfaction, you must deliver excellent customer service, become their trusted source on all financial issues, and build genuine relationships with them.

Example: Implement a referral program where clients receive a discount on their fees for every referral they provide.

8. Leverage email marketing

Email marketing is one of the best lead generation strategies, and it’s a cost-effective method of keeping you top of mind with your prospects.

Create an email list of all current and potential clients and invite them to opt in to receive regular newsletters offering financial tips, updates, invitations to webinars, and personalized advice.

Example: You can create a monthly newsletter with relevant content, such as tips on preparing for retirement or managing investments during market volatility. Your readers will stay engaged and reach out to you when they need advice.

9. Create a regular industry-focused blog

Industry-specific blog posts can attract prospects searching for financial advice online.

While they may need more time to respond, keeping them engaged with up-to-date and relevant information will eventually convert them to clients.

Example: A blog post on “How to plan for Early Retirement” can capture the attention of people searching for ideas on that topic. To convert readers into leads, include clear calls to action, such as scheduling a consultation. SEO optimization also plays a significant role in drawing more people to your website.

10. Personalize for lead engagement

Lead generation for financial advisors should always be tailored to each prospect’s needs. Cultivating genuine relationships with people will help build trust.

Use active listening to understand their financial goals and queries. Address their specific financial concerns and offer solutions that align with their needs.

Example: If a potential client mentioned a concern about their retirement savings, follow up with personalized advice on boosting retirement income.

Want to work with Unbiased?

Lead generation for financial advisors is a non-negotiable part of growing your business.

Implementing the ten strategies outlined in this article can increase your visibility, attract qualified leads, and expand your client base.

If you're ready to take your business to the next level, join Unbiased Pro to streamline your lead generation efforts and build long-term success.

Writers

Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.