Ballerinas, Football and Internet Marketing: Part 2 of How Financial Advisors Can Become Selling Machines

Posted By on Dec 22, 2013|0 comments


Last Monday, I introduced you to the concept of ballerinas playing for the Dallas Cowboys and how even though they are good at what they do, they probably aren’t the best linemen, just like financial advisors are not the best marketers. There is great difficulty in successfully marketing via the Internet for companies with hordes of cash and experienced employees, let alone a financial advisor who has no experience or interest in learning, developing or knowing about Internet marketing.

There are two hurdles with Internet marketing. First is that it is quickly changing all the time. Second is that Google has a strong hold on how and what to do.

For example, Jack Waymire, founder of Paladin Registry, told me a story of friends who had a fantastic specialty pet products business that they ran over the Internet. In February of 2011, Google came out with a major change in its algorithm, called Panda. This devastated many Internet businesses, including this particular online specialty pet food retailer, taking sales from $70,000 a month to $0. Overnight, the business was shut down and had to come up with a different marketing plan.

Consequently, Jack believes that financial advisors need to spend a great deal of time learning and focusing on what to do with marketing or seek out a person or organization for help. And low and behold, Paladin Registry has done just that!

Here’s what I learned from my conversation with Jack; I hope it can help you market your business.

Breaking Through Google

Google has recently completed another update called Hummingbird.  This update will benefit content providers, which are the people or organizations that provide authoritative information and advice on the Internet. This means that financial advisors need to be authoritative or become “influencers,” providing information that prospective clients can find on the Internet. This is what will enable financial planners to get on to the first page of a Google search. Jack believes few financial advisors are equipped to do this.

Second, financial advisors need to be proficient at publishing content all over the Internet. This means understanding search engine marketing and search engine optimization as well as utilizing social media and joint ventures (i.e. partners who help promote your content and services).

Paladin Registry — One Stop Marketing Solution For Financials Advisors

The Paladin Registry offers more than you might imagine. What you get is the professional Internet marketing and established site to create your own profile. It is similar to a pre-formatted personal website that fits within the criteria that investors should look for in financial professionals.

Paladin Registry boasts of having 50,000 users with a database of their wealth, contact information, risk profile and investment objectives. The registry also provides individuals with a tool to validate the credentials of financial advisors. This is the most popular tool for individuals, Jack indicated.

For advisors, I thought the added value was the simplified investment policy statement that the site creates for each prospective client. The CFA Institute advocates creating an IPS (investment policy statement) for each client. This can be time consuming, but Paladin Registry has created this from prospects’ input on the site. This potentially saves advisors a great deal of time from collecting and creating the IPS.

Paladin effectively enables advisors to create their own marketing and branding site.  It is all based on obtaining the information that investors should know about their financial advisors. So what’s the catch? Nothing, really. And the cost to you?  Paladin offers a monthly fee-based service contingent on the residing population and geographical area, as well as level of service you choose.

Paladin’s Best Practices to Boost Business

Jack was generous of his time.  He provided me with two recommendations for what advisors should be doing broadly and how Paladin Registry may help.

According to Jack, the two actions financial advisors should take in order to attract clients are to hold seminars and network with accountants. Advisors should be out educating clients. This helps clients get to know the advisor and understand how they operate. Second, accountants are often the first contact individuals have with any sort of financial advice. Check out our class on Accessing Accountants and learn how to tap into this market.

As for being on the Paladin Registry, Jack indicates the best practices are:

  1. Make sure your profile is 100% complete and that your business philosophy is succinct and indicates your value.
  2. Make sure every field is filled out. Your philosophy should be all about client achieving their goals.
  3. Place the Paladin icon on your own website – this enhances the search engine locating capabilities.
  4. Submit articles to post on Paladin’s blog, which helps boost your credibility and visibility on the Internet.
  5. Integrate Paladin into the rest of your marketing practices.

How does all this work?  I personally signed up with Paladin on November 1, and within a week, I had received my first inbound inquiry from a reference from Paladin.

If financial advisors are intentional about growing their business, they need to have a sales and marketing plan. They can do this on their own or seek help from a person who has more education and spends more time and focus on this particular topic.

Next Steps

Check out the Paladin Registry to see if the registry may be for you.

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