How do financial advisors currently execute on marketing and why does it take up so much of their time and money?
The sad reality is, many financial advisors are stuck paying big bucks for inefficient, boring, and ineffective marketing.
Are you experiencing any of the following pain points when it comes to digitally marketing your services and attracting your ideal client online?
- 91% of advisors report that developing a digital marketing strategy is too difficult.
- 81% of advisors report that it is challenging to find the time for marketing efforts.
- 86% of advisors find it challenging to select the appropriate marketing technology tools to leverage.
How much money is lost because of inept financial advisor marketing tactics? Hint: It’s a lot.
Sky High General Marketing and Time Cost Expenses
According to a report recently published by Kitces Research, the typical customer acquisition cost for a financial advisor to acquire a single new client is a whopping $3,119.
Let’s break that down a bit further:
- Financial advisors typically pay $519 for general marketing expenses like:
- Ad spending
- Platform subscriptions
- Website and content design
- In addition to those general marketing expenses, financial advisors also pay $2,600 in time costs. This accounts for the hourly cost of:
- Creating the marketing content
- Conducting research and upgrading marketing tactics
- Releasing and monitoring marketing campaigns
The same Kitces report acknowledges that when a financial advisor is new to the game, their net gain might be zero, which isn’t sustainable.
It’s also important to note that advisors will want to attract more than just one customer, so the total marketing customer acquisition price will continue to rise with an expanding client base.
For example, if an advisor acquired 10 new clients in a month, that would amount to $31,190 spent in total customer acquisition costs ($3,119 per client).
Imperfect Marketing Means Wasted Money AND Wasted Time
We already discussed how specific time costs take a huge chunk out of a financial advisor’s marketing budget, but how much time do financial advisors spend on marketing personally?
And what impact does this have on their bottom line?
Although the actual amount of time spent on marketing varies from advisor to advisor, there’s one commonality—wasted time.
Being immersed in the world of capital gains and losses, financial advisors understand the concept of “time is money” far better than most.
Inefficient and cumbersome marketing processes like clunky software, failed marketing experiments, or taking a time-consuming do-it-yourself approach, pull financial advisors away from critical tasks like:
- Prospecting
- Nurturing relationships with current clients
- Administrative tasks
- Financial planning
- Continuing education
Cost Comparison: Marketing Agencies VS a DIY Approach
Oftentimes, marketing agencies charge five figures for a single campaign, with no guarantees of success.
So, what if you take a DIY approach? That can become quite costly too, and it involves calculations.
To calculate how much a DIY approach costs, you first need to find your Effective Hourly Rate (EHR).
To get your EHR, you divide your monthly income by the number of hours you work per month, then you calculate how many hours you spend on marketing. Here’s an example:
Let’s say you earn $10,000 and clock in 160 hours a month (40 hours/week).
In this scenario, your EHR is $62.50.
Now, let's say you spend 10 hours a month on marketing.
That’s worth $625 of your time. Yikes.
Put simply, spending hours fiddling with a clunky email campaign that ultimately generated no results simply isn’t worth the time, effort, or money.
Snappy Kraken: Affordable and Effective Digital Marketing for Financial Advisors
So what does this mean?
Should financial advisors opt out of digital marketing completely? No!
What you need is a complete digital marketing strategy that’s ready to deploy, which is exactly what we offer.
At Snappy Kraken, we understand that great content wins and keeps clients.
We also believe that a great digital marketing strategy shouldn’t break the bank. Here’s what we can do for you:
Significant cost and time savings: With our platform, you can take care of all your marketing tasks in 1-2 hours per month.
Take the guesswork out of sending content: We deliver the perfect balance of evergreen and timely content to your hands. Our affordable flat monthly membership fee includes pre-created marketing campaigns, fresh weekly content, and on-demand support from our experts.
Consistent promotion for your business: Create campaigns that will delight your clients on every channel—email, social media, online advertising/retargeting, and more.
Superior lead nurturing: Once a lead enters your funnel, our platform will ensure that the lead never goes cold.
Automated personalization: Foster stronger relationships with your clients by sending highly authentic and personalized messaging.
With our platform, your campaigns will reach the ideal clients for financial advisors.
No more wasted time, no dead-end leads, and no more hefty fees.
With Snappy Kraken, everything is smooth sailing.
If you’re tired of funding ineffective marketing services, then it’s time to abandon ship and join our crew.
Want to learn more?
Read what our satisfied clients have to say or watch Snappy Kraken in action in our demo.
Wondering if Snappy Kraken is right for you?
