Facebook Advertising for Financial Advisors

facebook-adRecently I heard about another successful Advisors Excel producer who had an incredible month of production. When a colleague of mine asked “What’d they do to have a month like that?” I expected to hear a number of the same things. Seminar tweaks, successful existing client event, radio campaign success, etc. While all of that is exciting news and a lot of the material I share with you here; this time it was different…

Don B. was the advisor and he practices out of Kentucky. One thing Don knew is a lot of people in his area (at a few select employers) were getting laid off. He’d already acquired a couple clients from dinner seminars who needed to make 401k rollover decisions. But obvious questions were rolling around his head, like “How do I capitalize on this? How do I find more people who need help right now?”.

After a lot of strategic thinking and reaching out to a few local firms, Don had it – Facebook advertising!

It was perfect for this situation and he’d found a firm to establish the program for him! Facebook advertising was new to Don, but not too difficult. He knew if he could figure out successful seminar marketing (and foot that bill in the process) he could make this work. Working with the local firm (if you’re looking into this, do a Google search on “Facebook advertising _____”, filling in the blank with your city or state) Don laid out his parameters. By using the information people supply on themselves via their Facebook profiles, they crafted a campaign with specific age ranges & employers! Isn’t that tricky. Using Facebook he could accurately target the exact people who worked for the company laying workers off!

Then he designed the ad through Advisors Excel Creative Services and it went live. A couple other items to know are:

  • It costs a nominal amount to place the initial ad thru Facebook. I want to say $250 up front or something similar.
  • Every time someone clicked on the ad it costs $5.
  • They were able to establish a maximum budget towards clicks; which they set at $1000 per month.
  • To see more about Facebook advertising, CLICK THIS LINK.

Here is an email Don sent to me/us with more feedback:

Here is the actual ad we ran.  As far as the impressions go, this means this ad appeared on someone’s Facebook page over 700,000 times.

Someone might have had it appear on their Facebook page 100 times (because that is how many times they came back to their page over the course of 2 weeks) and another person might have had this appear on their page just a few times.  The 700,000+ just means the total amount of times that someone has had this ad on their page.

It doesn’t necessarily mean that 700,000+ “different” folks have seen this, but we do know that the ad has been clicked on 177 times (which should mean that 177 different folks have actually opened up the ad to check it out). It’s an encouraging number of clicks for this short period of time running. But there is no way of telling “who” actually clicked on the ad.  That would be a little too much “invasion of privacy” on someone.

Through this medium Don’s been able to target market better than mailers, newspaper ads, etc. and he’s experiencing results. They’ve steadily been receiving web inquiries and calls from people requesting 401k rollover advice. It’s obviously not perfect though. Plenty of people who weren’t laid off at that company still see the ad and can click on it, costing money. Also, it’s much tougher for Don to reach the masses and be able to really touch everyone who’s affected. But that considered, they’re happy with results so far.

In the future, Don’s plan is to use Facebook advertising as a “seminar filler”. The plan is to demographically target Facebook users based on age range and employment/retirement status. Then open a $500-1000 budget (per seminar mailer) to fill more seats at the event. No one’s sure if it’ll work, but they’ve had enough success with this first campaign that it’s worth the money and effort to test. Plus everyone knows the fastest growing segment of Facebook users are retirees and the internet is where much of our marketing is trending. So whether it’s this exact plan long-term or not, they’ll be ahead of the curve and should only improve in the future.

I hope Don’s progressive ideas push you to evolve in 2013. Whether it’s implementing this idea or another, I’m here to fast-track that success.

Advise with Passion.

De-Evolving ::: Back to Basics

While some of the ideas introduced to the financial advisory world (thru this blog even) may be more advanced, a few of my recent conversations have drawn light back to the basics. After hanging up the phone today with a very successful financial advisor, something hit me in the hard: Very few people are as advanced as they think they are. And that’s not a bad thing! Actually a lot of times, it’s a great thing! But when someone makes this business needlessly complex, cumbersome and ineffective, they’re in a bad place; headed down the wrong path. I don’t want you to be that person.

You see all the ideas floating around our industry, don’t you? Here’s a couple things I saw in my email just today:

  • “$471k Sole Practionioner, working part time, finally reveals the TRUTH about marketing secrets.”
  • “How Tom makes $400-500k a year, working 25-30 hours a week, with only one part-time employee!”
  • “The ridiculously cheap tool that gets your current clients AND outside professionals (particularly CPAs and attorneys) to give  you referrals WITHOUT you asking (begging) them to give you names!”

Basic? No. Sexy? Yes. And I’ll leave it up to you to determine the probability of success. Please do the future of your business a favor and swear off all marketing hype and get-successful-quick plans today. Every second you spend looking at them is a second you’ll never devote to real work. Because the most complex theories in our business revolve around simplicity. The truth is I’ve seen amazingly successful advisors who are drastically inept in certain basic selling situations, or unable to get into those situation in the first place. What makes them successful is their ability to take basic training, basic direction and act on it. Nothing more, nothing less. Simple idea, simple action plan, do it.

  • I’ve consulted multi-million dollar safe money advisors who close 90%+ of their appointments, but couldn’t market to save their lives.
  • Others can effectively market for prospects five or six ways consistently, but close less 50% of their appointments.
  • Another example is an advisor I consult who doesn’t market or sell. He runs the office, the franchise, and quarterbacks all the operations. But he’ll hire in the marketing coordinator, salespeople and administrative help. If you left it up to him to get prospects into the office or close them, he’d be out of business next month.

My point is million dollar commission earners can’t be all things to all people! And they certainly can’t be chasing the next silver bullet every month or they’d get away from the basics of what makes them successful! Successful advisors take simple action and do it well repeatedly.

“Sexy” might sell, but the truth is most advisors don’t need it. If the marketing partners they worked with (IMOs especially) put more thought into their regressions than their progressions, they’d get better results, and appreciate the “how” and “why” of the success process better. Today’s advisory world focuses on fast-tracking too much, sparkle too much, and preparing too little, and most business partners are too coward to tell the truth. Instead financial advisors are filled with hot air about how great they are (and the advisor can justify it due to high margins).

They de-evolved, and the correction – both financially and psychologically – needs to take place now.

Work simple, smart, and hard; then advise with passion.


Emotion Quotient

Here’s my son Noah in his mom’s socks, which to his great surprise are very fuzzy!

After presenting a terrific seminar are you sometimes surprised that more attendees didn’t sign up for follow-up meetings? If so, you might want to consider the “emotion quotient” of your presentation…

In other words, did you bring the facts in your seminar to life with personal examples and emotional storytelling? It’s a highly effective way to broaden people’s mindset from merely processing information to applying that information to their own personal lives. It’s a great way to get them thinking about what’s really important to them – as in, financial security for themselves and their families.

Following is an example of emotional storytelling to weave into a seminar presentation. By using a personalized analogy of a blind spot when driving with retirees coasting along, unable to see the financial issues creeping up on them, it creates a sense of urgency to set a follow-up meeting. Check it out and see if it works as well for you as it has for the top advisor who shared it with us.

‘Blind Spot’ Seminar Close
“This whole notion of making sure you’re prepared for your financial future reminds me of a little incident the other day. I’m sure this has happened to just about all of us. I was driving with a friend to a local restaurant, and a car in the next lane just about side-swiped us. I never even saw it. Fortunately my friend did, and he yelled out and even nudged my steering wheel to get us out of harm’s way. Ultimately, aside from a slightly elevated heart rate and some flaring up of my road rage for a minute, everything was fine.

“However, that experience got me thinking. The other car that day was in my ‘blind spot.’ Had my friend not hollered out, we would’ve spent that lunch filling out a police report instead of enjoying a good meal. Not because we weren’t paying attention – I was paying full attention, going the right speed, staying in my lane at a safe distance from the car in front of me, watching out for those around me.

“Even so, that other car was in my blind spot. I couldn’t see it from where I was sitting. And in situations like that, having a friend along for the ride can be a life-saver – someone with a different perspective from your own, someone who can see things you can’t. Someone who can help you make a little adjustment – like my friend helped me – to avoid a consequence you never really needed to experience in the first place.

“Unfortunately I’ve met hundreds of individuals who are in a similar position financially. Just cruising along, minding all the laws and doing everything they know they should be doing – thinking everything is perfectly fine, while significant financial issues creep up in their blind spots. With the volatile market, the economy in turmoil and the financial uncertainty we all continue to face, there’s an awful lot at stake. For many of you here [today/tonight], you simply can’t afford a wreck at this point – especially when you should be enjoying the retirement you’ve spent all these years driving toward.

“I urge you to do this: Before you leave here today, ask yourself what you really have to risk by having an expert with a different perspective review your current financial approach. There’s a chance you may arrive at your retirement destination just fine. But with so many variables to consider, so many things you may not be able to see from where you’re sitting, isn’t it worth making sure?

“You didn’t come this far just to have something you could have prevented get in your way, did you? We’d love to help you, so I’ve blocked off portions of the next [several days/week/several weeks] to meet exclusively with those in attendance tonight. Beyond that time frame, our appointment slots will be very hard to come by, so be sure to schedule a time with one of our staff before you leave tonight!”

Keep emotions high, sales high and advise with passion.