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marketing and lead generation

Last post 12-01-2008 10:32 AM by William Jordan. 1 replies.
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  • 08-14-2008 2:44 PM

    • G Lee
    • Top 500 Contributor
    • Joined on 07-28-2008
    • Posts 1

    marketing and lead generation

    I am a new financial planner and have a few questions about marketing and lead generation.

    1. Besides referrals and seminars, what are the other resources for lead generation?

    2. What is the average cost of client acquisition on a per client basis?

    3. I heard that I can set up a referral arrangement with CPA firms?  How does that work?

    Thanks for your help!

  • 12-01-2008 10:32 AM In reply to

    Re: marketing and lead generation

     Greetings,

    I can give you a few quick comments.  This is a huge area as you have likely discovered.

    1.  Other resources would be networking (chamber, lead groups like Le Tip or BNI), direct mail (lots of choice and programs but very expensive), old fashioned cold calling (cheap but time consuming and requires very thick skin).  Start with who you know, and who they would know and work from there.  Offering a free assessment/second opinion on current financial plans or investment choices should be a winner in this market.

    2.  Depends on your methods.  You mentioned seminars which are VERY expensive if you are doing cold mailings.  $5000 - $7000 for the whole thing with zero guarantee that you get a client.  The old ratio is TIME or MONEY.  You must invest one or the other (or both).  The more you invest of one, the less you must invest of the other.  My best suggestion is always take 10% of your gross income and set it aside for future marketing.  Being the "best kept secret" in your area is a good way to go broke.  You can be great but if no one knows about you then you aren't really great at being a financial planner, your just a great hobbyist.

    3.  Not going to happen unless you just get lucky.  Best shot (and it's a LONG shot) is to pick 5-10 CPAs and go visit them once a month.  Drop off some info that would be of interest to them, provide an update on the markets or give them something else of value.  The longer you do that (measured in years not months) the more likely it is they give your card out.

    Good luck.  Just remember that your success is related to your marketing more than anything else.  So treat your business as a marketing business that does financial planning on the side, at least until you have "enough" clients.

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