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Track Financial Services Leads To Close More Clients

For most finance-related businesses, numbers matter. But for financial advisors, it’s really all about the numbers. Yet according to a study done by Investment News, 61% of financial advisory firms don’t track their financial services leads. Only 38% of advisory firms reportedly track their financial services leads — despite the CRM being their most frequently used software. Of course, it’s true that not all financial services leads will ultimately convert into clients. But the fact that most advisory firms don’t track their leads means they’re missing some significant conversion and optimization opportunities.

How big of a market opportunity are they missing? Investment News found the average advisory firm converts 37% of qualified financial services leads into clients. The conversion rate for all financial services leads (i.e., both qualified and unqualified) hovers around 21%. Overall, those advisory firms who don’t track and pre-qualify their financial services leads suffer a 16% drop in conversion rates.

Why Advisory Firms Fail to Track Financial Services Leads

Many advisory firms participating in this study stated that marketing posed a serious challenge in attracting qualified leads. In fact, many companies confessed their marketing efforts were “only slightly successful in attracting business.” Even advisory firms with clear marketing messages and strong branding admit they’re struggling to generate enough qualified financial services leads.

The difference between prospects and qualified leads is fairly simple. A prospect is anyone who could become a client after coming into contact with one of the firm’s employees. Often, these prospects come in through a referral network or some form of affiliate marketing. On the other hand, qualified leads are usually targeted and pre-screened for quality before completing the intake process. Since every advisory firm uses different criteria to qualify their financial services leads, using broad-stroke marketing tactics can be hit-or-miss.

Targeted Marketing Attracts Better Qualified Financial Services Leads

Digital marketing constantly evolves to meet prospective clients where they live — through social media, paid searches and content-rich branded websites. Most financial advisory firms would rather focus on managing money for clients instead of managing expensive online ad buys.

The first step for advisory firms to secure more qualified financial services leads starts with identifying your ideal clientele demographic. When you partner with LeadingResponse, we deliver only financial services leads that meet your firm’s unique qualifying criteria and standards. In addition to delivering pre-screened, high quality financial services leads, we can help your advisory firm optimize client conversion rates. Our team uses an array of digital marketing channels to attract the most qualified financial services leads in your area. Once we’ve identified the most effective marketing campaigns, we analyze, test and optimize the process to ensure lead quality.

Optional Lead Nurturing Services Can Help Convert More Prospects Into Clients

While most advisory firms don’t track their leads, LeadingResponse offers that service to all our lead generation partners. Why? Because tracking leads for our partners help them convert more prospects into clients. For transparency during the lead acquisition process, opt into using our completely free and secure Lead Management System (LMS) software. Our optional cloud-based LMS software lets you review your financial services leads for quality in real-time as they come in. Using the LMS can help you identify optimization opportunities and includes a dedicated account manager who provides personalized customer service.

If you’ve got better things to do than cold-calling prospects, let our US-based 24/7 call center staff handle that step. Our highly trained call center boasts a 70% contact rate, with most initial calls placed within the first six minutes. Call center staff members can also perform live transfers and set initial appointments, making your lead intake process a breeze. While our call center service is completely optional, it can help you grow your business quickly without hiring additional staff.

Want to know more about how LeadingResponse can help track and convert more financial services leads for your business? Get in touch with us today and we’ll be happy to answer your questions.

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