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you're listening to financial advisor marketing the best show on the planet for financial advisors who want to get more clients without all the stress you're about to get the real scoop on everything from lead generation to closing the deal james is the founder of the advisorcoach.com where you can find an entire suite of products designed to help financial advisors grow their businesses more rapidly than ever before now here is your host james pollard hey financial advisors welcome to another episode of financial advisor marketing if you haven't subscribed and or left a review yet make sure you do that i don't do a very good job of asking for reviews i really should be asking more often based on the number of people who listen to this show now that i'm actually looking at my stats producer jonathan it seems like i should have 10 times the reviews and i've been able to see behind the scenes of a few other shows i noticed that they get fewer listens than i do but they have far more reviews and it's just because they ask for them consistently sometimes they'll do giveaways they'll give people like a book or something for leaving a review they'll send them a screenshot i know i've talked about that in the past it's something that i'm toying around with but speaking of free books if you haven't subscribed to my email list make sure you do so over at the advisorcoach.com 57 that's the number five and the number seven not the words the advisor coach dot com slash five seven you will get an 80 page actually more than 80 pages but it's a pdf titled 57 marketing tips for financial advisors and i refreshed it about a year ago i've got gotten amazing feedback ever since it's a lot more strategic than tactical it used to be filled with tactics like do this not that do change this thing here leave this thing the same but now it's more strategic it's much more high level so if you're looking for something like exactly what you should say when calling someone or a referral script or whatever you're going to be disappointed but if you want to strengthen your business building foundation you can't get much better than that again that's the 57 make sure you join my email list because my life isn't complete without you subscribed and my life isn't complete without my co-host who's officially back this week producer jonathan rivera from thepodcastfactory.com it's been a while like a month i i'm i just i'm so hap i really missed you james i really really missed you thank you for allowing me back in your presence i've done a lot of interviews i had the one with jill addison i have the one with cheerlead schulte with both of those were really cool i've got derek knopman from the virtual financial advisor these people are just crushing it i mean there's no other way to say it just they're just amazing in what they do and but it is good to have you back on the show i'm very impressed with like your growth not just as a human being but like your business like over the past year or two like it's changed your s it seems like maybe it hasn't maybe you know behind the scenes but it's from an outsider's point of view it looks like your systems have gotten so much better like you're just the way you do things is so much more fluid as a business yeah you know what what it's one of those things and i think this will be helpful to the listeners it's uh who was it jim rohn you are the average of the five people you surround yourself with yes and i've spent a whole hell of a lot of time with you james so it's it's got to rub off on me well i appreciate that is it that's one of the frustrations that i've had is i'm a member of a lot of different not a lot of different groups like facebook groups or whatever but i'm a member of a lot of like different subscriptions and i have people who run in the same circles i keep running into into them again and again and again and i want to meet more people who are operating at the level at which i'm operating i i know that sounds kind of arrogant but like i just want to find these people and it's so freaking hard and i know financial advisors have the same frustration because i've heard stories of financial advisors who are in groups like fat fire the financial advisor or financial independents retire early groups fat fires essentially when you're retiring with 5 million plus 10 million plus not necessarily 600 000 or 1 million dollars like your fat fire means you're spending more on retirement and a lot of these people even in those groups i mean i've got some inner circle members who are just making serious money and they're like uh that's not good enough anymore i'm like holy crap are you serious like that's awesome but it's so hard to find people who are like really truly actually kicking ass for lack of a better term i'm with you bro hopefully we can find something and today on the show financial advisors we're going to talk about three of the biggest rip-offs in financial advisor marketing i know that's a strong title it probably has people on the edge of their seats already maybe i should be gentler with my titles i don't know but i truly believe that these three things are rip-offs and i will give you evidence as to why that is and by the way my dear listener make sure you get evidence for the information people give you i mean call them out on the bs i'm so sick of seeing all these gurus and these fake experts like just talking about their theories and their opinions with no evidence even former financial advisors do this crap they talk about things that work for them in their specific situation with no evidence whatsoever about whether or not is duplicatable or even the best strategy to begin with for example experts could say that the best way to cut your lawn is with a pair of scissors and then they'll proceed to show you how they use scissors and they got their lawn cut are they wrong well technically no they're not wrong because you can cut your lawn with scissors but you should do your research to see if there's a better way to cut your lawn think independently when i talk about marketing i bring the facts i just recently at the time of this recording i recently published an article about what barron's top 100 independent financial advisors do differently on their websites than anybody else i i went through the entire list i clicked through one by one and i made notes of what they did if they did email marketing if they had a clear navigation bar if they had the clear contact information if they had links to social profiles i literally looked at every single one and i made a note of if they did those things and i calculated the percentages and i gave financial advisors the percentage 58 percent of baron's top 100 independent financial advisors leverage email marketing on their websites and it's that honestly that number is probably even higher because i excluded ameriprise financial advisors and i only looked at the home pages so that in reality that number is probably higher but just on the surface level only looking at the home page to save time 58 i'm bringing you the actual data i'm giving you actual evidence you can verify literally everything i'm telling you because you can go to the same barons 100 top independent financial advisors list and you can look at it yourself i'm not just saying oh change your call to action button and everything's going to be great i say no you're going to change it from an icon of a phone to your picture and based on a test that was run in this year at this time it increased the conversion rate 29 or something like that i'm giving you the actual evidence does that make sense am i wrong for going this hard producer jonathan i love it man it's so rare that anybody actually goes and gets data and and my buddy nate likes to say all the time data not drama so you're out there getting the data it's just so important even recently i heard someone talk about how all financial advisors should focus on seo in the beginning of their careers and in the i don't want to bring any bias here so it could be good it could be good advice it could be bad advice but just get the evidence get an seo tool if you must don't just blindly take this information and be like oh yeah this guy said seo is cool i'm gonna do it get a tool get a keyword research tool if you did something like that and you had access to a keyword research tool you would realize that the searches for financial advisors across america it's just they're so little they they're abysmal for example this is real data too there are currently 590 searches per month at the time of this recording for financial advisor new york yet there are thousands and thousands of firms and thousands of financial advisors in new york so do the math on that one if you're a financial advisor you're probably a numbers person you could probably put two and two together and realize that if the actual data says that only 590 people per month are searching financial advisor in new york and you're competing with 19 000 other people it's probably not going to be a good idea so if i can get just one person to be saved from this nonsense i've done my job and it's not just seo i mean seo can be an amazing strategy i recommend it in certain in certain instances it's it's wonderful but make sure you get the data first and call people out on the crap i really want to see more advisors like when these marketers and legion people or whatever approach you like just call them out i want you to do it tell them to link a source tell them to provide video i have an online ad saying that i recently shared where i literally pull up my screen i refresh the page because people can fake screenshots i refresh everything i like give you my actual ads account so i provide proof when someone approaches you and they say oh i can get you x amount of results for y amount of money or effort or whatever okay link to a source show me provide a video do something like i'm going to stop ranting now and we'll get on to the show so the first biggest ripoff i want to talk about is actually lead generation companies and we did an entire episode on this if you want to go back and listen to it the title is four reasons why buying leads is like burning money and i have an article to the same effect so if you want to google the advisor coach buying leads burning money it should show up i mean that's a pretty specific search and i broke down exactly why financial advisors should never ever ever depend on leads if your leads are if you're buying leads and you're profitable that's cool but more power to you but the vast majority of financial advisors cannot make it work and if they even if they can make it work they should never ever ever be dependent on them and the lead generation companies the relationship with them if you're a financial advisor it typically starts off okay or at least it can but it will eventually sour because they must either lower the lead quality or increase prices as a result of increased demand so if they find some magical lead source they will be like hey i've got this magical lead source you want it and a financial advisor would say yeah and another financial advisor say yeah and another one say yeah and it will increase the demand and because of increased demand they got to raise their prices this is econ 101. it must happen it's basic supply and demand and i'm surprised more people don't understand it going in i i think a lot of people are addicted to the notion of easy stuff they want people to hand them the leads so they don't have to do anything it's like a child being fed food do you want mommy to make airplane noises when she given your giving you her your noms because that's what it's like when financial advisors buy leads mommy and daddy spoon feeding you the people so you could be a big boy with a big business and anyone with a shred of common sense realizes that this is a pipe dream let me tell you you don't have to get anything i offer you don't have to become an inner circle member you don't have to take advantage of the offers that i make that quite frankly have money back guarantees and like i'm literally there and i answer your questions and like i have an amazing track record quite frankly but listen to this because this is a free podcast like you can go your separate way merry way or whatever you are much much much better off building your business the hard way and by the hard way i mean in the short term because getting leads is easy in the short term but hard in the long term extremely difficult building your business the right way is hard in the short term and extremely easy in the long term because what if instead of shelling out big bucks for leads you began building your own website and building your online presence and started well i don't know getting your own leads getting people to actually reach out to you people who are perhaps in your niche and interested in you instead of some survey they filled out on a third-party website isn't that a novel concept because if you can build those up you can have a pretty mighty business so that is the first biggest rip-off that i see in the financial advisor marketing space then hopefully financial advisors avoid the lead gen companies i know that you're not really in the financial services space pretty hardcore like that jonathan although i guess i guess you kind of are because you have a couple financial advisor clients in the podcast factory yeah we have a few but uh i don't see any of our people buying leads they're more building uh building platforms they're building their podcast their content their blogs their youtube channels they're building assets that they were not necessarily owning control because youtube could take them down at any minute but they have the videos right i mean they can repurpose it they can put it on their site they can go through email they are generating conversations and appointments and people who are interested on their own and that's a good segue into the second biggest financial advisor marketing ripoff and this one some people are going to take this the wrong way but i'm going to try to explain it the best way that i can it's actually funnel builders such as clickfunnels hey financial advisors if you'd like even more help building your business i invite you to subscribe to james's monthly paper and inc newsletter the james pollard inner circle when you join today you'll get more than 1 000 worth of bonuses including exclusive interviews that aren't available anywhere else head on over to the advisorcoach.com coaching to learn more if you stay on them now i want to make it clear funnel builders and this fancy software and whatnot the funnel builders are not a rip-off unless you use them forever because if used correctly they can be great time savers they can be great testing tools so if you have an idea and you want to test that idea and you don't want to build an entire web page or pay someone to help you with that these funnel builders they're easy enough to use that even the most technologically illiterate person can probably slap something together in about 20 minutes so in that sense funnel builders can be a great tool they are they're a great tool to have in your toolbox the problem occurs when people use them successfully they get something that works they put the landing page together and the landing page starts converting that's awesome but then they never replicate the page or whatever they're using on their own website domain let me explain let's say you're a financial advisor and you want to build an email list you hear about this funnel builder that allows you to make a landing page super fast and start collecting email addresses that's awesome so you make a page and by jove it works what you should do as soon as you know it works is recreate it on your website and here's why your conversions are going to be much higher on your own website and the traffic is better specifically with email marketing i mean people are confused when they click a button on your site and they get redirected somewhere else when they see abc wealth management dot com and they click on a button and it takes them to click funnels dot a b c wealth management or abc wealth management.clickfunnels.com they get confused i don't want to get too technical but they operate on a completely different domain or a sub domain so it just confuses people and when people see that url change they get a little hesitant and i should know because i can't build my own checkout pages on my website and it sucks so i use drive cart which has this sub domain and i can tell you right now from my actual experience on my actual site that i'm actually using not just siri it impacts how many people complete their checkout it impacts how many people purchased for me now thankfully it's not that big of a deal to me and it works well enough so i let it go but when it comes to your first interaction with people such as when you're building your email list make sure it's done on your own site the reason that it doesn't impact me as much because it's a checkout page and by the time people get to a checkout page they already know me they already like me they already trust me they're already ready to do business with me so that hesitation isn't as severe but when you're trying to generate leads and set appointments and have conversations with people and you send them to a funnel builder type page or a subdomain that the hesitation is still extremely high the skepticism is still extremely high so it only takes a little itty bitty thing to get them to stop it and another reason you want to do this is because a lot of times having your own standalone page this is not always the case but a lot of times it is the case it'll cause your site to load faster and according to unbounce pages that load within two seconds have an average bounce rate of nine percent that means if a hundred people click on your button and your page takes two seconds to load only 91 people will stay there however if your page takes five seconds to load only 62 will stay there that's right the average bounce rate for pages that take five seconds to load is a whopping 38 and that one tip alone can put four real money in your pocket seriously make sure you're doing this stuff you're putting your content on your actual website that's honestly quite frankly with the podcast factory that's one of the things that impressed me was that you have the client showcase and you have a lot of different content and blog articles like actually on your website actually on your domain so i really appreciated that like as a consumer of the podcast factory yeah yeah and that was after we stopped using click funnels well do you understand what i'm saying though that yeah it's okay to test ideas right i mean we're doing that right now we're doing some work for the school and we're going to put up pages on click funnels and run ads but once we know that things converting we're moving that to their site yeah because just like i said if you have whatever your website is dot click funnels and you run an ad to that and then you run an attitude it's just yourwebsite.com people are gonna notice that and they're gonna see it and another thing i again i don't wanna get too specific because i know that this doesn't apply to every single financial advisor but please take the concept behind here and apply it to your business when you run something like a facebook ad and people see the url they let you choose what you want your display url to be for example if i'm sending traffic to a page that's the advisor dot com slash ads hyphen one two three hyphen abc hyphen whatever i can change my display url to the advisor coach.com ads so when people see my ad and they see the display url or the url that they see i should say to be extra clear is the advisor coach.com ads but when they click on that ad and they're taken to the advisor coach.com ads hyphen abc hyphen one two three whatever they bounce like or a larger percentage of people balance because they're like wait a minute this is not what i clicked on what's going on and you just want to avoid that so i'm going to move on to the third biggest ripoff which is probably the most controversial and that's endless certifications and i'm going to catch a lot of heat for this one i know financial advisors get really touchy about their certifications and it's a confirmation bias i mean that's what it is they spend a lot of time getting these certifications and whatnot so they look for evidence to support that it was a good decision they also immediately reject any evidence to support otherwise oh and speaking of evidence here it is one of the many studies done on this topic is called trust and financial advice which was published by vanguard research you can google it if you don't believe me just google trust and financial advice vanguard research and it will pop up on the first page they found this from actual clients clients don't care if you're connected in the community they don't care if you show awareness it trends in the financial markets and that's another reason why stock market commentary emails don't work and they don't care if you have relevant industry qualifications this is not from me this is not james pollard saying this this is vanguard one of the biggest financial institutions in the entire world running one of the biggest studies that they can run about trust and financial advice so you take it up with vanguard if you're pissed off take it up with vanguard not with me i'm just passing it down i'm giving you like i said at the beginning of the show the actual data so they found that being an advocate for your clients was the single biggest driver of trust being an advocate is literally 5.6 times bigger trust driver than qualifications 8.5 times bigger than showing awareness of financial trends and 17 times bigger than being well connected in the community financial advisors they delude themselves into thinking that oh well i've got a lot of connections i've got these people that get you in touch with i've got a guy they're like oh i know where the market's going apple is really high right now and the p e ratio is this and historically it's 15 blah blah blah blah blah it doesn't matter as much as you think it does i am a business person i i look for inputs versus outputs and that's how i make decisions as a business person i have to i quite quite frankly my emotions don't matter my opinions don't matter how i feel doesn't matter the numbers matter and when i'm looking at inputs versus outputs i see that certifications have a big input for not much output i would much rather spend my time being an advocate for the people i serve aka my niche because that's going to get me a heck of a lot more results clients and yes money in the bank when compared to going for another certification and of course you want to make sure you know what you're doing and yes knowledge is valuable in and of itself but don't lie to yourself and tell yourself that getting another certification is what you should do to get more clients because it's not your time is much better spent being an advocate relating to prospective clients and giving them a sense of relief about their situation because that is what they want again this is 100 verifiable i'm giving you the real actual data that you can see for yourself other people like to give you these theories and like oh my god great ideas but i don't want to yank your chain like that it's trust and financial advice by vanguard if you want to look it up so to recap we're going to wrap up the show the biggest rip-offs in all of financial advisor marketing are lead generation companies funnel builders if you stick with them forever and certification chasing i feel like that's a dot-com there certification chasing what do you have coming up for us next time james next time we're going to switch gears a little bit and i'm going to talk about the most effective way financial advisors can get referrals interesting interesting i love referrals all right that is a wrap for another financial advisor marketing thank you for tuning in and we will be back in your earbuds next time this is thepodcastfactory.com you