As a financial advisor, you're always looking for ways to grow your business and increase your assets under management. While there are many marketing channels you can use to reach your target clients, email marketing is one of the most effective. Why? Because it allows you to send targeted, personalized messages directly to your clients and prospects.
With email marketing, you can:
Despite those who claim that email is dead, marketing via email remains an effective tool for businesses that do it well. In fact, a 2020 study from HubSpot found that brands make an average of $42 for every dollar spent on email advertising!
Email Marketing Strategy for Financial Advisors
As a financial advisor, your ability to attract and retain clients is built on trust. Your reputation is paramount, and everything you do should reflect integrity and responsibility. Even with a goal of increasing AUM, your email marketing efforts should be focused on building relationships and providing value - not on selling.
Always remember this: Email is a unique marketing channel. Subscribers opt-in to receive your messages, but they also can opt-out easily if they aren’t interested in what you send.
With that, just like developing a solid financial plan, effective email marketing starts with a strategy:
- 1What is your goal? Are you trying to nurture your relationship with existing clients or is the objective to acquire new clients?
- 2Who is the target market for these marketing efforts? Understanding your audience is the vital first step that many advisors miss when embarking on an email marketing campaign.
- 3What kind of content would be useful to your clients or potential clients? (And what kind of content can you actually produce?)
- 4How frequently will you send emails? Creating content for emails takes time and effort, so set a realistic schedule for yourself. More importantly, consider how frequently your clients want to get emails from you. No one wants to feel pestered by constant emails, but sticking to a regular frequency can help make your efforts more successful.
- 5Can you coordinate your email efforts with other marketing such as social media, search engines, and even offline marketing? Your clients are likely consuming information in different ways and through different channels, so synchronizing your email strategy with your other efforts is a good way of effectively making the total greater than the sum of the parts.
- 6How will you assess the success of your efforts? It’s useful to develop a basic understanding of email metrics like open rates and click-through rates to evaluate if you are making progress in achieving your goal.
Once you have a good idea of your overall strategy, it’s time to get started with your email marketing.
Let's get started.
1. Create a Content Calendar to Plan your Email Marketing Campaigns
The first step in any email marketing campaign is to create a content calendar. This will help you map out the different types of email content you'll be sending and when you'll be sending them. Having a content calendar will also help you stay organized and on track with your email marketing goals.
2. Segment your List to Send more targeted Emails
One of the benefits of email marketing is that you can segment your list and send targeted emails. For example, if you have a list of clients and prospects, you can segment them into different groups based on their location, investment goals, or risk tolerance. This way, you can send emails that are more relevant to their needs and interests.
3. Choose an Email Marketing Tool
There are many options for creating and delivering emails, from full marketing automation systems to easy-to-use tools designed specifically for email marketing. Choose the one that meets your needs based on price, features, reliability, and options.
Tips for Successful Email Campaigns
Email can be a very effective tool for marketing - if it is done well. Here are a few tips for creating emails that work.
Email marketing is a powerful tool that financial advisors can use to increase their AUM. By following the tips and strategies above—such as using a content calendar, segmenting their list, and personalizing their emails with dynamic content—financial advisors can create email campaigns that will engage and convert their target clients.