Marketing Funnels are Ineffective for Advisors

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Yes, financial advisors should have marketing funnels – but only for specific campaigns. When it comes to building prospects’ trust so that they become clients, advisors need something else. They need an ecosystem.

When I ask financial advisors what their primary marketing goal is, one of the most common responses I get is “We want to build a marketing funnel.”

If you aren’t familiar with the term, a marketing funnel is a concept mostly used by online consumer product companies. A funnel lays out the steps to lead someone from a lack of awareness about a product to the purchase of that product.

From a financial advisor’s perspective, a marketing funnel is a theoretical path that the prospective client takes from not knowing who you are, to gaining awareness, to researching you, to evaluating you, to finally becoming a client.

In consumer products, a funnel looks something like this: You, the consumer, see an ad for the company’s candle on Facebook. You click the link, which takes you to a landing page selling that candle. Suddenly, a pop-up appears, offering you 15% off your first purchase if you give the company your email address. You do and then exit the website because you aren’t ready to buy.