There’s one huge reason why so many financial advisers/planners aren’t achieving their long-held business goals: their own limiting beliefs when it comes to marketing.

Much like your clients will come to you with assumptions about investing, ingrained by their best friend over years of Friday night drinks, or think that retirement planning can wait until “later”, you might have heard some unhelpful marketing myths over your career.

So, in this blog, you’ll learn how to push aside nine exceedingly common marketing misconceptions and empower yourself with the knowledge to do truly great things.

1. The clients I work with aren’t interested in online reviews

There’s a belief among some that, if your clients have more than a few pennies down the back of the sofa, their significant wealth means that online reviews aren’t of interest.

But, as Marcus Sheridan succinctly put it in our latest webinar, that’s “utter, utter BS”. He considers it nothing more than a “self-fulfilling prophecy” from those firms working with high net worth individuals who have always done business through recommendations alone.

We agree with him that, “if you’re trying to scale and do something extraordinary… you’re going to have to go beyond word of mouth”.

Marcus went on to name reviews as one of the “big five” things that consumers are obsessed with, and we haven’t seen any evidence to suggest this changes the more money a person has in the bank. So, if you have no reviews, but your competitor does, who might your potential client favour?

Next steps: build your bank of Google and VouchedFor reviews

2. I don’t need to invest in a top-drawer website

Your website is where a potential client – potentially even an ideal client – starts to get to know you and makes a judgement call on whether you can help them or not.

Research suggests it will take them just 0.05 seconds to make their decision.

Almost immediately, your website needs to be insanely impressive and prove that you’re the adviser/planner they’ve been looking for. Can you say that about your site?

Next steps: discover how our multi-award-winning digital team can help

3. My clients don’t use social media

As of January 2024, 82.8% of the UK’s population were active on social media.

That figure is only going to increase in years to come. So, just because your ideal clients aren’t following the latest TikTok trend or thoughts shared on Threads, doesn’t mean they aren’t on social media full stop.

Research suggests that 62% of social media users over the age of 55 use Facebook every single day, for an average of 46 minutes. If you want to work with more people who are close to retirement, that’s a huge audience you’re turning your back on.

Next steps: explore how we can optimise your social media efforts

4. My clients won’t appear in a testimonial video

There’s a big shift at the minute towards story-led marketing, and your clients want to hear the benefits of working with you, not the features.

One of the best ways to do that is by showing exactly how you’ve helped people just like them; people they can relate to, people who see your clients’ “before” as their “right now”.

Read Phil’s blog on the types of clients you should ask to feature in a testimonial video and try our template request email on a few people who fit the bill.

What’s the worst that can happen? They say “no”. But, if you ask the right clients, in the right way, you’ll be surprised.

Next steps: follow a proven process to collect testimonial videos

5. My clients don’t want to hear from me every month

We started working with a client who had always sent their newsletter quarterly, as recommended by their previous agency. Their average open rate was 46%.

The following year, we moved them to a monthly schedule.

And their average open rate leapt up to 74%.

A monthly newsletter provides twelve touchpoints a year with your clients, prospects, and professional connections. It keeps you front of mind, shows you care about their financial future, and could encourage them to reach out or refer you to a friend.

So, no, a monthly email (packed with tons of value) isn’t “bombarding” anyone.

Next steps: find out more about our blogs and newsletter service

6. I can’t do anything about prospects who ghost me

We all get ghosted from time to time, and for many valid reasons, you won’t be the right adviser/planner for every potential client you speak to.

But what if they really rated your initial meeting, life then got in the way, and all they need is a little nudge to progress with your proposal?

So, before giving up on someone, head to the link below for one of two follow-up emails that we recommend (and use ourselves) here at Yardstick. Trust us, they work.

Next steps: start sending the Chris Voss or Marcus Sheridan email to prospects today

7. I don’t have time to implement a marketing strategy

This is a statement usually followed by “… so let’s just start with a few social posts”. OK, but without mapping out an evidence-led series of marketing activities, tailored to your long-term goals, how do you know that’s the right approach?

In the short term, diving straight in feels more productive. I get it.

But, in the long run, taking a strategic approach is more efficient, more cost-effective, and more rewarding.

Next steps: find out how we can build a bespoke strategy for your firm

8. A client survey will generate complaints or negative responses

You should see your client survey results as a gift. They have the potential to boost your marketing, improve your business, and help you receive more referrals from existing clients.

And, in our experience, the responses are overwhelmingly positive. Our research shows that 95.2% of clients would recommend their adviser/planner to someone else.

Yes, you might receive some constructive criticism, but in the long run, your business will benefit from it, and you’ll be in a position to offer a far better client experience.

Next steps: we can help you feel the fear and survey your clients anyway

9. Half my marketing spend is wasted, the trouble is I don’t know which half

Ouch, that’s a dangerous path you’re wandering down there. All you’re doing is avoiding the inconvenience of data collection, and the necessary analysis to understand the return on investment (ROI) from your marketing efforts.

Most advisers/planners don’t have a marketing KPI dashboard, which is why we designed a template that will help. Without one, you’re shooting into the dark, hoping you hit your target eventually. Would you do the same with your clients’ investment portfolios?

Next steps: stop guessing, start tracking the marketing KPIs that matter

Be empowered by your beliefs, not limited

Changing how you think about your marketing does far more than simply removing obstacles. It makes space for highly effective strategies that are genuinely proven to work.

Much like financial advice/planning, marketing can be a world of misinformation and unhelpful, generalised suggestions that muddy the clear blue waters.

I hear the limiting beliefs outlined in this blog week in, week out. Not once in a blue moon. So, those firms who dare to do things differently move beyond the status quo, start seeing the results of data-driven, goal-oriented marketing, and never look back.

As the UK’s highest-rated marketing agency specialising in financial services, we understand how to deliver exceptional outcomes for firms just like yours.

Email hi@theyardstickagency.co.uk or call 0115 896 5300 to explore how we can help.