Prospects are increasingly going online to find an advisor, which means a strong web presence is absolutely necessary to capture leads — and a general profile is not enough, ThinkAdvisor writes.
Why Advisors Need to Pay Attention to the Web
Often, an event such as an age milestone, marriage or inheritance will trigger a prospect’s search, which starts with referrals from friends, family and colleagues, Matt Kress of AdvisorEngine tells the publication. AdvisorEngine research found that 66% of prospects still start their search with a referral, Kress tells ThinkAdvisor. In fact, prospects have an average of 2.6 referrals by the time they come to look online, he tells the publication.
The prospect will then search for and evaluate these referrals on the web, usually choosing just one with which to start a conversation, he tells ThinkAdvisor. Unless there is a serious issue in person, these prospects are often successfully converted to clients, Kress tells the publication.
A referral isn’t necessary, however, with 34% of prospects starting with a “cold” online search, which has become increasingly common over the past three years, he tells ThinkAdvisor. Regardless of their starting point, the majority of prospects are ending up online, which means advisors need a good digital presence to capture these leads, the publication writes.
However, many advisors fall short with their online presence, which is in part due to industry regulations, Kress tells ThinkAdvisor. That said, compliance teams are increasingly working with advisors to improve their web presence, which had been unthinkable just a few years ago, Kress tells the publication. To build a successful digital presence, advisors need to stand out by specifying what they do, since prospects want to connect with an advisor who understands their specific needs, Kress tells ThinkAdvisor.
