In a time of economic strife where financial security is being increasingly sought after, the financial advising market is a very alluring one. In fact, the broker ranks are positioned to increase by 30 percent through 2018 according to the Bureau of Labor Statistics – a figure that blows previous estimations out of the water. This, of course, has seen the rise of many new players in a gradually competitive space.
Brokers, investment consultants, accountants and insurance agents, among others, are now more than ever looking to tell their clientele one thing: They are trustworthy of customers’ time and money. However, this is much easier said than done.
If you’re looking to break into this booming market – or maintain your competitive edge with new players popping up – you better buckle up. While the financial advisory market is currently explosive, it’s simultaneously considered to be highly competitive with one of the highest attrition rates. In fact, a 2013 study by research firm Cerulli Associates shows that the number of financial advisory jobs dropped 1.3 percent – or 4,000 fewer jobs – in 2011 when compared to 2010, and this figure is expected to drop another 18,600 over the next five years.
Sure, there are plenty of seasoned players claiming their stake in this prime market –the average age of most financial advisers is 50 – but that doesn’t change the fact that the industry is currently more cut-throat than ever for both newcomers and veterans alike. To emerge as a game-changer, financial advisors need something new and unique to maintain a competitive edge.
Bottom line: To stay ahead of the game, today’s financial advisors need content marketing.
Surviving in the sales world is more than difficult, and this complicates further when selling financial services to a generally skeptical audience. For example, how can you prove that the life insurance you’re selling is best suited for a prospective client? How can you guarantee that you have their best interests in mind and that you’re not secretly seething every time a client walks away because you miss out on commission? You can write a blog post containing personal testimonies from your very own customers divulging why they trusted your services.
Consider a fresh college grad looking to jump into this territory. The individual may not know how to do so with so many established professionals in the space, but they can write a blog post about how a younger financial advisor is better suited for today’s more modern needs as opposed to someone who is perhaps a bit out of touch.
Content marketing opens every door of opportunity for you to speak directly to your customers about why your business should matter. Whether this means implementing a smart e-mail marketing campaign or an extraordinary eNewsletter strategy, you can educate your target audience about top traits they should be looking for in a financial advisor and how you fit the mold.
Ninety percent of customers trust peer recommendations over traditional advertisements. If you want to bolster brand awareness, secure new leads and positively impact overall profit, you need to give your customers something good to talk about. Content marketing is the perfect way to cash in on this.