Here’s Where Your Prospects Are Getting Their Financial Advice

by | Marketing

Where prospects get financial advice - SAN blog

Image how you could adapt your marketing strategy if you knew where your prospects were getting their financial advice!

CreditCards.com published a recent study that provided some insight into how Americans learn about personal finances.

Take a look at the data:

    • 37% of U.S. adults cited friends and family as their go-to resources for financial advice.
    • Gen Zers (ages 6-24 in 2021) were nearly five times as likely to get financial counsel from social media.
    • A quarter (25%) turned to financial websites.
    • Newspapers or magazines (14%).
    • Books (13%).
    • Radio, TV, or podcasts (13%).

Here are three ways the data from this financial literacy poll can be used to enhance your marketing efforts:

1. Financial websites are essential!

    • Many respondents said they get financial advice from financial websites, including 25% of Gen Zers, 30% of millennials, 27% of Gen Xers, and 19% of baby boomers.
    • If your website isn’t current and doesn’t convey the message you want it to – it is time to make changes – and quickly! Contact me for a free website evaluation.

2. Social media must be part of your plan.

    • Twenty-eight percent of Gen Zers said they sought advice from social media platforms and influencers, while only 24% of millennials, 10% of Gen Xers, and 4% of boomers said the same.
    • Creating a consistent presence on social media is a critical part of a solid marketing strategy. Social media doesn’t have to take a lot of time. Three posts per week that are thoughtful can do the trick.

3. Referral marketing remains the best way to acquire new clients.

    • 64% found friends and family trustworthy for advice.
    • People continue to ask others for advice, and if your clients are satisfied, you must capitalize on that success. Do you have a structured referral program in place to ensure your team members are consistently asking for qualified referrals?

Marketing for financial professionals requires some effort. If you’re interested in learning more about how to enhance your marketing efforts, contact me or schedule a call. Good luck!