Episode Summary: Advice Line – How To Drive Predictable Leads Online For Your Firm (LIVE With Steven)
Podcast Information:
- Title: Advisor Marketing Made Simple
- Hosts: Taylor Schulte and Kendra Wright
- Release Date: July 9, 2025
- Episode Title: Advice Line: How To Drive Predictable Leads Online For Your Firm (LIVE With Steven)
Introduction
In this episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright welcome Steven from Mulholland and Cooper Stock Asset Management. Steven, who has successfully grown his two-person team to manage $50 million in Assets Under Management (AUM) with a revenue of $500,000, seeks expert guidance to scale his firm to $200 million in AUM. The conversation delves into Steven's current marketing strategies, challenges in targeting doctor groups, and strategic decisions to streamline his marketing efforts for sustainable growth.
Understanding Steven’s Business and Current Marketing Approach
Background and Client Base
Steven introduces his firm, highlighting the diversity of his client base, which includes:
- Tech Employees
- Doctors Groups
- Classic Retirees
He manages retirement plans, particularly focusing on doctors who benefit from specialized retirement strategies to reduce taxes.
Notable Quote:
“They all tend to be really well compensated because they went to school forever and they have a lot of medical debt and they add a lot of value.”
— Steven [02:05]
Current Client Acquisition
Steven explains that his existing clients primarily found him through personal referrals. A significant referral came after he helped a friend's acquaintance avoid a predatory annuity scheme, establishing trust and demonstrating his expertise.
Notable Quote:
“It was really establishing three things: Trust, never saying I don't know the answer to that, always being able to chase down and do the work to find an answer… It starts with building the trust.”
— Steven [02:34]
Existing Marketing Efforts
Steven admits that aside from in-person interactions and minimal online efforts like blogging, his firm hasn't allocated a dedicated marketing budget. Despite this, they have organically grown their AUM from zero to $50 million.
Notable Quote:
“We tried throwing some blog posts… But we've really grown from zero to 50 million in assets under management just by partner and I, two people.”
— Steven [05:04]
Identifying the Core Marketing Challenge
Sourcing More Doctor Groups
Steven’s primary challenge is scaling his acquisition of doctor groups beyond his current network. He acknowledges the difficulty in replicating the trust built through personal favors using traditional marketing channels.
Key Discussion Points:
- Importance of trust in client acquisition.
- Difficulty in conveying trustworthiness through advertising alone.
- Exploration of alternative marketing strategies to reach more doctor groups.
Notable Quote:
“I don’t know how in marketing you can run an ad and say, hey, I’m a trustworthy guy, but who the heck’s gonna believe that?”
— Steven [02:34]
Deciding Between Target Markets
Faced with serving diverse client segments, Steven considers focusing on individual doctors rather than multi-specialty groups to streamline his marketing and operational efforts.
Key Discussion Points:
- Pros and cons of targeting individual doctors vs. doctor groups.
- Operational challenges of servicing multiple client types.
- The necessity of niching down for effective marketing.
Notable Quote:
“If you try this scattered approach, it's just not going to grow as quickly as you might want to.”
— Taylor [13:05]
Strategic Recommendations from Hosts
Focusing on a Specific Client Segment
Kendra and Taylor emphasize the importance of niching down to create a focused and efficient marketing funnel. They suggest Steven concentrate on individual doctors to better allocate resources and tailor marketing messages.
Key Recommendations:
- Define Ideal Client: Narrow down to individual doctors who are nearing retirement or have specific financial needs.
- Streamline Marketing Efforts: Focus on channels that align with Steven’s strengths, such as public speaking and educational presentations.
- Website Optimization: Modify the website to clearly reflect the targeted client segment, potentially through dedicated sections or a separate site.
Notable Quote:
“If you had to choose one or the other doctors groups or individual doctors, which one would work best? Individual doctors.”
— Steven [14:34]
Building a Robust Marketing Funnel
Once Steven defines his target audience, the hosts advise building a comprehensive marketing funnel that nurtures leads through trust-building activities like speaking engagements, webinars, and educational content.
Key Strategies:
- Public Speaking: Leverage Steven’s comfort in front of audiences to engage with individual doctors.
- Content Marketing: Develop informative materials that address common financial challenges faced by doctors.
- Networking: Attend and present at relevant conferences to increase visibility within the target community.
Notable Quote:
“Build a couple presentations that you can repurpose over and over again, and you're just going to pound the pavement and it starts to kind of come together.”
— Taylor [26:10]
Systematizing Operations
To manage the targeted approach efficiently, Steven is encouraged to systematize his operations, ensuring that marketing efforts align with service capabilities without overextending resources.
Key Considerations:
- Operational Efficiency: Ensure the firm can handle increased demand from a focused client base.
- Clear Messaging: Align marketing messages with operational strengths to maintain consistency and trust.
- Scalability: Develop processes that support growth without compromising service quality.
Actionable Steps for Steven
- Clarify Target Audience: Decide to focus on individual doctors, particularly those nearing retirement or seeking tax optimization.
- Revamp Marketing Materials: Update the website and marketing collateral to reflect the new focus.
- Enhance Public Speaking Efforts: Identify and secure speaking opportunities at relevant conferences and events.
- Develop Educational Content: Create webinars, podcasts, or written content tailored to the specific needs of individual doctors.
- Allocate a Marketing Budget: Even a modest budget can support targeted advertising and content distribution to amplify reach.
Notable Quote:
“Let me say I have a blank sheet of paper called sales and marketing plan for the next three years, and I'm going to start it after this podcast.”
— Steven [05:53]
Conclusion
By concentrating on individual doctors and leveraging his strengths in public speaking and relationship-building, Steven is positioned to create a more predictable and scalable lead generation system. The episode underscores the significance of niching down, aligning marketing strategies with business operations, and the foundational role of trust in client acquisition. Steven leaves the conversation with a clear action plan to refine his marketing efforts, setting the stage for substantial growth towards his $200 million AUM goal.
Final Quote:
“You’re actually clarifying and improving your marketing and preparing yourself to grow, if that's what you want.”
— Kendra [30:11]
Resources Mentioned:
- Who Not How by Dan Sullivan
Next Steps for Steven:
- Focus marketing efforts on individual doctors.
- Start building targeted presentations and educational content.
- Review and possibly restructure the firm’s website to align with the new marketing focus.
For more insights and strategies on advisor marketing, subscribe to Advisor Marketing Made Simple and tune in every Wednesday for actionable advice to elevate your financial services marketing game.