Podcast Summary: Advisor Marketing Made Simple

Episode: Advice Line: How To Generate Consistent Leads As A New Firm (David Edmonstone)
Release Date: December 11, 2024
Hosts: Taylor Schulte and Kendra Wright
Guest: David Edmonstone, Next Phase Financial Planning, Prescott, Arizona

1. Introduction to the Guest and His Challenges

In this episode, hosts Taylor Schulte and Kendra Wright welcome David Edmonstone, founder of Next Phase Financial Planning based in Prescott, Arizona. With his firm reaching just 22 months of operation, David seeks guidance on consistently generating leads.

David Edmonstone (00:26):
"I'm really struggling to see how to consistently generate leads from the marketing that I'm doing."

2. Assessing Current Marketing Efforts

Kendra begins by evaluating David's existing marketing metrics to understand his baseline.

• Website Traffic: Approximately 450 visitors per month.

  David (01:08):
  "It’s about 450 visitors a month."

• Email Subscribers: 67 with high open rates (~60%), though subscriber growth is irregular.

  David (01:20):
  "The open rates on the newsletter shows like 60%, which is fantastic."

• Client Acquisition Sources: Primarily through NAPFA Find an Advisor listings and vague online referrals.

  David (02:15):
  "I'm a NAPFA advisor. So I'm on the Napa Find an Advisor, and this year in particular, I've gotten more leads from the Napa Find an advisor listing than just about any other source."

3. Identifying Strengths and Preferred Marketing Channels

David highlights his proficiency in content writing and conducting educational events, such as teaching at a local community college.

David (02:44):
"I do a lot of content writing, so I've had a strategy to get published in national media... I also enjoy doing educational events."

4. Local vs. National Marketing Focus

The discussion pivots to whether David should concentrate on local marketing or maintain a national presence.

• Local SEO Challenges:
  Prescott’s keyword searches (e.g., "financial advisor Prescott, Arizona") yield about 30 searches per month, compared to much higher volume in larger cities like San Diego.

  Taylor (06:21):
  "It looks like financial advisor Prescott Arizona is the most popular keyword for your local market... So 30 is still somewhat decent."

• Potential in Local Presentations:
  Emphasizing in-person presentations at community colleges appears to be a more immediate and effective strategy for lead generation.

  Taylor (06:56):
  "I think one of the key questions... do you want to spend more time on local marketing? Digital or... national marketing?"

5. Strategies for Enhancing Local Marketing and Presentations

Taylor and Kendra provide actionable advice on optimizing David's local marketing efforts:

• Focus on Local Over National: Redirect efforts from national SEO and media mentions to local in-person presentations to increase lead quality and conversion rates.

  Kendra (09:19):
  "Your main challenge is finding more avenues to do more presentations and hit that quickly."

• Optimize Presentation Logistics: Addressing lead time and venue availability to maximize attendance and engagement.

  David (09:28):
  "For an in-person presentation, it's a minimum four weeks, maybe six to eight weeks leads to promote enough to get enough people to show up."

• Expand Geographic Reach Within the Region: Consider extending presentations to nearby areas like Northern Arizona or Scottsdale to tap into a larger audience without going entirely national.

  Taylor (16:45):
  "If you were to start to optimize some pages for Financial Advisor Scottsdale or Financial Advisor Phoenix, I don't think... someone in Phoenix would be opposed to hiring somebody in Prescott."

6. Optimizing Conversions from Presentations

Turning attendees into qualified leads is crucial. The hosts suggest refining calls to action (CTAs) and enhancing the value proposition offered during presentations.

• Effective CTAs:
  Moving beyond generic invitations to subscribe to a newsletter by offering custom resources like checklists or flowcharts related to the presentation topics.

  Kendra (22:48):
  "A great lead magnet doesn't need to be big, it needs to be valuable... here's a checklist or a flowchart that relates to the presentation."

• Leveraging Existing Assets:
  Utilize media mentions and publications to build credibility within presentations.

  Taylor (15:21):
  "Having that credibility is still important and helpful. So don't feel like you just wasted time getting these media mentions."

7. Understanding and Leveraging 'Runway'

A pivotal part of the discussion revolves around David's Runway—the timeframe he has before needing to see significant results from his marketing efforts.

• Immediate vs. Long-Term Strategies:
  Given that David's Runway is shortening, there is a preference for strategies that yield immediate results rather than those requiring years to gain traction.

  Taylor (03:38):
  "How long can you wait for some of these marketing things to work? Is it like, I need this stuff to work now..."

8. Practical Tactical Advice

Taylor and Kendra delve into specific tactics to enhance David's lead generation:

• Webinars and Online Resources:
  Promote recorded webinars to capture leads from those unable to attend in-person sessions.

  David (15:21):
  "We've got the white paper as a subscriber... I've got a 30-minute, 26-minute webinar of the same exact topics."

• Evaluation Forms and Follow-Ups:
  Incorporate evaluation forms during presentations with questions prompting attendees to schedule follow-up meetings.

  Taylor (18:25):
  "Reminding them to fill out that form... would like me to follow up with you."

• Focus on High-Impact Activities:
  Prioritize activities that directly contribute to lead generation and conversion over less effective digital tactics.

  Taylor (25:09):
  "You can't just have this, you know, so-so marketing activity and throw ad dollars at it and expect those ad dollars to take your so-so marketing activity to something that's really exceptional."

9. Final Takeaways and Hosts' Reflections

After the guest segment, Taylor and Kendra share additional insights based on their conversation with David:

• Importance of Assessing Runway:
  Understanding the urgency and timeframe for seeing results is crucial in selecting appropriate marketing strategies.

• Data-Driven Decision Making:
  Utilizing data to assess the local market size and potential ensures marketing efforts are well-targeted.

• Prioritize Time Over Money in Early Stages:
  Investing time in refining and optimizing marketing activities can be more beneficial than allocating significant ad budgets prematurely.

  Kendra (31:44):
  "Once something is working, then let's invest a little bit, you know, test, then invest... spending $300 could be a good use of his time at the stage that he's in."

• Focus on Core Strengths:
  Advising David to lean into his strengths—such as public speaking and content creation—while streamlining his marketing efforts to avoid burnout and inefficiency.

Conclusion

David Edmonstone’s session with Advisor Marketing Made Simple provided a comprehensive look into the challenges faced by new financial advisory firms in lead generation. The episode underscored the importance of local marketing, targeted presentations, and data-driven strategies, while cautioning against overextending into ineffective channels. Hosts Taylor Schulte and Kendra Wright offered actionable advice, helping David—and listeners in similar positions—refine their marketing focus for sustained growth and success.

Notable Quotes:

• David Edmonstone (00:26):
  "I'm really struggling to see how to consistently generate leads from the marketing that I'm doing."

• Kendra (09:19):
  "Your main challenge is finding more avenues to do more presentations and hit that quickly."

• Taylor (03:38):
  "How long can you wait for some of these marketing things to work? Is it like, I need this stuff to work now..."

• Kendra (22:48):
  "A great lead magnet doesn't need to be big, it needs to be valuable..."

• Taylor (25:09):
  "You can't just have this, you know, so-so marketing activity and throw ad dollars at it and expect those ad dollars to take your so-so marketing activity to something that's really exceptional."

Resources Mentioned:

• NAPFA Find an Advisor: A platform where David has sourced significant leads.
• KITS Summit: Recommended by Taylor as a resource for enhancing local presentation strategies.
• Ryan Morrissey's Presentations: Cited as an example of effective in-person class strategies.

Listeners are encouraged to explore these resources and consider implementing the discussed strategies to enhance their own financial advisory marketing efforts.