According to the USA Wealth Report 2024, between 2013 and 2023, 5.5 million people became millionaires, representing about a 62% growth rate.
That means nearly 24.5 million millionaires live in the U.S. And you'd need a lot of financial advisors to manage their wealth.
Surprisingly, the US Bureau of Labor Statistics reported 218,050 Americans who listed “personal financial advisor” as their profession.
Using simple averaging, we can conclude that each financial advisor could have more than 100 clients if they were good at guessing.
If you have a growing financial services company, you want to learn all about potential financial services customers and how to convert them.
In this post, we will discuss actionable and proven lead generation strategies to attract, nurture, and convert financial services leads for your business.
Let's dive into it.
Referrals or lead generation services?
Many financial advisors seem to have trouble getting enough leads to talk to each month.
Despite the large number of wealthy Americans, it remains a challenge to get even one to sit up front and band database listen to a sales pitch.
Finally, many realize that good old analog networks are the best way to reach potential customers.
Referrals from clients, friends, and family still work best when obtaining this important contact information.
While recommendations are reliable to a certain point, they are definitely unsustainable.
What happens when the circle closes?
Getting a monthly quota of new referrals will eventually (perhaps quickly) dry up even the most extensive personal networks.
Advisors will now have to face what they consider the next best option: getting leads the easy way.
Getting exclusive leads from a digital agency can quickly fill those client information sheets.
That is, if you don't mind paying for a service that can eat into profits substantially. Then again, assuming some wires go down.