Advertising is one of the primary targets of SEC visits. The “no testimonials in advertising” ban for financial planners is so all-encompassing that advisors have pushed social media sites to allow them to turn off Facebook “likes” and LinkedIn endorsements, sometimes considered testimonials.
Every statement of a client’s experience with an advisor used in an advertisement constitutes a fraudulent, deceptive or manipulative act, according to section 206(4) of the Investment Advisers Act of 1940.
Many “green” in this space marketing agencies can’t believe what advisors are subject to. In the early days I’ve listened to several marketing brainstorm sessions only to shoot each one down with “and that’s against the law” as they suggest using phrases that resemble a client recommendation.
Sooooooo… Can financial advisers use Facebook and social advertising… YES!
Here’s some examples of how.
#1 – Talk To Your Audience
HCP Wealth Management is a good example of excellent copywriting for Facebook ads. Their copy isn’t too wordy or clumped, and it targets a specific audience through sports.
#2 – CLEARLY EXPLAIN YOUR UNIQUE VALUE PROPOSITION
Every great ad demonstrates value, but there are a few nuances to consider. For example, keep your focus on the audience when writing your copy. Instead of saying “We provide quick and easy services,” say “Her problem was solved quickly and easily.” Both examples provide the same information, but one focuses on the audience (and their pain points).
Bradley Clark of Clark Asset Management gets right to the value of his message by presenting readers with a free guide, enticing them to click the ad link.
#3 – EVOKE EMOTION
The best way to show how your service can help is by demonstrating the benefits. BUT emotions create motivation, so find ways to connect with your audience and empathize or be excited about their success-whatever it takes! authenticity will make all of this come alive in an informative way that attracts potential customers like moths to a flame.
A good beginning might include: “Imagine being able __.” Then give some examples of what will happen when they get there.
Ellevest is more than a regular advisory firm, but their ad below cuts right to the core of their message, making it a perfect example of leading with passion and emotion (and what an effective call-to-action).
If you’re having trouble generating client leads you should consider Facebook ads. They work… when you do them correctly.
So, if you’re tired of wasting money on ineffective marketing strategies and want to finally start generating quality leads that turn into real client relationships then it’s time to give us a call today!
Our team is standing by ready to help your business grow with our proven ad campaigns for financial planners and wealth managers that will bring more people into your practice than ever before!
Don’t wait another day – book a discovery call now and let’s talk about how we can help take your business from where it is now all the way up into orbit! No matter what you’ll walk away with a tailored strategy for your business.