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  • Writer's pictureMarlon T. Wesh

The Ineffectiveness of Buying Leads: A Fresh Approach to Growing Your Financial Advisory Business

If you're a financial advisor who's ever bought leads or know colleagues who have, you're likely familiar with the challenges and frustrations that come with it.

The Uncomfortable Truth About Buying Leads

Buying leads is frequently touted as the 'holy grail' of prospecting by lead companies. However, the reality is often less rosy. At worst, it's a classic bait and switch scenario, and at best, it's like pushing a boulder uphill.

Think about it: most leads you purchase don't respond to your calls or emails. Even if they do, they're typically unenthusiastic or, worse still, annoyed because they were unaware someone would contact them. Now, they feel a sense of betrayal, and as an extension of the lead company, their dissatisfaction falls upon you.

You might manage to get them to book a call, but establishing authority is challenging when you're perceived as just another 'finance guy/gal'. No-shows are common because this critical trust was never formed.

The Unpleasant Aftermath

This predicament extends beyond the initial contact. When these leads convert into clients, studies reveal that about 30% leave within 1-2 years. Does this even sound like a reasonable model? Given that you're casting a wide net with bought leads, there's no guarantee you'll reach your ideal client. They might be unqualified, undoubtedly unenthusiastic, and now they're leaving? This scenario can be incredibly disheartening.

The disappointment extends further when your efforts to engage these clients end up feeling like a lost cause. Being treated like just another salesperson is demoralizing. The realization that hours of onboarding and planning have gone to waste when a client decides to leave is disheartening.

Why does this happen? Because from day one, you couldn't provide a client experience that would turn them into raving fans. And that's not entirely your fault. You cannot buy enthusiasm or genuine interest.

A Sustainable Alternative

So, where does this leave you? Are you going to continue investing in lackluster leads because that's all you know? Are you going to allow yourself to burn out, forever chasing after leads in the hope that they'll stay – knowing well they probably won't? Is it worth risking your relationships and your sanity over strategies that simply aren't working?

It doesn't have to be this way. Buying leads is not your only option – in fact, it's far from your best option.

You can build a process that eliminates the need for buying expensive leads. This process can help you take control of your leads, handling them your way, without the stress of dealing with people who don't fit your ideal client profile or aren't interested in engagement. Even better, you can leverage a robust system that cultivates strong relationships from the first contact, making your clients feel genuinely valued.

The Transformation Possible

This might seem like a lofty claim, but we've seen it happen. We worked with a new advisor who spent his entire first year attempting to garner clients from lead lists – a grueling process. Most leads never answered the phone, and those who did were frustrated at finding themselves on a financial advisor's list merely because they'd visited a website. The lack of rapport was immediately apparent.

Thankfully, we were able to help him identify his ideal client, understand their needs, and locate where they spent time. With this valuable information, we helped him automate his lead process, elevating his standing to the level of respect and expertise typically reserved for professions like law or medicine. Today, he is recognized as the premier advisor in his niche, outshining all competition.

This success could be your reality, too. Break free from the chains of outdated tactics like buying leads. Instead, engage with your ideal client in a meaningful, lasting way.

Click the link below to book your breakthrough session today and start attracting your ideal client for good.

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