Most Advisors Either Don’t Have A Google My Business Profile Or Know What One Is
Advisor Poll: “Do you have a Google My Business profile?”
Source: Have You Googled Yourself? Hartford Funds webinar, 12/3/19
(Prior to implementing any of the strategies referenced in this article, please consult with your firm about digital policies.)
In the 1970s, Kodak realized that digital photography could be an innovative technology and even went as far as inventing the very first digital camera in 1975, before shelving the idea. In the early 1980s, Kodak conducted a study on the future of its technologies and concluded that digital photography could replace their film-based business within ten years. Nevertheless, Kodak decided to remain committed to their traditional film-based strategy; a decision that would leave them following in the footsteps of their competitors for decades to come. Kodak filed for bankruptcy in 2012 primarily because they failed to respond to changing technology and disruptive forces.
Similarly, disruptive forces are now changing how affluent clients are finding financial advisors. Traditionally, advisors have primarily relied on client referrals to get new clients, but advancing technology and changing mindsets are changing how consumers find a financial advisor. Failing to respond and embrace this shift could cause you to fall behind the competition and miss prospecting opportunities.
What We’ll Cover
- How the affluent find financial advisors
- How "Google My Business" can improve your online visibility
- How to create and optimize your Google My Business profile
First, How Affluent Consumers Find Financial Advisors
As an advisor, you know that referrals and personal introductions are one of the best ways to acquire affluent clients. When affluent consumers, ages 45-65 years old, begin their search for a financial advisor, “asking friends or family” still is the top method. But the favored method for affluent consumers under the age of 45, is searching online, and when they search online Google is by far the tool they use the most.1