LeadGen Platforms Gain Importance Among Advisors

Financial advisors plan to more heavily rely on lead generation platforms as their main marketing strategy in 2023, according to the results of a nationwide survey.

Nearly 40% of those who participated in the survey said they will rely primarily on lead generation platforms, up from 32% who did so in 2022. In-person events are expected to be the next-highest source of leads, and will be used by 21% of respondents, up from 16% a year earlier.

Cold calling and traditional advertisements are taking the brunt of the increases in other marketing categories, with more than 52% of advisors projected to reduce the amount of cold calling they do in 2023, compared with how much they did this year.

Social media platforms are also luring more attention, and resources, from financial advisors. But not all platforms are created equally. Nearly half of respondents are using LinkedIn often or extremely often for marketing, followed by Facebook at 37%. More than 30% are using LinkedIn sometimes, while 25% are using Facebook sometimes. Ninety-seven percent of respondents said they are not using TikTok to create leads, and 82% are not using Instagram to do so. Nearly 80% are not using YouTube, according to the results of the survey.

The move away from traditional advertising channels toward in-person events and lead generation platforms is a result of the end of the COVID-19 pandemic, resulting in more in-person events being held and attendance at those events increasing, and an increasing acceptance and reliance on leadgen platforms as a source of new prospects.