What does PPC look like for financial advisors?
Find out all about PPC advertising and how financial advisors benefit from using it.
Summary
The average ROI of PPC is 200%, equalling $2 for every $1 spent
PPC offers financial advisors a targeted and measurable approach to reaching potential clients online
Financial advisors must adhere to strict compliance requirements in their PPC campaigns
Optimizing landing pages and conducting A/B
What is PPC advertising?
Pay-per-click advertising (PPC) is a type of digital marketing in which advertisers pay a specific fee each time an ad of theirs is clicked. It’s a way to purchase visits to your site rather than earning those visits organically.
PPC advertising for financial advisors provides professionals with a unique opportunity to connect with potential clients actively searching online for financial advice.
Why is PPC important for financial advisors?
PPC advertising offers distinct advantages for financial advisors due to its targeted reach, measurable ROI, and ability to provide a competitive edge.
Advisors can tailor PPC campaigns to reach individuals looking for financial advice, focusing on high-intent prospects and increasing the likelihood of converting leads into clients.
Unlike traditional marketing, PPC is ideal for accurate tracking of campaign performance and return on investment. This data-driven approach enables advisors to optimize campaigns, have full control over costs, and allocate budgets effectively.
A Google study found that businesses make an average of $2 in revenue for every $1 spent on Google Ads, highlighting the potential profitability of PPC campaigns when effectively managed.
What are the key benefits of PPC advertising for financial advisors?
PPC for financial advisors offers numerous benefits, including:
Attract qualified leads
Financial advisor PPC ad campaigns can be highly targeted, focusing on individuals seeking financial advice or other specific services. For example, an advisor specializing in retirement planning could use keywords like "best retirement plans" or "financial advisor for retirement" to attract leads with a high probability of conversion.
Build trust & credibility
Consistent visibility in search results is an effective way to position a firm as a top choice in the minds of potential clients. When individuals repeatedly see a firm's ads, it helps to forge a sense of familiarity and trust. In a survey of consumers, 81% stated they need to trust a brand before they would be willing to make a purchase, which is why building credibility is a vital step to take.
Cost-effective advertising
Advisors only pay when a potential client clicks on their ad, which helps to ensure their budget is used efficiently. This model allows for precise control over spending and eliminates wasted resources on impressions that don't generate interest.
Immediate results
Unlike search engine optimization (SEO), which can take months to yield results, PPC promises immediate visibility. This rapid response makes PPC a preferred strategy for advisors hoping to generate leads quickly.
How can I set up a successful PPC campaign for financial advisors?
To set up a successful campaign, follow these steps for PPC advertising for financial advisors:
Identify goals
Clearly define your campaign objectives. Are you aiming to generate leads, increase brand awareness, or promote specific services like retirement planning or wealth management?
Choose the right platforms
Opt for platforms that align with your chosen target audience. Google Ads offers a broad reach, while LinkedIn Ads is a better choice for precise targeting of professionals. Another option is Bing Ads, which is effective for reaching an older demographic.
Conduct keyword research
Identify relevant keywords that potential clients might use when searching for financial advice. Focus on niche keywords like "retirement planning," "investment advisory near me," or "financial advisor for physicians."
To capture targeted traffic, incorporate critical terms like "financial advisor PPC ads" and long-tail keywords like "financial advisor PPC advertising," which will refine your reach.
Create targeted ad groups
Group your ads by specific services or client segments so that your ad copy is highly relevant to the searcher's intent. For example, consider creating separate ad groups for retirement planning, wealth management, and estate planning.
Craft compelling ad copy
Market your firm's expertise, trustworthiness, and experience. Mention certifications like CFP or CFA to build credibility. Include strong calls to action such as "Get a Free Consultation," "Start Your Financial Plan Today," or "Download Our Free Guide to Retirement Planning."
Optimize landing pages
Ensure landing pages are relevant to the ad copy and provide a streamlined user experience. To encourage conversions, add client testimonials, certifications, and clear contact information.
PPC compliance for financial advisors
Financial advisor PPC ads come with unique compliance requirements. These center on avoiding misleading claims, providing clear disclosures, and maintaining client confidentiality.
Tips for compliance:
Stay up to date with the latest rules and guidelines from regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Understanding the requirements of HIPAA, PIPEDA, and GDPR.
Build a compliance checklist to ensure your ad copy and landing pages meet all requirements.
Consult with a legal professional specializing in financial advertising so that your campaigns are compliant.
Non-compliance with HIPAA, PIPEDA, and GDPR regulations can result in significant penalties, including fines ranging from $100 to $1.5 million, license suspension, or even revocation.
How to track & optimize PPC campaigns
Tracking and optimizing PPC for financial advisor campaigns is imperative for maximizing returns and achieving desired outcomes.
Metrics to monitor:
Click-Through Rate (CTR): The percentage measurement of people who click on an ad after seeing it.
Cost Per Click (CPC): CPC represents the average cost incurred each time someone clicks on an ad.
Conversion Rate: This metric tracks the percentage of clicks that result in a desired action, such as filling out a contact form.
Return on Ad Spend (ROAS): the measurement of revenue generated for every dollar that’s spent on advertising.
Other methods you can use to optimize your financial advisor PPC campaigns include A/B testing and refined targeting. A/B testing involves comparing two versions of an ad or landing page to determine which performs better. Experiment with different headlines, ad copy, calls to action, and landing page designs to identify the most effective elements.
Refine targeting parameters to reach the most qualified audience. Adjust demographics, device type, and geographic location to focus on potential clients who are most likely to convert.
What are the common PPC mistakes that financial advisors should avoid?
Even with the best intentions, financial advisors can fall prey to common PPC mistakes that hinder campaign performance and waste valuable resources.
Poor keyword selection
Choosing the wrong keywords can result in irrelevant traffic and low conversion rates. For example, bidding on broad keywords like "investment" might attract clicks from individuals seeking general information rather than personalized financial advice.
Quick fix: Conduct thorough keyword research to identify specific, long-tail keywords that reflect the services you offer and the needs of your target audience.
Ignoring negative keywords
Negative keywords prevent your ads from showing for irrelevant searches so that your budget is only spent on qualified leads. Failing to utilize negative keywords can lead to wasted ad spend and low-quality traffic.
Quick fix: Identify irrelevant search terms that are triggering your ads and add them as negative keywords. For instance, if you specialize in retirement planning, you might add negative keywords like "day trading" or "cryptocurrency" to filter out unqualified clicks.
Overlooking landing page optimization
A poorly designed landing page may deter potential clients and lead to low conversion rates. If the landing page doesn't align with the ad copy or provide a clear call to action, visitors are likely to bounce.
Quick fix: Landing pages must contain relevant ad copy, be visually appealing and easy to navigate, and include clear calls to action.
Failing to monitor campaigns regularly
Neglecting to monitor campaign performance often results in lost opportunities and wasted on advertising.
Quick fix: Establish a routine for monitoring key metrics like CTR, CPC, conversion rate, and ROAS.
Trade-offs of PPC with other channels
The use of PPC for financial advisors comes with plenty of advantages. However, it's worth considering its trade-offs compared to other types of marketing.
| Channel | Description | Pros | Cons | Timeframe for impact |
|---|---|---|---|---|
| Channel | Description | Pros | Cons | Timeframe for impact |
| PPC | Advertisers pay a fee each time their ad is clicked | Highly targeted, measurable ROI, immediate results | Can be expensive, requires ongoing management, competitive landscape | Immediate |
| SEO | Optimizing website content to rank higher in organic search results | Long-term cost-effectiveness, increased brand credibility, sustainable traffic | Requires time and effort, results are not immediate, algorithm changes can impact rankings | Gradual (6-12 months) |
| Social Media | Building a presence on social media platforms to engage with potential clients | Increased brand awareness, direct client interaction, opportunity for community building | Requires consistent effort, can be time-consuming, organic reach can be limited | Gradual, dependent on consistency and engagement |
A well-rounded marketing strategy uses each channel's strengths. PPC provides immediate visibility and targeted reach, while SEO builds long-term organic traffic and brand authority. Social media is used to build relationships and strengthen connections with clients.
A good marketing strategy covers all of these channels, which is what Unbiased does so that financial advisors are free to focus on their core competency—providing expert financial advice.
Work with Unbiased to grow your business
From attracting qualified leads and building credibility to achieving cost-effective results, PPC advertising for financial advisors offers a powerful way to grow your business as quickly as possible. Learning how to utilize PPC advertising properly will give you a significant advantage as you seek out new clientele.
Grow your firm with Unbiased Pro and unlock access to a suite of tools and resources designed to help your business thrive.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.