Are you skeptical about utilizing Facebook ads as part of your firm’s digital advertising strategies?
(Source: Data Portal)
Facebook has emerged as one of the best places to advertise if you’re in the financial industry, and it’s quickly becoming one of the biggest advertising platforms overall. So whether you have an established firm or are just starting, Facebook ads for financial advisors can help you reach new potential clients with minimal risk involved.
Many financial advisors advertise their businesses on Facebook to reach potential clients and gain their trust. So, how do you use financial advisor Facebook advertising? What are the best practices? Will you encounter limitations when learning how to use Facebook advertising for financial advisors? Are there any financial advisor Facebook ad examples to motivate you? This blog post will answer these questions and more.
- Benefits of Facebook ads for financial advisors
- The place of content creation in building a successful Facebook ad campaign
- Factors to consider for a successful Facebook ad campaign
- Navigating the limitations of Facebook marketing
- When to hire an agency for your paid Facebook campaigns
- 3 Case studies of successful financial advisor Facebook ads strategy
- Service fees for Facebook Ads: What to expect
Read on to learn more.
5 Benefits of Facebook Ads for Financial Advisors
The problem is that when it comes to financial advisor Facebook advertising, many financial advisors don’t know how to get started.
Where do you begin? What should you do first? Which features are most beneficial for your advisory firm? How fast can you master how to use Facebook advertising for financial advisors?
All good questions, and it’s what we hope to shed some light on here. Before we delve into that, here are five benefits you will enjoy from using Facebook ads for financial advisors to grow your firm:
1. Target Your Audience
One of the most significant benefits of using financial advisor Facebook advertising is that it helps in reaching your target markets for financial advisors directly. So whether you’re looking to reach a particular age group, specific gender, or even people who live in a specific zip code, you can do it all with just a few clicks on Facebook’s financial advisor advertising platform.
(Source: Ad Stage)
2. Measure Results
It might sound obvious, but it’s essential to measure results when creating a financial advisor ad campaign to know what works and what doesn’t work for your business.
With Facebook’s robust analytics dashboard, you can track how many people click on your ad, how your target markets for financial advisors are going through your sales funnel, and how many leads are generated. This data will help inform future decisions about where to invest your advertising dollars—and where not to waste them.
3. Track Leads
Once someone clicks on your best performing financial advisor Facebook ads and lands on your website, they become a lead—or they should if you’ve done things right! The key to using Facebook for leads is tracking these leads to know which ones convert into customers down the road.
After someone visits once and doesn’t come back again, did they become loyal customers? Maybe not—but without tracking these leads, there’s no way of knowing for sure!
4. Use A/B Testing
There’s no better way to learn than by doing, so it makes sense to test different best performing financial advisor Facebook ads against each other before investing too much time and energy into one particular approach.
For example, maybe two different headlines appeal to diverse audiences within your target market. Or perhaps two images get more engagement than others. Use A/B testing on Facebook’s ad platform (or hire a third-party agency) to determine what type of content resonates best with your audience.
5. Optimize Over Time
Last but certainly not least, remember that every strategy needs some fine-tuning over time as you collect more data and refine your approach based on new insights gleaned along the way. You cannot continue using Facebook for leads without optimizing your campaign from time to time.
The Place of Content Creation in Building a Successful Facebook Ad Campaign
Content is king. It’s one of those old maxims that has proven true for all forms of media, and it’s no different when it comes to using Facebook ads for financial advisors to market your practice.
(Source: Asset Digital)
Creating engaging financial advisor ads can be tricky, but creating exciting content can be more manageable. The best performing financial advisor Facebook ads are the ones that attract people without seeming like marketing material; they have a creative hook or value proposition that makes people stop scrolling through their feeds long enough to read a complete ad.
When creating a financial advisor ad campaign, think about what content you want to share with your target audience. Do you want to educate potential clients on industry trends? Are you looking for ways to promote yourself as an expert?
Your answer will help determine what kind of financial advisor ad campaign works best for you.
Regardless of which type of content you decide on, remember that it should be relevant and valuable—otherwise, there’s little point in putting time into creating it!
(Source: Ibruk Consulting)
5 Factors to Consider for a Successful Facebook Ad Campaign
Do you want to learn how to create a best-performing financial advisor Facebook ad campaign?
There are five key factors to consider when setting up best performing financial advisor Facebook ads, and you must strive to get all of them right.
1. Your Audience
You need to know your target audience before you start creating financial advisor ads on Facebook, or you might be wasting money on clicks from people who will not purchase anything from you.
2. Language and Tone
When it comes to your financial advisor advertising campaign, don’t alienate potential clients with over-the-top salesmanship; instead, focus on telling a compelling story that makes your potential client want to learn more about what you have to offer and ultimately consult with your firm.
It’s tough for text alone to capture someone’s attention, so use images in your financial advisor Facebook ads to help draw viewers in.
4. Call To Action (CTA)
You need to tell viewers exactly what you want them to do after they click on your ad; otherwise, they won’t do it, and you won’t make any sales.
5. Conversion Tracking
Be sure that every one of your financial advisor Facebook ads has conversion tracking set up to see which ones perform better than others accurately.
With these tips in mind, there's no reason why you can't design a top-performing financial advisor Facebook ad campaign!
But is Facebook marketing limited in any way?
Navigating the Limitations of Facebook Marketing
There are a lot of limitations for financial advisors using Facebook ads. For example, you’re only allowed to target your ads by age and gender, which is not ideal for many financial advisors. Additionally, there’s no way to include ad creative such as logos or custom colors within your posts.
These limitations are incredibly challenging because it takes time to perfect ad targeting; you’ll need weeks or even months to determine which audiences convert best (based on your budget).
Here are 4 tips to help you beat these limitations:
1) Use Custom Audiences on Facebook
A custom audience comprises people who visit your website and opt in by giving you their email address or phone number. You can then upload that list to Facebook and target those users with ads. This strategy is an easy way to increase your click-through rate (CTR).
2) Create a Landing Page for Each Ad Campaign
A landing page will help you track which ads are performing best, so you can replicate them in future campaigns.
(Source: Voy Media)
3) Run Multiple Ads at Once and Rotate Them Every Few Days
Running multiple ads will help you figure out which audiences convert best, so you can replicate those audiences in future campaigns.
4) Consider Running Your Ads During Non-peak Hours
It’s more likely that people will be checking their newsfeeds late at night or early in the morning, so your financial advisor advertising on Facebook might get more attention than running during peak hours (like after work). Also, according to AdEspresso, running ads overnight is cheaper.
Also, most B2B advertisers prefer to run campaigns on weekends, while B2C advertisers focus more on weekdays. But Facebook encourages advertisers to run their campaigns any day of the week.
When to Hire an Agency for Your Paid Facebook Campaigns
There are two main reasons financial advisors consider hiring an agency to run their paid Facebook campaigns:
- They don’t have a dedicated marketing team, and
- They want to focus on client service rather than advertising.
Both of these reasons make sense, but what do you need to look for in an agency? And if you decide to hire an agency, how can you ensure you’re getting your money’s worth? How can you ensure they know how to use Facebook advertising for financial advisors to improve your marketing results? Here's a list of 4 tips to help you get started:
- Know your budget and how it’s broken down.
- Ask about return on investment (ROI).
- Finally, find out who will work on your account.
- Don’t forget about the contract details.
3 Case Studies of Successful Financial Advisor Facebook Ads Strategy
Running an effective financial advisor Facebook ads strategy involves building audiences, converting them, and generating revenue for your firm.
Because it might seem like a daunting task, we have selected three Facebook ads case studies of other financial advisors we have partnered with to encourage you to trust us with your social media marketing for financial advisors campaign.
These financial advisor Facebook ad examples will boost your confidence in our agency’s expertise. In addition, you can find out more about how to use Facebook ads for financial seminars happening around you.
FinancialAdvisors.com, a firm known for making financial advisory services available to middle-class Americans, caters to consumers and advisors alike.
Flying V Group handles this firm’s social paid advertising alongside other projects, including website design and development, search engine optimization (SEO), pay-per-click advertising, and social media marketing.
Their financial advisor case study Facebook ads showed impressive results–a 35.78% increase in paid CTR and a 32.69% decrease in cost-per-lead (CPL).
According to the founder, Jim Eckel, “The marketing and advertising plan is targeting financial advisors across the nation to join the platform and we are seeing great success."
#2. Advice Period
Acknowledged by the country’s longest-running annual gathering of individual advisors, Schwab IMPACT, as a pacesetter, AdvicePeriod continues to deliver actionable advice to its customers and reinvent wealth management.
Flying V Group provides the firm with a comprehensive digital marketing strategy, including PPC, social paid advertising, and other social media marketing for financial advisors activities.
This financial advisor case study Facebook ads campaign was successful. The firm currently has an average paid CPC of $1.79 and sees a 37.85% increase in organic impressions.
In his review of Flying V Group’s services, the firm’s Principal, Larry Miles, said, “In month one they helped us close a deal that resulted in $300k directly to our bottom line."
#3. Keen Vision
Another financial advisor case study Facebook ads success we will look at is KeenVision Financial–a team of financial management practitioners equipped with different financial management technologies to meet the needs of their clients.
According to Mark Davidson, Flying V Group is undoubtedly doing a great job in handling the PPC ad campaigns and providing other digital marketing services for the firm. In his review, the Partner said, “I cannot speak highly enough about this firm and I recommend them for any of your needs."
Service Fees for Facebook Ads: What to Expect in 2022
The cost of running ads using social media marketing for financial advisors continues to grow. For example, service fees for Facebook ads rose from $0.39 in 2017 to $0.44 in 2021.
The finance and insurance industries currently have an average cost per click (CPC) of $3.77, making it the most expensive Facebook ad.
So keep those costs in mind and make sure your budget can accommodate all these upcoming changes. You might have to look at increasing your service fees sooner than you'd like, but it might be worth it to stay competitive as a company and maintain high customer satisfaction.
If you are unsure, you may search for how to use Facebook ads for financial seminars to attend.
You Can Compete with the Bigger Brands and Win!
You might be wondering if you’re getting your money’s worth from financial advisor Facebook ads. After all, it costs money to purchase these ads—and it may seem like you’re at a disadvantage against more established brands with bigger budgets.
But with proper targeting and suitable copywriting, financial advisor Facebook ads can help you reach new prospects and generate leads from social media users who are already interested in what you do. And in return, those leads can become long-term clients for your business!
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Robb Fahrion is a Co-Founder and Partner of Flying V Group. He is passionate about helping businesses grow using the power of the internet. Robb graduated from Chapman University in Orange, CA and currently resides in Costa Mesa, CA. Robb enjoys writing about digital marketing, helping his clients turn their dreams into reality, and he is a HUGE Mike Trout fan.