Marketing Benchmarks

I often speak to financial advisors who are frustrated by their marketing numbers. They are not frustrated by the number of prospects who have contacted them, or by the number of clients they have acquired, or by the number of assets added. They are frustrated by their marketing statistics, such as their newsletter open rate. On two recent occurrences, advisors expressed their disappointment when only 50% of the people on their email list opened their newsletter. But for marketers, 50% is considered to be a very high email open rate. I have found that many advisors I speak to are actually much more successful than the standard marketing benchmarks and don't even realize it.

Before you start judging your marketing statistics too harshly, I want to share key numbers that I personally use as a minimum benchmark to strive for. I have established these numbers as a result of researching both marketing and financial services industry benchmarks, as well as from what I have seen with the clients I work with. While your numbers may vary depending on a number of factors, such as target market, list source, or geographic region, the following percentages provide a good baseline to start with: