Follow the Gold, Not the Fool’s Gold

Most advisors chase “popular” marketing tactics when a more lucrative opportunity is already within reach.

When I ask advisors what they want to do for marketing, the answer is almost always the same: social media, maybe some ads, automated AI outreach. It always surprises me because these are fool’s gold. They look promising, they take real effort to chase, but they rarely pay off the way you expect. Meanwhile, there’s usually a gold mine within reach that’s being ignored.

Here are two examples.

Imagine a firm focused on divorcees that shares a floor with a divorce attorney practice. The attorneys know what the advisors do, they like them, and they are not only happy to refer them business but willing to make introductions to other attorneys in the area and help them get access to speaking at CLE events. That’s pure gold.

Or imagine a wealth management firm affiliated with a CPA practice that’s growing rapidly through acquisition. Every time the CPA firm acquires a new practice, there’s a new pool of clients who need financial planning. The advisors don’t need to run ads. They need a system for getting introduced to the clients already coming through the door. That’s pure gold.

In both scenarios, why would you spend any time chasing fool’s gold when you literally own a gold mine?

The takeaway: Before you invest in a marketing tactic you have to build from scratch, look at what’s already in front of you. The highest-return opportunity is the one that’s specific to your situation, your relationships, and your niche.

Kristen Luke

Founder of Kaleido Creative Studio and OnNiche®