The "Marketing Funnel."
Do a quick Google search and check the "Images" tab.
You’ll find funnels with 3 steps, 4 steps, 5 steps, 6 steps—or, believe it or not, even 7 steps!
So how do you, as a busy financial advisor or RIA business owner, figure out which marketing funnel to follow?
Here’s the reality: these funnels are simply frameworks for understanding how clients move through the decision-making process. Whether you realize it or not, if you've worked with even one client, you’ve already funneled someone through a process to become a client.
It’s a way of organizing your marketing channels, efforts, and client interactions into a clear, measurable process that helps you understand where prospects are in their journey—and how to guide them towards the bottom of the funnel.
For your—and my own—sake, we're going to stick with the most common marketing funnel: a 4-step funnel.
This funnel, generally the most basic funnel, consists of awareness, consideration, conversion, and loyalty. See the below graphic for a clear sense of what a marketing funnel looks like (if you didn't do the Google Search I asked you to earlier)!
Let's jump into it!
Awareness – Getting Your Brand in Front of Prospects
It all starts with planting a seed—sometimes that seed grows really fast and other times, it takes months, even a year, for that seed to grow into a proper tree (which would still be a really fast growing tree... I see how my analogy breaks down a bit here, but you get the point!).
The awareness stage is where your prospects first discover your financial advisory services and content marketing plays a really big role during this stage.
So, more actionably, the awareness stage consists of social media posts, blogs, potentially your website, cold emails, or seeing your branding in passing.
To make the most of this stage, you'll need really put emphasis on your content marketing. That would entail creating a social media marketing strategy, releasing bi-weekly or monthly blogs, gathering a lead gen email list and cold emailing, etc.
The awareness stage is admittedly the hardest stage in terms of workload and budget than likely any other stage since it requires the most brand exposure than other stages in the marketing funnel do. That said, often the challenge that advisors face is getting enough leads in the door, so prioritizing your budget around content marketing could be, and I'd say, is an effective strategy.
Consideration – Nurturing Prospects to Build Trust
In this stage, prospects who are aware of your services are now actively considering whether or not they should work with you. This typically consists of feeling out your services, comparing to others, diving deeper into the details you have available, and evaluating whether you're the choice for them or not.
Value. Value. Value.
This is where offering value is so—like so, so—important! During this stage of the funnel, your prospects are typically spending quite a bit of time on your website, checking out your materials, and exploring other channels like social media too.
So, what does it mean to offer value and make the most of this stage? Well, blogs and lead magnets are a great place to start! Blogs provide easy-to-access info, while lead magnets are usually held behind an information wall—and for good reason.
If you'd like to dive deeper into blog writing, checkout a few of the blogs we've released about writing content for a great financial advisory blog!
Back to lead magnets, it's important to gather a name and an email behind the information wall so you can begin marketing to them through email. You could also consider grabbing their phone number and doing some SMS marketing too!
In all of this, offering value to your niche by addressing their pain points, interests, and desires is really important to leading them through this stage into the next stage: conversion.
Before we get there though, you can increase the likelihood of funnelling them down to the stage of conversion by offering testimonials, case studies, nurturing them through an email sequence and email campaigns,
Before we get there, though, you can increase the likelihood of funnelling them down to the stage of conversion by offering testimonials, case studies, nurturing them through an email sequence or campaign, sharing detailed service breakdowns, hosting webinars or live Q&A sessions, providing free resources, or even offering personalized content like a quiz to assess their financial goals.
The end goal of the consideration stage is ultimately to give them as much valuable information as you can to help them make a great purchasing decision.
I should add too that brand recognition really matters at this stage. Being perceived as a professional, trustworthy brand can really make all the difference—even if it's the only thing that separates you from your competitors. This includes having a custom designed and responsive website, a cohesive visual identity across your social media and materials, and consistent messaging that reflects your expertise.
This stage really is all about looking and sounding the part!
Conversion – Turning Prospects into Clients
Here's the stage you've all been waiting for—cue the drumroll, please—conversion!
Finally, after all that work to get the prospect through the door, and keep them entertained, it's time they're ready to shake your hand and close the deal.
The conversion stage is when prospects are ready to make a decision on whether they’ll choose you or not. They’ve gathered all the information they feel they need and are now weighing their options, deciding if you’re the right fit or if they should go to the business next-door.
So, what can you do to optimize your funnel at this critical stage?
Start by using clear calls-to-action that are easy to perceive, have a low commitment but huge oversell—like a free assessment where you can wow them. Make it simple and enticing, something that feels like a no-brainer to take advantage of.
Second, focus on removing friction. If you’re offering a free assessment, make sure it’s easy to book and reduce any barriers to entry. Think short forms, user-friendly scheduling tools, and clear instructions—basically, eliminate anything that could make someone hesitate.
On the other hand, if your marketing funnel is generating calls but attracting less-than-ideal fits, consider adding barriers to entry. This could mean requiring multi-step forms or introducing higher-value commitments to filter out unqualified leads.
Third, highlight the immediate value they’ll gain. People are more likely to act when they see what’s in it for them upfront. For example, mention how your free assessment will uncover hidden opportunities to save taxes or improve their portfolio. By showcasing a quick win, you’re giving them a reason to take that first step and start building trust with you right from the gates.
As prospects start booking assessments, you’ll notice this stage is the most interactive so far—it’s often where you get to engage in direct conversations with them.
My role as a marketer is to help you get qualified prospects to that conversation. From there, it’s up to you to refine your selling techniques, continue offering value during the intro call, and follow up afterward to close the deal and convert them into loyal clients.
Loyalty – Turning Clients into Lifelong Advocates
Speaking of loyal clients...
Once a client has signed on, the real work—on your end, anyways—begins: turning them into loyal, long-term advocates for your financial advisory services. At this stage, your focus shifts from marketing and selling to clients, to nurturing a long-term relationship that inspires them to refer you to others and continue partnering with you for years to come.
The best way to build loyalty is by providing ongoing value. Surprise, surprise, right? Regular financial check-ins, quarterly reviews, and consistent communication are essential to keeping the relationship strong. These touch points show that you care about their progress and are actively working to improve their financial situation.
You should also keep clients engaged through bi-weekly or monthly newsletters that offer valuable insights, updates on the latest industry news, and personal tips to help them stay on track. Adding a section to your blog that addresses common client questions—like an FAQ on each blog—or current financial trends can further demonstrate your commitment to their financial well-being.
Lastly, introducing a referral program is a great way to turn satisfied clients into advocates. Offer incentives like discounts on future services or personalized gifts for every successful referral they bring your way. This not only rewards your current clients but also helps attract new ones who trust their friends and family’s recommendations.
How to Measure Success and Optimize Your Funnel
What good is a marketing funnel if your marketing efforts don't pay off? Tracking key performance indicators (KPIs) that show how well your funnel is working is integral to this whole marketing funnel thing. Look at lead conversion rates to see how many of your prospects are turning into clients. Check your email open rates to get a good feel for how well your subject lines are working or if they need tweaking. Likewise, monitor click rates, engagement time, bounce rates, average engagement time, conversions, etc. Finally, keep track of client retention. After all, the funnel doesn’t really stop once a client signs on.
As you dive into your KPIs, consider making changes to improve your funnel! Review your awareness stage: Are your marketing channels reaching the right kinds of people—prospects that fit into your niche? If not, adjust your targeting or test new platforms. In the consideration and conversion stages, evaluate your CTAs and offers—are they compelling enough to motivate prospects to take action? At the loyalty stage, are clients loving working with you or dropping off all the time?
Integrating the 4-Step Funnel into Your Marketing Plan
Now with the 4-step marketing funnel summed up in a short blog, it’s time to integrate it into your marketing plan. This means aligning your marketing efforts and client interactions with each stage of the funnel—ensuring that every step feels like a natural progression for your prospects. The least amount of confusion and friction, the better!
As marketers and designers at Aryze Design, we work hard to help financial advisors scale with strong branding and marketing efforts! If you’re looking for a brand refresh, an SEO-friendly, responsive website that’s built to convert, or monthly marketing efforts that move prospects closer to the finish line, we’ve got you covered. Let’s work together to help you convert more leads and scale your firm!
