The $150,000 Marketing Nightmare
Picture this: You’re sitting in your office, staring at a stack of invoices totaling $150,000. That’s how much you’ve spent on marketing over the past three years. Your heart sinks as you realize that despite this significant investment, you haven’t landed a single new client. Heck, you haven’t even had a conversation with a qualified prospect.
Sound far-fetched? I wish it were. But this is the true story of a financial advisor I worked with recently. Let’s call them Bob.
Bob had built a successful career in financial advising; founding (and selling) two firms. But when he started his third, he knew relying solely on client referrals wasn’t enough to scale quickly. This time, he brought in marketing agencies and contractors to help him attract new leads and grow beyond his existing network.They talked a lot about “sales funnels”, “content”, and “finding a niche”. They started a YouTube channel, a podcast, built multiple websites, did direct mail, email, wrote a book, recorded story videos to position him as the mentor, quite literally everything under the sun.
Three years, $150,000 later, and not a single client. Bob was ready to cry. His marketing efforts had yielded nothing but frustration and a significantly lighter bank account.
If you’re shaking your head right now, thinking, “damn, that sucks,” you’re not alone. And more importantly, how can you make sure this never happens to you? How can you make sure you invest in the best marketing? If that’s you, you’re in the right place.
A Marketer Who Doesn’t Trust Marketing? You Bet.
Hi there. I’m Greg Wilnau, and I’m about to tell you something that might surprise you: I’m a marketer who doesn’t trust marketing.
Shocking, right? But here’s the thing – I’ve seen too many hardworking financial advisors like Bob get taken for a ride by slick-talking “marketing gurus” promising quick fixes and magic bullets.
I’ve watched advisors who do great work, who genuinely want to serve more people and make an impact, get sold one-size-fits-all solutions that are all often sizzle and no substance.
It breaks my heart. And it makes me mad as hell.
That’s why I’m here. Not to sell you a magic solution (spoiler alert: there isn’t one), but to give you the unvarnished truth about marketing for financial advisors. To help you avoid the pitfalls that have tripped up so many others. To show you what really works, even if it’s not what you want to hear.
The Hard Truth About Marketing
Marketing is hard. There are no shortcuts. Full stop.
It takes:
- Commitment (the kind that keeps you going when you want to quit)
- Consistency (showing up day after day, even when it feels like you’re shouting into the void)
- Focus (saying no to shiny objects and yes to what really matters)
- Creativity (because what worked yesterday might not work tomorrow)
- Experimentation (be prepared to fail… a lot)
- Time (Rome wasn’t built in a day, and neither is a successful marketing strategy)
- And yes, a LOT of failure (each one a stepping stone to success, if you learn from it)
If anyone tells you different, they’re either lying or they don’t know what they’re talking about. Neither is someone you want handling your marketing.
But here’s the good news: If you’re willing to embrace these truths, to roll up your sleeves and do the work, you can build a marketing strategy that not only works but transforms your business.
In the next sections, we’re going to dive into the biggest mistakes I see financial advisors make when hiring marketers. More importantly, I’ll show you how to avoid them, so you can stop wasting money on marketing that doesn’t work and start attracting the clients you deserve.
Ready to see what’s behind the curtain? Let’s dive in.
Why This Guide Matters (And How It Will Save You Time and Money)
Now, you might be wondering, “Okay, so marketing is hard. I get it. But how does this help me?”
Here’s the deal:
This guide is not your secret weapon in the war against ineffective marketing. It’s designed to help you identify the red flags when hiring a marketer – the kind of red flags that could save you from wasting thousands of dollars and potentially years of your life marketing your firm.
Ever hear of the book “All Marketers Are Liars” by Seth Godin? That title is true, unfortunately. I’m a marketer. I NEVER trust a marketer I just met. The good news is that I’ve developed very specific guidelines for what a marketer should do while working with a client. And I’m going to reveal those to you in this guide. If I were to hire another marketing professional for my own business, these are exactly the things I’d look out for. If they do/don’t do any of the items on the items below. I wouldn’t hire them.
By the time you finish reading this guide, you’ll be able to:
- Spot the warning signs of a marketer who’s more interested in their paycheck than your results
- Ask the right questions to separate the true professionals from the smooth-talking salespeople
- Understand what real, effective marketing looks like
- Avoid the common pitfalls that trap many financial advisors, costing them time, money, and missed opportunities
Think of this guide as your BS detector for the marketing world, to empower you to find the right help, save time, and avoid mistakes. It’s the culmination of years of experience, countless conversations with advisors like you, helping our clients, and hard-learned lessons from the trenches of financial services marketing.
Mistake #1: Falling for Plug-and-Play Marketing
Picture this: You’re at a financial advisors conference, and you stumble upon a booth with a flashy sign: “Complete Marketing Solution for Financial Advisors! Just $499/month!” It seems too good to be true. Spoiler alert: it is.
The Allure of the Quick Fix
- Plug-and-play marketing solutions are tempting. They promise:
- Peace of mind (“Finally, I can check ‘marketing’ off my to-do list!”)
- Convenience (“I don’t have to think about it, it’s all done for me!”)
- Affordability (“It’s cheaper than hiring a full-time marketer!”)
But here’s the hard truth: while these solutions might help you get started, they’re holding you back from reaching the next level.
Why It Usually Doesn’t Work
Let’s go back to Bob. His first mistake was buying into a plug-and-play system. Here’s why it failed:
One-size-fits-all doesn’t fit anyone well: Your business is unique. Your marketing should be too.
It’s not memorable: When everyone’s using the same templates, no one stands out.
It doesn’t evolve with your business: As you grow, your marketing needs change. Plug-and-play solutions can’t keep up.
What to Do Instead
- Start custom: Yes, it’s more work upfront, but it pays off in the long run.
- Own your assets: Ensure all marketing materials are under your ownership and control.
- Evolve gradually: Begin with a simple, custom approach and build on it over time.
Remember: Marketing is not a box to be checked. It’s an ongoing process that grows with your business.
Mistake #2: Paying to Promote Someone Else’s Brand
Let me tell you about Sarah, another advisor I worked with. She hired a marketing firm that promised to handle everything for her. Six months in, she realized something troubling: all the beautiful marketing materials they created prominently featured the marketing firm’s logo, not hers.
The Hidden Cost of Convenience
This mistake often looks like:
- Using a marketing process that features the marketer’s brand instead of yours
- Being stuck on a monthly subscription to access marketing assets you don’t own
- Sending clients to landing pages or websites that aren’t under your control
Why It’s a Problem
1. You’re building someone else’s business: Every impression, every click is reinforcing their brand, not yours.
2. You have no control: If they decide to change their service or go out of business, your marketing disappears.
3. It’s a missed opportunity: Every touchpoint should be reinforcing your brand, not someone else’s.
How to Avoid It
- Demand ownership: All assets created should be owned by you and feature your branding prominently.
- Check the fine print: Ensure you have full rights to use and modify all marketing materials.
- Build your own infrastructure: Invest in your own website, email list, and social media presence.
Remember: Your brand is your most valuable asset. Don’t pay someone else for marketing services that features their brand over yours.
Mistake #3: Flying Blind Without Data and Strategy
Meet Tom. Tom’s been working with a marketer for a year. When I asked him how his marketing efforts were performing, he shrugged and said, “I guess it’s going okay? The marketer sends me some stuff each month.”
Oh, Tom. We need to talk.
The Danger of Guesswork
Marketing without data is like trying to drive with your eyes closed. You might be moving, but you have no idea if you’re headed in the right direction.
What Good Marketing Looks Like
A competent marketer should:
1. Review data regularly: They should be looking at key metrics weekly, if not daily.
2. Communicate clearly: You should know what they’re working on and why.
3. Set and track goals: Every effort should have a clear objective and measurable outcomes.
4. Adapt based on results: They should be able to explain what the data is telling them and how they’re adjusting their strategy accordingly.
Red Flags to Watch For
– They can’t explain their strategy in simple terms
– They don’t provide regular reports on key metrics
– They can’t tell you the ROI of their efforts
– They resist when you ask for more data or explanations
How to Fix It
1. Demand regular reporting: Ask for monthly or quarterly reports on key metrics.
2. Set clear goals: Agree on specific, measurable objectives for each campaign or strategy.
3. Ask questions: Don’t be afraid to ask your marketer to explain their decisions and results.
4. Implement a data review process: Schedule regular meetings to go over the data and discuss strategy.
Remember: If your marketer isn’t using data to drive decisions, they’re just guessing with your money.
Mistake #4: Lack of Focus and Continuity
Let me introduce you to Lisa. In the past year, she’s tried:
– Facebook ads for two months
– LinkedIn outreach for three months
– A podcast for four episodes
– A blog for six weeks
– An email newsletter for two months
Lisa’s marketing efforts are a textbook case of “shiny object syndrome.” It’s fine to experiment, but doing everything is the same as doing nothing. But its hard to know what to do, especially when you start. How do you choose?
The Cost of Constant Pivoting
Jumping from strategy to strategy might feel productive, but it’s actually preventing mastery: You never get good enough at any one thing to see real results. You don’t get the benefit of focusing on getting one thing right first, BEFORE moving to something else.
The Power of Focus
Here’s a hard truth: You need to pick one primary marketing strategy and commit to it for at least a year. Yes, a year.
Why? Because:
1. Marketing takes time: It often takes 6-12 months to start seeing significant results from a new strategy.
2. Consistency builds trust: Your audience needs to see you showing up consistently to start trusting you.
3. Mastery matters: The more you do something, the better you get at it. Give yourself time to become great.
How to Stay Focused
1. Choose wisely: Pick a strategy that aligns with your strengths and where your ideal clients are.
2. Plan for the long haul: Create a 12-month plan with specific milestones and goals.
3. Resist shiny objects: When you’re tempted by a new strategy, ask yourself: “Does this align with my core focus?”
4. Evolve, don’t pivot: Use data to refine your approach within your chosen strategy, rather than abandoning it entirely.
Remember: Stay focused, stay committed, and give your marketing efforts the time they need to bear fruit.
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