In my latest episode of The Marketing Lawcast, I dive into a topic that's becoming increasingly relevant for estate planning and elder law attorneys: the rise of the self-advised, affluent investor and how to effectively reach this growing demographic.
It's no secret that the financial world is evolving. A recent study highlighted a striking trend: the vast majority of wealthy investors are now managing their affairs without a financial advisor. This shift is more than just a passing fad; it's a clarion call for attorneys to rethink their referral-heavy marketing strategies.
Traditionally, estate planning attorneys relied heavily on referrals from financial advisors. This approach has been a cornerstone of most advice about how to market and grow an estate planning practice. However, with more affluent individuals choosing the self-advised route, sticking solely to this method means missing out on a substantial market segment. It's like fishing in a pond that's gradually drying up – we need to find new waters!
This trend presents an exciting opportunity. These self-directed investors are not just managing their investments; they're also making critical decisions about their estate plans. And that's where you come in. The question is, how do you reach them?
The answer lies in digital marketing. Now, I know what some of you might be thinking – "Digital marketing isn't for serious law firms," or "I'm not tech-savvy enough for this." I get it. The digital world can be daunting, but it's also incredibly effective. Financial advisors who've embraced digital marketing are seeing remarkable results, and there's no reason you can't achieve the same.
So, where to start? Here are a few pointers:
The landscape of wealth management is changing, and so must our approach to reaching potential clients. By stepping into the digital marketing arena, you can connect with the self-advised affluent investors who need your expertise.
I encourage you to listen to the full podcast episode for more in-depth insights and strategies.
Watch on YouTube
Listen at https://www.MarketingLawcast.com or on your favorite podcast platform.
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