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Navigating New Waters: Reaching the Wealthy, Self-Advised Investor for Estate Planning

Posted On: November 12, 2023

By: Jennifer Goddard

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Written by: Jennifer Goddard

Jennifer Goddard is CEO and co-founder of IMS. She has been at the helm of the agency since its start-up in 1995. Jennifer specializes in helping estate planning and elder lawyers grow 7-figure firms with digital marketing. Jennifer has a bachelor's degree in journalism from the University of Missouri-Columbia and a master's degree in business administration from Michigan State University.
Marketing to Affluent Investors

Marketing Estate Planning to Affluent Investors

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.

The Changing Landscape of Self-Advised Investing

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.

Why This Matters to Estate Planning and Elder Law Attorneys

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!

The Marketing Opportunity

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?

Embracing Digital Marketing to Reach Affluent Investors for Estate Planning

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.

Practical Steps Forward

So, where to start? Here are a few pointers:

  • Educational Content: Create blog posts, videos, or podcasts that provide valuable information to potential clients. Position yourself as an expert who understands their unique needs.
  • SEO: Optimize your online content so that when someone searches for estate planning advice, your firm shows up.
  • Social Media Engagement: Use social platforms to connect with and engage this audience. Share insights, comment on trends, and be part of the conversation.

The Bottom Line

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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Disclaimer: Growing a small law firm to six or seven figures (or more) is not easy. The journey is both challenging and exhilarating. At every step you may be tempted to quit. Those who succeed are committed, coach-able and resourceful. If that’s you, let’s talk.