The Best Lead Generation Companies for Financial Advisers (2024)

As a financial adviser or IFA, you are more than likely gaining most of your business through word of mouth or through repeat business from returning clients.

If this is the case then that’s great, but what if you are just starting out, or your customer base is running low…how are you supposed to get to those all-important clients?

This is where financial adviser lead generation companies might be a good idea for you!

If you carry out a search for lead generation companies, you will quickly realise that they exist for all sorts of different sectors. However, they are particularly popular within the financial planning industry, with many companies specialising in generating leads solely for IFAs, financial advisers, and financial planners.

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What is a Lead Generation Company?

Lead generation companies deliver leads (i.e. details of potential clients) to businesses that are looking sign up new clients. By selling leads onto those in need, lead generation companies help these businesses to grow their client base and increase revenue.

Lead generation companies often label their leads as being high quality and qualified, meaning they are sure that the client lead they are selling on to you has expressed and confirmed an interest in your service.

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“You are out of business if you don't have a prospect.”

- Zig Ziglar

How Do Lead Generation Companies Get Their Leads?

Most lead generation companies have their own websites, and they direct potential clients to these websites via a range of methods, such as targeted advertising on Google or Bing.

The website itself will contain lots of information related to whatever industry it is that leads are being generated for, and visitors will be invited to fill out enquiry forms, stay in touch via newsletters, or book an appointment to discuss their needs further.

Some lead generation companies will phone each lead as soon as they generate it. This call is used to confirm the client’s details, which are then passed onto you via email as a paid lead. Other lead generators may go a step further and actually arrange appointments on behalf of the lead buyer.

In recent years, many lead generation companies have turned to social media and will run targeted marketing campaigns via a range of social media advertising platforms. Potential new customers who have shown an interest in these ads can be invited to fill in enquiry forms with a range of details on a landing page, and these details will be sold on as leads via the lead generation company.

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The Cost of Financial Adviser Leads

As mentioned earlier, lead generation companies exist for a range of industries. The ones that focus on leads for financial advisers and IFAs will generate leads to sell to individual sole traders, SMEs and even other lead generation companies. Specific types of leads available include pensions and investments, life insurance, and inheritance tax planning.

When it comes to costs, lead generation companies charge in several different ways. Some will have a set cost per lead, whereas others may auction off each lead to whoever is willing to pay the highest fee.

Some lead generation companies expect to get your money upfront and others will invoice in arrears. Be sure to check out how companies charge before working with them, to make sure that the payment terms are suitable for you and your business.

Can’t I Just Generate My Own IFA Leads?

As much as the purpose of this article is to highlight lead generation companies for financial advisers to work with, you can of course use your own website to generate leads rather than having to spend money with a third party.

To help you decide which route to take, here are some of the advantages and disadvantages of buying IFA leads from a lead generation company.

Pros and Cons of IFA Lead Generation Companies

Pros

  • You can pay a fixed cost per lead which makes budgeting easier
  • Quality leads will start to be delivered almost instantly if you pick a good supplier
  • You can control where the leads come from, usually down to postcode level
  • Most providers can filter your leads to specific types, such as pension leads

Cons

  • The cost of financial adviser leads can be high, especially with an auction model
  • You may need to buy quite a few leads before one converts to business
  • Some leads may be difficult or impossible to contact
  • The leads are unaware of you/your brand when they submit their enquiry

If you plan your approach and take some time to look at the best methods, it really can be quite easy to start generating leads for yourself via your own website. There are plenty of inexpensive options out there for building your own website, or getting one built for you on a platform such as WordPress.

Be sure to pick a specific niche to market yourself to. Then make sure your website has a good amount of meaningful content and start to drive traffic to it via Google Ads or even Facebook Ads.

Draw people into your funnel with some lead magnets and some engaging email marketing, and you'll be well on your way to generating some decent leads.

Generating your own leads using your own website and lead nurturing system is a great way to keep costs down within your IFA business, and all it needs is a little time and effort to set it all up.

How to Choose an IFA Leads Supplier

As with any purchase, business or personal, there are a few questions you should consider asking any financial adviser lead generation company before you start working with them. This is to ensure that you are a good fit for each other, as well as hopefully giving you some idea of their legitimacy and quality of service. Some of the most import questions to ask are:

  • Do you have to purchase a minimum number of leads?
  • Do you have to pay upfront or in arrears?
  • Is there a set price per lead, or do they run auctions for their lead sales?
  • What's their refund policy?
  • What information do they provide you for each lead?
  • How do they gain their leads?
  • Are the leads they offer qualified and exclusive?
  • Do they work with affiliate companies?
  • Is everything GDPR compliant?
  • Do they offer any kind of free trial so you can test a few of their leads?
  • Will leads be graded by a dedicated account manager?

UK Financial Adviser and IFA Lead Generation Companies

Here is a list of lead generation companies in the UK whose core business activity is generating and selling leads to financial advisers and IFAs. I have tried to offer a little bit of information for each one to give you an insight into their offering. Not many of them quote prices on their websites but, where they do, I've included the details here.

1

Echo Ads (aka Advisor Leads)

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This company seems to have undergone a rebrand fairly recently. It used to be known as Advisor Leads but the advisorleads.co.uk web address now takes you to an Echo Ads branded website. The business model seems unchanged, though, and is different from how most other lead generators work.

Echo runs Google Ads campaigns on your behalf to drive traffic to their own consumer-facing websites. Any leads generated through "your" Google Ads campaigns belong to you and you pay a cost per lead, plus you have to cover the advertising charges from Google.

2

Lead Tech

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This company creates a targeted plan for you, enabling you to increase your leads and expand your client base. Lead Tech uses multiple marketing channels such as Facebook Ads, Google Ads and Bing Ads to generate qualified leads for you. They claim to be able to connect you with clients in your area who are actively looking for financial advice.

3

Prime Direct Leads

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This company does not have as much information available on its website as some of the others. However, they do claim to be specialists in high performance finance leads. Their leads are generated via consumer online searches on Google and Bing. Prices are stated as being a fixed fee per lead, with nothing to pay upfront and invoicing in arrears.

4

Proconnect Marketing

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Proconnect Marketing offers lead generation for specific areas within the financial services sector. These specific areas are funeral plan leads, life insurance leads, pension leads, PMI leads, remortgage leads and will writing leads. Proconnect uses consumer surveys, both online and telephone, to generate and qualify their leads. The site has several testimonials from IFAs who have used them in the past.

5

Professional Leads

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This company uses Google Ads to direct people to their website who are looking for a financial adviser. These consumers are asked to fill out a form and are then matched with a financial adviser in their local area. Unlike some lead suppliers, Professional Leads doesn't tie you into any lengthy contract or monthly subscription.

6

RMT Direct Leads

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RMT has been in business since 2013 and helps independent financial advisers and other finance specialists with their lead generation. They have filled their home page with lots of testimonials from financial advisers who have used their service, giving the feel of credibility.

RMT uses Google Ads to direct people to its consumer-facing website Financial Adviser Direct. There is a fixed fee of £100 per lead, with ‘buy now pay later’ payment plans available. The company is not strictly-speaking a UK lead generation company as it is based in Gibraltar, but I've included them because their services are clearly aimed at the UK market.

7

Unbiased

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Unbiased has been around for many years. Its website started life as not much more than a directory of IFAs. Today Unbiased operates a consumer-facing website which promises to connect people with a financial adviser or mortgage adviser who can help them. IFAs can sign up to buy these leads. There are different pricing options but the most popular package involves paying a monthly fee of £87 plus a fee of £43+ for each lead (all plus VAT).

8

VouchedFor

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Although it's not primarily a lead generation service, I've included VouchedFor in this list because I know it's an important lead source for many IFAs and financial planners. VouchedFor is a review website (along the same lines as TripAdvisor, etc) where people can leave reviews for IFAs, mortgage brokers, solicitors, and accountants that they have dealt with. Once you have a profile on VouchedFor, you then have the potential to receive financial advice enquiries via the site from members of the public. VouchedFor doesn't charge per lead but there is a £45+VAT monthly membership fee to use the service.

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7 Ways for IFAs to Get More Leads

Download this free guide and discover my low cost or no cost ways to generate more of your own leads.

DOWNLOAD

Should You Use a Financial Adviser Lead Generation Company or Not?

As you can see, there's not a huge number of companies that specialise in generating financial advice leads and selling them on to independent financial advisers.

A number of companies that used to provide this service have fallen by the wayside over the years. In some cases, this left a lot of financial advisers out of pocket, as they had paid upfront for leads which didn't get delivered prior to the lead generation company going bust.

It's never a good idea to put all your marketing eggs in one basket. And so, if you are going to buy IFA leads from an external company, I strongly recommend that you also think about how to generate leads from your own website as well.

Leads that you generate this way are likely to cost less because you are cutting out the middle man. Also they tend to be higher quality because the potential client will already have been exposed to your brand by visiting your website, and so they are going to know who you are even before you call them about their enquiry.

If you'd like some free advice on how to develop an IFA marketing strategy for generating pension, protection or investment leads from your own website please leave a comment below or click here to book a call with me.

The Best Lead Generation Companies for Financial Advisers (2024)

FAQs

What is the best way to generate leads for financial advisors? ›

Lead Generation For Financial Advisors – The Complete Guide
  1. Brand awareness and consistency.
  2. Having an effective local SEO strategy.
  3. Using social media to generate additional leads for your business.
  4. Paid advertising campaigns.
  5. Email marketing campaigns.
  6. Creating a high-converting website.
  7. Networking strategies.

Where can I find leads for financial advisors? ›

When it comes to generating leads, many financial advisors rely on old traditional lead generation strategies such as:
  • Networking events.
  • Seminars.
  • Cold calling.
  • Referrals.
  • Buying shared leads.
  • Direct mail.
  • Word of mouth.
  • And so on.

Can financial advisors pay for leads? ›

One of the most common and popular methods that financial advisors choose to acquire leads is to buy them. Some financial advisors buy leads from lead generation companies if they struggle to gain new clients. Buying leads is quicker than using referrals and inbound marketing to generate leads yourself.

Which companies pay financial advisors the most? ›

12 high-paying companies for financial advisers
  1. Morgan Stanley. Salary: $60,812 per year. ...
  2. UBS. Salary: $68,390 per year. ...
  3. Equitable Advisors. Salary: $69,580 per year. ...
  4. Northwestern Mutual. Salary: $80,179 per year. ...
  5. Baystate Financial. Salary: $93,350 per year. ...
  6. Citi. ...
  7. Strategic Wealth Designers. ...
  8. Anchor Financial Group.
Jan 26, 2023

How much do Smartasset leads cost? ›

For its traditional lead-generation platform, financial advisors can enroll in SmartAdvisor at no cost and then choose how many pre-qualified leads they receive each month. Each lead of an investor with $1 million or more in assets costs $190. Leads for investors with between $250,000 and $1 million cost $90.

How do I brand myself as a financial advisor? ›

You might use social media, your website, and other marketing channels to consistently share insights and advice on topics relevant to this audience, hence promoting yourself as an authority in this niche, and setting you apart from other financial advisors who offer more generic services.

Is there a shortage of financial advisors? ›

The financial advice industry continues to confront a succession crisis, Cerulli reported. In the next decade, 106,264 advisers are set to retire, making up 36.8% of industry headcount and 38.9% of total assets under advisement.

How do advisors find clients? ›

How to get clients as a financial adviser
  • Determine your niche. A financial adviser can stand out by meeting the needs of their clients. ...
  • Practice the perfect pitch. ...
  • Have an online presence. ...
  • Use social media. ...
  • Host a webinar. ...
  • Network through your community. ...
  • Use email marketing.
Dec 12, 2022

What percentage do most financial advisors charge? ›

What Is the Average Fee for a Financial Advisor? The average fee for a financial advisor generally comes in at about 1% of the assets they are managing.

Who pays the most for leads? ›

What Industries Pay the Most for Leads
  • B2B Lead Generation. B2B lead gen is one of the most lucrative markets when it comes to obtaining leads. ...
  • Healthcare Lead Generation. ...
  • Real Estate Lead Generation. ...
  • Automotive Lead Generation. ...
  • Finance Lead Generation. ...
  • Legal lead generation.
Feb 20, 2023

What is the failure rate of financial advisors? ›

What Percentage of Financial Advisors are Successful? 80-90% of financial advisors fail and close their firm within the first three years of business. This means only 10-20% of financial advisors are ultimately successful.

How can I get leads without paying? ›

Here is a list of the best places to find free leads online:
  1. Demo Cognism's sales intelligence platform. ...
  2. Look into your CRM. ...
  3. Target additional departments in your accounts. ...
  4. Cold call the company. ...
  5. Research LinkedIn. ...
  6. Try email signature marketing. ...
  7. Build a personal brand online. ...
  8. Increase your visibility with business directories.
Jun 13, 2023

Can financial advisors make 7 figures? ›

Financial advisors who sail past low six figures and enter high six figures (and sometimes seven figures) have mastered two things: leverage and scale. Leverage is all about having things work separately from your time.

What is the best firm to be a financial advisor? ›

  • Luther King Capital Management.
  • Heritage Investment Group.
  • Eubel Brady & Suttman.
  • Leavell Investment Management.
  • Dana Investment Advisors.
  • Parsons Capital Management.
  • Beaird Harris.
  • Halbert Hargrove Global Advisors.
Sep 12, 2023

Who is the biggest financial advisor in USA? ›

BlackRock, Vanguard, Fidelity, State Street Global Advisors, and J.P. Morgan Asset Management are the five largest financial advisory firms in the United States, ranked by assets under management (AUM).

What is the best way to qualify leads? ›

If you're looking for a simple way to get started with lead qualification, then the BANT strategy can be a good option. It's an acronym that stands for Budget, Authority, Need, and Timeframe. These are four of the most important pieces of information that you need to qualify a lead.

How to attract high net worth clients as a financial advisor? ›

The best piece of advice I would give anyone trying to attract wealthy clients is to focus on their "investment patterns." With that in mind, HNWIs are "event-driven investors," meaning specific needs influence their investment decisions, such as retirement planning, a liquidity event, forming a new entity, property ...

How do I grow my financial advisory practice? ›

Here we outline five smart strategies that focus on growth to ensure long-term success.
  1. Carve Out a Niche. ...
  2. Build Great Customer Relationships. ...
  3. Don't Compromise on Price. ...
  4. Grow the Firm's Branding. ...
  5. Develop a Unique and Loyal Network.
May 3, 2023

How do you generate leads for CPA? ›

Social media platforms such as LinkedIn, Facebook, and Twitter offer a great opportunity for accounting firms to reach prospects and create relationships with them. Posting content regularly that is tailored to your target audience can help increase your visibility and reach.

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