How to Buy Leads for Sale as a Financial Advisor

Successful lead generation is all about strategy. If your business is new or your tried-and-true lead generation methods are not producing the same results, you might consider a new approach: buying leads. Understanding where to find high-quality financial advisor leads for sale can make all the difference.

SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.

Where to Find Financial Advisor Leads for Sale

Finding leads for sale is as simple as searching for “financial advisor lead generation services.” Numerous companies offer lead generation for financial professionals, so there’s no shortage of options.

For example, SmartAsset’s Advisor Marketing Platform (AMP) gives financial advisors access to a steady flow of validated leads, along with automated tools to follow up, nurture prospects and stay top of mind. The subscription-based platform can streamline outreach and simplify marketing tasks that may otherwise fall through the cracks. For RIAs and advisors focused on scaling their business, AMP functions as a comprehensive system for attracting and developing client relationships.

You just want to be sure you select the right company to work with that aligns with your needs and goals. Some companies listed cater to different types of advisors and price their lead generation services differently. Here are some things to keep in mind as you shop around:

Clarify Your Needs and Goals

It’s important to think about what you hope to accomplish when buying leads. For example, are you only interested in buying life insurance leads? Or do you want to simplify marketing while connecting with prospects who need comprehensive financial planning services?

Developing some specific metrics can help you gauge whether your investment in lead generation services is worthwhile. For example, you might decide that you want to connect with 10 new prospects per month, or acquire two new clients via lead generation services per month. Without tangible goals it may be difficult to estimate how well buying leads is working for your business. 

Consider Lead Quality

In lead generation, less can be more. And it’s quality, not quantity, that matters. You may derive more value from buying a smaller list of curated leads that align with your niche versus a larger list of names and contact details that haven’t been properly vetted.

When researching lead generation services, consider how and where they obtain their information. The highest-quality leads typically come from platforms that rely on a mix of resources, including:

• Public records
• Social media platforms, like LinkedIn
• Digital ads
• Content marketing
• In-person or virtual events

The more information a platform is able to offer about its leads, the more confident you may feel about buying them. 

Estimate Your ROI

If you’re paying for leads, it’s important to have an idea of how much you’re likely to get back. A “good” ROI is typically anywhere from 5 to 10 times what you paid for the lead. Consider your average client acquisition cost and expected revenue per client to determine whether purchasing leads makes financial sense. Beyond direct revenue, also weigh the long-term benefits. If a lead becomes a loyal client or refers others to your practice, the overall value extends beyond the initial cost.

Ask About Tools

A good lead generation service does more than just send you names. It also provides you with tools that you can use to nurture relationships with prospects. SmartAsset AMP helps financial advisors streamline communication with potential clients by automating call, text and email campaigns. For example, AMP’s Next Call feature automatically tracks and logs every call made and text message sent to individual referrals, giving advisors detailed records that update in real time.

Review Testimonials

One of the best measures of any lead generation service is what current or past users have to say about it. Reading reviews or testimonials can offer insight into what other advisors do or don’t like about a particular lead generation company. You can use what you read to fuel your storyselling efforts in your own marketing campaigns.

If you find a lead generation service you’re interested in working with, you may want to start small. Buying a smaller list of leads allows you to assess the quality before making a larger investment. It can also give you an idea of whether paid leads are right for you if you’ve never used them before.

Client Acquisition Simplified: For RIAs

• Ideal for RIAs looking to scale.
• Validated referrals to help build your pipeline efficiently.
• Save time + optimize your close rate with high-touch, pre-built campaigns.

CFP®, CEO

Joe Anderson

Pure Financial Advisors

We have seen a remarkable return on investment and comparatively low client acquisition costs even as we’ve multiplied our spend over the years.

Pure Financial Advisors reports $1B in new AUM from SmartAsset investor referrals.

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Converting Purchased Leads into New Clients

Unfortunately, buying leads doesn’t guarantee immediate success adding new clients. Advisors who invest in a lead generation service like AMP should keep in mind that it takes effort, diligence and persistence to convert a purchased referral into a client.

Once you acquire leads, act quickly. Speed and timeliness matter because contacting prospects within minutes increases the likelihood of engagement. Use a personalized approach when reaching out, referencing any details the lead provider shares, such as financial goals or investment preferences. Implement a multichannel follow-up strategy that includes phone calls, emails, and, if appropriate, text messages.

Justin Fitchko, a Certified Financial Planner™ (CFP®) and managing partner at DayMark Wealth Partners in Ohio, told SmartAsset that AMP gives him the ability to set up an automated process for contacting new leads.

“I’m immediately informed via an email and text message to my personal cell phone saying you have a lead,” Fitchko told SmartAsset, adding that new leads automatically receive a text message from his number. “I generally try to call immediately, with the assumption that other advisors are going to do the same.”

Additionally, automated tools like CRM systems can help you stay organized, track interactions and follow up efficiently. AMP integrates with popular CRMs like Salesforce, Hubspot, Zoho, Redtail, SmartOffice, Pipedrive and Wealthbox.

Finally, nurture your leads with valuable content and insights. Offer educational resources like webinars, articles or newsletters to demonstrate your expertise. Building rapport over time increases the chances of converting leads into loyal clients. A Broadridge survey of 400 financial advisors found that only 4 in 10 created personalized content, which could mean missing out on opportunities to connect. ¹  

By combining a strategic approach with personalized communication, you can turn purchased leads into long-term relationships.

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Importance of Lead Generation for Financial Advisors

Building a thriving advisory business means you need clients, but they won’t just appear with the wave of a magic wand. Initially, at least, you’ll need to spend some time scouting out who could benefit from the services that you offer.

Leads you connect with today may become clients tomorrow. And more clients equal more revenue for your business, both in the short and long term.

Actively generating leads can yield more opportunities for growth, especially if you’re expanding into new markets or adding to the list of services you offer. You can also generate more referrals from existing clients as you build your book of business.

Pros and Cons of Buying Financial Advisor Leads

Should you buy leads as an advisor? The question is up for debate, and there are plenty of arguments both for and against doing so:

Pros:

• Buying leads gives you access to a pool of interested prospects who are actively looking for financial advice, and thus are likely to be more receptive.
• You may be able to reach a broader audience than you would with your current marketing strategy.
• Compared to the time and financial investment that’s often required to implement an effective marketing strategy, buying leads is a faster and easier way to achieve your goal.

Cons:

• Lead generation services are not perfect, and you could end up paying good money for leads that are poor quality or where the prospect’s contact information is inaccurate.
• Competition may be stiff if other advisors are buying the same leads, and the first advisor to make contact with a prospect might be the one to close the deal.
• Buying leads can sometimes make it more difficult to build relationships, which is central to creating a sustainable business.

Some advisors have remarkable success with lead generation services, while others struggle to make connections. Evaluating your business goals can help you determine if buying leads makes financial sense for you.

Robert Gilliland, founder of Concenture Wealth Management in Houston, says his success using SmartAsset AMP is rooted in his persistent and consistent outreach to the leads he receives.

“I realized very, very quickly that in order to make this investment worthwhile, it has to be a full contact sport. You have to be engaged. You have to be reaching out,” Gilliland told SmartAsset. “And I said to myself, if I’m going to spend this money, I need to make sure that I’m working it.”

Tips for Generating Leads Organically

For every advisor who pays for leads, there’s another who doesn’t. One isn’t better than the other; different approaches work for different businesses. If you’d like to try to generate more leads organically before you buy leads, here are some ideas on how to do that.

Talk to Your Current Clients

Your current clients can be one of the best sources of new leads if they’re sending a steady stream of referrals your way. If you’re not getting those referrals, ask your clients what you can do better. You can also ask them to fill out an anonymous experience survey if you don’t want to put them on the spot.

Collaborate With Other Financial Professionals

Forming strategic partnerships can help you get new eyes on your business and potentially reach a broader field of prospects. For example, if your ideal clients are 30-somethings with young kids, you might gain exposure as a guest on a millennial money podcast.

Improve Your SEO

Search engine optimization or SEO refers to strategies that are designed to help your website rank higher in search results. If you have a website that doesn’t get much traffic, revamping your SEO strategy could help you rise in the rankings and be more visible to prospects who are searching for financial advice.

As AI increasingly competes with human-powered sites for search traffic, it’s also wise to focus on AEO or answer engine optimization. To capitalize on AEO, focus on creating content that includes detailed answers to the questions investors may be searching for in a reader-friendly format. Focus on user intent and use bulleted lists to provide concise answers, which can help improve your brand’s visibility in search. 

Build Your Email List

If you’ve neglected email marketing, you could be shooting your lead generation strategy in the foot. You can give your list an instant boost by developing a valuable lead magnet and promoting it on your website and social media accounts.

To unlock your lead magnet a prospect simply has to enter their email address. That puts them on your email list and gives you an opportunity to continue to market to them. Drip sequences, for instance, can help you build a rapport slowly and learn more about what a prospect might need from you. 

Engage

Social media is a great marketing tool for advisors, but only if you’re actively using it. If you have social media profiles, but aren’t doing much with them, consider how you can ramp up engagement. Those efforts might include:

• Sharing a poll and asking followers to respond
• Asking followers to share their favorite financial quote, or relate a positive/negative experience they’ve had while navigating their financial goals
• Hosting a livestream Q&A session
• Inviting followers to join in an AMA (ask me anything) session, where you answer their questions about financial planning
• Sharing a funny meme or GIF
• Discussing a controversial topic
• Posting newsworthy stories that your followers are likely to care about

And of course, you can also promote engagement by responding to the comments your followers leave. If this seems like too much to handle on your own, you might consider outsourcing some of your social media management to an experienced virtual assistant. 

Host a Seminar

Seminars are great for marketing because you can reach a large audience without having to corral them into a physical space. Seminars, whether live or prerecorded, offer prospects a closer look at how you can help them develop their financial plans. The Broadridge survey found that 70% of advisors generated leads by hosting seminars and workshops.

When planning a seminar or workshop, choose your topic carefully. Ideally, you should be speaking to a specific need or problem your ideal clients have. Your topic should be narrow enough to fit into a 60 or 90-minute format, but not so narrow that you run out of things to talk about. 

Frequently Asked Questions (FAQs)

Bottom Line

It’s relatively easy to find financial advisor leads for sale, but it may take some research to find the right company to work with. At the end of the day, whether you buy leads or generate them yourself, the most important thing is making quality connections.

Tips for Growing Your Advisory Business

• How big is your firm’s digital footprint? The answer matters as more investors turn to online searches to find financial advice. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Hosting client events is a way to show your appreciation and potentially generate more referrals. When deciding what kind of client appreciation event to hold, consider your client’s interests and passions, as well as what’s feasible for your budget.

Testimonials appearing on this site are actually received via text, audio, or video submission. The testimonials are provided by financial advisors that have ongoing business relationships with SmartAsset. They are individual experiences, reflecting the real-life experiences of those who have used our products and/or services. The testimonials are not 100% representative of all of those who will use our products and/or services, and we make no admissions of such. The testimonials displayed (text, audio, and/or video) are given verbatim except for correction of grammatical or typing errors. In some cases, the testimonial has been shortened in length where it has not been possible to display the whole testimonial, and where we considered, acting reasonably, that some parts of the testimonial were not relevant to our site, products, or services. SmartAsset may extend free products, discounts, promotional support, or other indirect or direct financial incentives to these sources. These incentives may or may not influence the nature of the testimonial. In this case, compensation was provided.

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