Choosing an Agency: What to Ask
If you're in a leadership role in the advice business, you're often tasked with steering your firm through unpredictable waters. It's similar to navigating the challenges brought on by the Hayne Royal Commission. While your team can help keep things on course and weather any storm, there are times when you might need an extra push to reach your destination more efficiently.
Think of choosing a good marketing agency like choosing the right golf club. When you're facing a challenging shot, the right club doesn’t guarantee perfection, but it gives you the best chance to hit with precision. In the same way, a well-matched agency can elevate your marketing strategy, strengthen your team’s efforts and inject a burst of creativity. But finding the ideal fit is essential.
So, how do you ensure you're choosing the right partner for your business? What questions should you ask and what should you consider to avoid a misstep?
Read on to find out.
Step 1: Understand Your Needs and Define Your Marketing Goals
Before selecting an agency, you must first define what your business truly needs. The scope of work (SOW) is the foundation of any successful client and agency relationship. Agencies vary widely in their strengths. Some offer full-service marketing while others focus on specialised services. What’s crucial is understanding your own business needs.
For example:
Brand Development & Referral Programs
If you’re early in your journey and need to establish your brand identity, a package focused on building a marketing strategy and referral program could be the ideal starting point.
Client Acquisition
If you’re focused on expanding your client base beyond your existing network, paid advertising could be a great addition to your marketing mix. When paired with a strong referral program, each new client can create multiple revenue streams.
We've seen clients sign with agencies promising results without taking the time to understand their goals first. Think about it: Would you offer financial advice to a client without first understanding their financial goals, risk profile or existing asset allocation? The same principle applies when selecting a marketing agency to partner with.
Step 2: Understand What They’re Promising You
Many marketing agencies attract clients with promises of guaranteed leads, clicks or other performance metrics. You would have seen them in your search for the right agency.
”10 high quality leads in 90 days or you don’t pay”;
”Scale your business for growth with our tried and true proprietary lead generation system”;
”Referrals strategies are broken, here’s why”.
The list goes on.
As a financial adviser, it's essential to work with an agency that truly understands your business goals.
Two advisory firms might target entirely different client profiles based on their unique investment philosophies. Reaching these clients effectively requires a deep understanding of your business as well as a strong working relationship between you and the agency. If an agency makes blanket promises without taking the time to understand your unique needs, proceed with caution. If a deal sounds too good to be true, it probably is.
Step 3: Evaluate Their Experience
It’s vital to research any agency you’re considering. Nowadays, there are many “pop-up” marketing agencies targeting financial advisers, run by people with little or no industry (or even marketing) experience. Some of these firms outsource work to cheap, offshore teams that lack relevant expertise. The result is often a costly and subpar campaign that fails to move the needle.
Our clients have shown us ads that don’t even bother to localise the language. For example, they promise big “checks” instead of “cheques” or refer to “advisors” instead of “advisers”. These small differences may seem minor, but they can be a sign that the agency is using templates designed for different regions.
Make sure you know who will be working on your campaigns and that they have the right experience to support your growth.
Step 4: Assess Their Industry Knowledge
Evaluating an agency’s knowledge of the financial advice landscape is essential. Agencies with relevant expertise understand your niche's unique challenges and opportunities. This allows them to craft more effective marketing strategies. They also know how to deliver messaging that resonates with your ideal client and how to stay informed on the latest trends to continually improve your marketing efforts.
An agency that is up to date on the latest developments in financial services and marketing is a strong indicator that they can keep your campaigns relevant and successful.
Step 5: Align Values and Mission
When selecting a marketing agency, ensure their values align with yours. Ask yourself whether they are focused on quick, short-term wins or whether they prioritise long-term, sustainable business growth.
We recommend partnering with agencies that are committed to building reputable, long-term businesses. This alignment helps foster stronger and more productive business relationships.
Step 6: Key Questions to Ask a Potential Agency Partner
Asking the right questions is critical to determining whether an agency is a good fit for your business. Here are some to consider:
What experience do you have in the financial services industry?
What marketing qualifications do you have?
What is the value of financial advice?
Do you use offshore marketing services?
What do you do when things don’t go as planned?
What type of clients do you work best with?
What makes you different from other agencies I’m considering?
These questions will help you determine how well the agency understands your business and whether they are equipped to support your marketing strategy.
Conclusion: Take Your Time and Choose Wisely for Long-Term Success
Choosing the right marketing agency is a big decision. It's more like picking a long-term business partner than hiring a service provider. Look for a team that understands your industry, communicates clearly and shares your values. Make sure they can demonstrate how their work leads to real results. Steer clear of anyone pushing for immediate payment or a rushed agreement.
When you find the right fit, you won't just gain a marketing provider. You'll have a strategic partner who can help your advice business grow with confidence.
