Building Email List of Prospects

of three

Strategies for Building an Email List of Prospects (1)

Financial advisers know how important it is to have a successful email list of prospects for their services. The purpose of creating an email list is to build relationships and increase the size of the advising business. Five strategies can help advisers create a successful email list: creating a digital newsletter, creating a set of "lead magnets", segmenting the email list as it's built, choosing a clear goal for each email, and using an email service provider to allow tracking.

Create a Digital Newsletter

  • A financial adviser can use a digital newsletter to reach prospects and existing customers with advice, information, statistics, forecasts, and stories about investors who used the adviser's services and achieved success. Some financial advisers design their newsletters themselves. But if the adviser lacks writing or design skills, he or she can hire a writer to draft content for the newsletter and a designer to suggest a layout for the newsletter. Best practices for newsletters are listed here:

Create a Set of "Lead Magnets" for Prospects and Clients

  • A lead magnet can be a report, white paper, or checklist that the financial adviser develops and offers to people who read his or her newsletter or email. The lead magnet is an item of value that advisers give prospective customers or existing customers for free. They are incentives to sign up for the adviser's newsletter, future event, blog, or even a consultation. Giving a free item of value like this builds trust.
  • An announcement of an event that the adviser will attend or host is another lead magnet that a newsletter or email campaign can bring to prospects and customers, along with an invitation to come to the event.
  • Each email campaign the financial adviser designs can have a lead magnet that will encourage email recipients to click on an offer of more information and a download. Those who click are seen as prospects for financial services.

Segment the Email List as It's Built

  • "Segmenting" is the process of dividing an email list into smaller divisions or parts so that targeted, personalized emails can be sent to prospects or clients.
  • By segmenting his or her email list, the financial adviser can choose recipients based on specific criteria, such as people who purchased one of the adviser's services, people who read the adviser's blog in the last two weeks, or people who signed up to attend a free presentation the adviser plans to give. Email marketers agree that the smaller the segment, the more effective the message is. The goal is to target the needs of the readers.
  • The major advantage of segmenting the email list is to assure the financial adviser that recipients are getting emails that they want with information they care about. Dividing the list based on criteria such as behavior (attending an event the adviser suggested), life cycle stage (prospect, subscriber, client, etc.), net worth, prospect or client location, age (retiree, pre-retiree, Gen X, Millennial, etc.), allows the financial adviser to tailor and personalize the reader's experience and make the adviser stand out as a professional who knows the reader's situation.
  • Considerable work is involved in segmenting an email list, but the adviser can learn the methods of segmenting as he or she progresses in creating the list.

Choose a Goal for Each Email

  • The financial adviser must know what he or she wants to achieve with each email sent. Is it just to get someone to read the email, or something else? Discussing ideas with a colleague can help a financial adviser focus each new email effectively. Reading other financial advisers' newsletters is also a good source of ideas and methods for narrowing an email's focus.
  • According to HubSpot, 99% of people check their email daily, or even more often. So the adviser who sends an email knows that there is a good chance that the prospect or client will see the message when it arrives.
  • Examples of email goals include signing up for a blog or newsletter subscription, getting a social media follow, getting a content download for one of the lead magnets, registering for a webinar, getting a phone call for a consultation, or opening an account with the adviser. These goals are also referred to as "calls to action" or CTAs. They answer the question, "What do I want the email recipient to do after reading this email?"
  • Financial advisers who know the goal of each email segment are confident that what they send out to clients and prospects will have a positive result.

Use an Email Service Provider to Track Email Success

  • The three most popular email service providers are: AWeber, Constant Contact, and MailChimp. Each one is different and has different advantages. The financial adviser should read about each one and ask colleagues which they use. Basic services that each provider must offer include automation, smooth operation across all platforms, tracking ability, and ability to use templates.
  • Using an email service provider allows the financial adviser to track the success of each email segment. Email service providers allow users to see how their email campaigns are working. For each campaign, the financial adviser can get a report showing the number of opens, clicks, and forwards each email produced. Setting a budget for email services is important, to make sure that the financial adviser gets the services that he or she wants, and no more.
  • These data are a significant help in building a financial advising business. The adviser can follow these numbers over time to learn which topics each audience responds to, and use that data for future campaigns.
of three

Strategies for Building an Email List of Prospects (2)

Email marketing is one of the types of digital marketing. A financial adviser can build an email list of prospects by using strategies like leveraging website, using client referrals, leveraging social media, and using opt-in subscription software tools.

Leveraging Website

Using Client Referrals

Leveraging Social Media

Executing Opt-in Subscription Software Tools

Research Strategy

In order to identify the strategies for building an email list of prospects by financial advisers, the research team consulted trusted websites, articles, and blogs on email marketing. The team focused on email marketing for financial advisers from several existing digital marketing types. From these resources, leveraging website, using client referrals, leveraging social media, and using opt-in subscription software tools were identified as examples of strategies that financial advisers can use to build an email list of prospects.
of three

Strategies for Building an Email List of Prospects (3)

Another three strategies that financial advisers can use to build an email list of prospects include the use of a sign-up form on a blog to request readers who have not subscribed to do so by giving their email addresses so that they can be informed when a new post or new content is published. People can also be directed to sign up to an email list using the financial adviser's email signature, and details of the financial adviser's newsletter or blog can be added to his/her business card, and people encouraged to check out the blog or newsletter and opt into the financial adviser's email list. Detailed information is below.

Use of a Sign-Up Form on a Blog

  • A financial adviser who runs a blog on his/her website can prompt readers of the blog to sign up so that they can be contacted through email when new posts or content on the blog is published. This is especially effective for those readers that do not want to miss newly published posts or content.
  • The financial adviser should use a sign-in form to request an email address from the reader that he/she will use to inform the reader of new published posts or content on the blog. Readers can also be encouraged to sign up for email messages.
  • The financial adviser should then ensure that he/she publishes a blog post on a regular basis depending on the availability of content and time. This could be once or twice per month, or after every few months. Whatever frequency the financial adviser chooses should be one that can be sustained for a long time to help build trust with prospects. The content should also be tailored to the target audience to attract important prospects.
  • With an increase in spam and data breaches, adding a data security statement under the sign-up form will help put people at ease and encourage them to share their personal contact information, including their email address. The form should be kept simple and not ask for too much information. Blog readers should be asked for just their email address and maybe their name.

Use of an Email Signature

  • Financial advisers can use their email signatures to build their email list of prospects. This is because they send out emails daily or weekly to many people, and can direct those people to their email lists by asking them to sign up.
  • If a financial adviser sends out a monthly or quarterly e-newsletter, they can also include a note in the email signature encouraging the reader to sign up for the adviser's email list if the email was forwarded from a friend.
  • The financial adviser can also encourage those that subscribe to his/her email list to forward or share any tips that they found useful with friends, family, and acquaintances and this will help spread the word and grow the email list.
  • To popularize one's e-newsletter and get many people interested, the financial adviser needs to not only share financial information such market updates but should include other interesting information such as family milestones and any charitable causes they participate in, to keep things fresh and relevant and prevent the content from being dry and boring.

Use of Business Cards

  • Another strategy that financial advisers can use to build an email list of prospects is to use their business cards. When meeting people face to face, financial advisers can ask for their business cards and offer theirs. They can then add the email address from the business cards received to their email list of prospects.
  • People can also be encouraged to leave their business cards when they visit the financial adviser's premises. A special place can be designated for the cards to be dropped into, such as a glass bowl. The email addresses on the business cards can then be added to an email list of prospects.
  • Financial advisers can also mention their newsletter, blog, or website on their business cards so that whoever receives the business card can check out their blog or newsletter and opt into the financial adviser's email list.
  • Financial advisers need to ensure that the sign-up form is properly placed on the website so that it is easily seen and accessible to visitors.


From Part 01
  • " In order to build a productive email campaign, advisors should begin by examining the needs of their audience. "
  • "highly targeted value-add communications will help you build trust, drive referrals, and stay connected to your prospects and clients. "
  • "According to CampaignMonitor data for 2019, average email open rates across surveyed industries is 17.92%. Financial services enjoy a slightly more favorable open rate than the average (18.23%). The same resource suggests that open rates for permission-based campaigns (i.e. ones where a prospect or a client has given you permission to email them) range between 30% and 40%. "
  • "According to HubSpot, 99% of people check their email at least once a day. That means you have a good chance of your prospect or client seeing your message when it comes in (as long as it doesn’t get caught by the spam filters)."
  • "...[T]he optimal combination for successful financial advisor email marketing should look like this: Ask for permission, send regular emails, make your messaging relevant for the recipient. "
  • "1. A digital newsletter is inexpensive and relatively simple to pull together. Choose a frequency and stick to it. Create a central theme and a structure for your newsletter. Make a clear path for someone to opt-out. Promote your newsletter through your social media."
  • "2. After a prospect has signed up for a lead magnet (such as a report, a white paper, or a checklist), some advisors follow up the initial delivery with a short series of emails (something known as a drip sequence). The purpose of a drip email sequence is to build trust, deliver value, and give the prospect an opportunity to take the next step in the relationship if he or she is ready."
  • "3) Use email to pre-announce events Are you planning to attend or host a local event? Email is an excellent tool to inform prospects and clients about it. If you are going to a local event and it’s open to the public, let your readers know and invite them to join you. A targeted email blast can allow you to begin networking at an event before it ever starts."
  • "Email list segmentation is when marketers divide their email list into smaller “segments” to create a more targeted and personalized email. Instead of sending large email blasts, you send different emails to each segment. These segments can be large such as the people who went to your blog in the last two weeks, or the segments can be small such as the people who bought one of your services in the past month due to a referral. However, the smaller your segment, the more likely it is to be effective."
  • "List segmentation makes sure that people are getting emails that they want and care about. By dividing up your list based on things such as buying preferences, demographics, background, etc, you can tailor your email content to each segment so that people will actually want to read it. This results in more conversions and happier customers."
  • "According to a survey by MailChimp who gathered data from users who use list segmentation, segmented campaigns had open rates that were 14.31% higher, clicks that were 100.95% higher and 4.65% lower unsubscribe rates than non-segmented campaigns by the same users."
  • "5 List Segmentation Best Practices."
  • "1. WRITING A STRONG SUBJECT LINE. 2. Best Times to Send Campaigns. 3. Use an Email Service Provider. the key features and differences of three main players in email service providing: AWeber, Constant Contact , and MailChimp. 4. produce and send client driven content that is valuable to your subscribers. 5. Building and Segmenting Subscriber Lists. 6. Creating a newsletter that customers & prospects will read"
  • "1. Use An Email Marketing Engine. 2. Schedule Your Emails For Success. 3. Offer Varying Calls To Action.4. Segment Your List. 5. Send Regular Emails. 6. Track Your Success. Email marketing engines allow you to easily track how your campaigns are working. For each campaign, I run a report to see how many opens, clicks, and forwards each email produced. Then, I track these numbers over time so we can make a note of the topics that each audience enjoys and keep tabs on overall progress."
  • " Here are examples of the types of segmentation you can use: Behavior-based—Event attendee, lack of engagement over a period of time, engagement with X emails/content within X time frame, and so on. Content downloads—Guides, whitepapers, case studies, infographics, and so on. Lifecycle stage—Subscriber, lead, MQL, SQL, customer, opportunity, and so on. Net worth—High, medium, low net worth. Client location—Does their location impact services offered or the type of content we would want to share with them? Age or life stage—Pre-retiree, retiree, Gen X/millennial, young family, and so on. Persona based—Grouping your contacts by buyer persona. Technology use—Mobile, desktop email, phone calls, robo-advisor or chatbot, and so on. Personal and/or hobbies—Do they love to golf? Avid sports fan for a particular team? Coffee enthusiast? Knowing these traits can help you tailor and personalize their experience and make you stand out! "
  • "Know Your Goal for Each Email You Send: Blog or newsletter subscription Social media follow Premium content download (e.g., guide, e-book, case study, vendor comparison) Webinar registration Consultation and/or contact us Demo request Apply for a loan Open an account "
  • ""
  • "You could curate content from reputable third-party sources, clients themselves, or use your own content. Whatever you choose, make sure it’s client-driven content and works towards the goal you’ve decided on."
  • "Use attention-grabbing headlines, relevant graphics or images, and short, catchy copy for each piece of content. Keep everything short and sweet to allow subscribers to skim. "
  • " Consider your strategy Rank the features you need Define your budget Look at delivery rates Check out customer service Make an informed decision What is an ESP and when do you need one? Wrap up "
  • "The purpose of email marketing is to build relationships and grow your business...."
From Part 03
  • "Email is a great candidate. 99% of people check their email daily, which means that your message has a solid chance of being noticed. "
  • "Chances are you email a lot of people - likely within the dozens every week (if not every day). Those people are dozens of people you could be driving to your email list. Replace your boring email signature with a call to action to have people sign up for your email list."
  • "Creating articles that are tailored to your target audience is one of the most effective ways to help attract important prospects to your site – and attracting people to your site is the first step of successful lead generation."