Many investors are dissatisfied with their financial advisor and ready to find a new partner.

Almost two-thirds of investors are unhappy with the financial professionals who manage their money. The most frequent pain points are a lack of trust in their advisor, infrequent or poor-quality communication, inadequate performance, and lack of expertise in new ventures. An unhappy investor needs a second opinion.

This article demonstrates how wealth managers can grow their business by creating a successful second-opinion marketing campaign.

What is a Second Opinion Service?

Offering a second opinion service is one of the most effective ways for financial advisors to attract prospects, demonstrate value, and build trust.

A second opinion offers an objective, strategic evaluation and portfolio review for investors dissatisfied with their wealth managers’ trustworthiness, communication, fees, performance, or other issues.

This second opinion approach provides a low-pressure way to reach potential clients.

Why Second Opinion Campaigns Work

Second opinion services often succeed because they capitalize on investors’ emotional unhappiness with their financial planner. The main benefits for investors are:

Creates a no-pressure environment. You act as an independent reviewer, not a salesperson expecting a commitment. Impartiality can help investors feel comfortable sharing their financial goals, fears, and stories.

Demonstrating expertise builds relationships and trust. Expertise builds investor confidence and trust, which in turn can form an authentic relationship.

The power of free. Who isn’t intrigued by free? A complimentary portfolio review may give investors a fresh perspective on their financial strategy, investments, and performance.

Let’s review the six steps wealth managers can take to build a winning second opinion campaign.

Step 1: Define Your Value Proposition

The most successful second opinion campaigns focus on educating investors, building trust, and creating relationships. But you have to know who you are and say it well.

Explain your unique value. How do you define your firm? Do you focus on what differentiates you from your competitors, communicate your philosophy transparently, and emphasize the emotional benefits of working with you?

Create a clear message. Prospective investors should know what they may gain from your opinion—and why you’re uniquely qualified to provide it. How would you bring a fresh perspective to their financial plan? How will you identify opportunities for improvement?

Advocate for your client’s best interests. The fiduciary standard is an ethical and moral requirement that financial advisors must always act in their clients’ best interests. A fiduciary standard is the highest form of care. Many traditional advisors operate under a “suitability standard” rather than a fiduciary duty. If you are a fiduciary, you should say so.

Step 2: Offer a Free Portfolio Review

Your goal is to position your firm as a knowledgeable alternative for investors who question the competence of their current advisor.

Offer a complimentary review of their financial plan. The first offer is the easy one—offer a free second opinion review. A second opinion strategic review is an independent evaluation of an investor’s current financial strategy and investments by an advisor who isn’t managing the portfolio.

Don’t criticize your prospects’ current advisor. Few people like to be told they are wrong or have made a big mistake. “Let’s ensure your plan still aligns with your goals” is a better approach than “Let’s find what your advisor did wrong.”

Consider a modest fee. Some wealth managers prefer to charge a fee for a comprehensive analysis of an investor’s potentially complex investment portfolio. Serious prospects might be more likely to pay upfront for services.

Step 3: Create Educational Content to Build Trust

A winning second opinion marketing campaign is driven by educational, authoritative, and timely content.

Create a variety of content lead magnets. Thought leadership articles, videos, checklists, and quizzes can create credibility and leads. Emails, newsletters, podcasts, and webinars are also good content vehicles. You want to be where dissatisfied investors can find you.

Develop relevant stories that address investors’ key pain points. Potential topics might include:

• Not Getting the Portfolio Performance You Deserve? Time for a Portfolio Review
• Frustrated With Your Advisor for Not Returning Your Calls?
• Does Your Advisor Have the Experience You Need to Create a Great Legacy Plan?
• Questions Every Investor Should Ask Their Current Advisor
• How to Find the Right Financial Advisor for You

Step 4: Distribute Content via Social Media

A successful second opinion marketing campaign must leverage digital distribution on social media for effective lead generation.

Regularly post original content on LinkedIn. As a first among equals for advisors, LinkedIn can be an excellent tool to give investors thoughtful insights. When you post, focus on quality over quantity. Build relationships by engaging with people, retweeting, commenting, and sharing insights. Consider joining and contributing to industry groups and discussions where professionals gather to share knowledge and perspective.

X may play a role for quick and timely perspective. The platform formerly known as Twitter can help you reach a targeted audience and get instant engagement. While time-intensive, X is a potentially cost-effective platform for addressing the concerns of investors looking for a second opinion.

Use paid media. Some advisors spend on LinkedIn Ads. You can target by geography, income, job title, and company size. Start small and regularly test your return on investment.

Step 5: Develop Lead-Generating Landing Pages

Landing pages are essential for lead conversion for any marketing campaign.

Landing pages defined. A landing page is a standalone web page with a single purpose—to get people to give you basic contact information in return for your great free offer, such as a complimentary guide, webinar sign-up, or consultation request. The text should be clear and convincing, and the design should not be cluttered with distractions such as complex navigation bars.

Test results. The most effective campaigns test the impact of their landing pages for desktop, tablet, and mobile applications. You should A/B test headlines, subheadings, text, images, and lead capture forms to continuously improve results.

Step 6: Be Visible in the Community

Being involved in your community creates visibility, which may lead to more conversations with prospective investors. When you are perceived to be a trustworthy financial expert, dissatisfied investors may be more likely to approach you directly.

Engage with the community through public speaking. Speaking at charitable events, community boards, and professional associations conveys your thought leadership. Public speaking can be a networking opportunity to gain new clients, some of whom may be dissatisfied with their current wealth manager.

Hold client appreciation events. Do you hold regular client appreciation events? Lunches, dinners, golf outings, and ball games can provide a natural way for your clients to refer their friends and associates to you.

Second Opinion Marketing Campaigns for Financial Advisors That Actually Work

A key to creating a successful second-opinion marketing campaign is positioning your firm as an advocate for educated investors. Some investors may be actively seeking a new wealth manager. Others may simply need a push. Your strategy should include multiple touch points, including:

• Define who you are
• Offer a complimentary portfolio review
• Create compelling content
• Distribute your great ideas with targeted social media
• Create high-converting landing pages
• Be visible in your community

Some investors may not want a second opinion right away, and that’s to be expected. Stay top of mind through regular social media, emails, newsletters, and thought leadership posts.

Frustrated investors may be (or have) reached a breaking point. When they do, they may be ready for your second opinion.

Schedule a complimentary strategy session with Dan Sondhelm, CEO of Sondhelm Partners, to learn more about how to build a winning second opinion marketing campaign.

Frank Serebrin is the Content Marketing Director for Sondhelm Partners. He leads strategic and creative content and marketing services for our asset management and wealth management clients.