Financial advisors have long used live, in-person events to expand their client bases and offer value to current clients. These face-to-face seminars, workshops or Q&A sessions help foster trust and personal connection — critical aspects of financial services relationships.
When the COVID pandemic effectively put a stop to in-person interactions, however, financial advisors needed a way to maintain connection without physically “connecting.” Webinars became the go-to solution.
The pandemic passed, but webinars have stuck around. Financial advisors discovered just how helpful these web-based seminars could be for reaching a broader audience — and how much more convenient they can be for advisor and attendee alike.
Still, like any other marketing tactic, webinars aren’t perfect. Today, we’ll break down how webinars can be a fantastic tool for your firm … but also where they can fall a bit short.
The Pros of Webinars for Financial Advisors
Wider Reach
With in-person events, you’re limited to a certain geographical location. You’re not going to get a lot of people willing to hop on a flight to attend a 90-minute session about retirement planning. Webinars allow you to reach anyone, anywhere … and they allow anyone, anywhere to learn about you.
Less Overhead
Webinars can net you significant cost savings. There’s no need to rent a venue, coordinate catering, print handouts or hire event staff. In fact, because you’re saving so much money, you may be able to host more frequent webinars without breaking the bank.
Convenience
In-person events require everyone to be at the same place at the same time, which can be a logistical nightmare. With webinars, your audience can join from the comfort of their home or office without worrying about finding a babysitter, fighting through downtown traffic or trying to snag a parking spot.
Bonus: Webinars can be recorded for those who can’t attend live, giving you additional bites at the apple.
Increased Visibility
Webinars aren’t just about reaching new clients. They’re also an opportunity to enhance your online brand. When clients see you providing educational content online, it positions you as an expert in your field, builds credibility, and shows your commitment to your audience.
Better Leads
Webinars are a commitment for your clients, and most people aren’t willing to take on a commitment if they aren’t serious about their interest in a product or service. Offering webinars as a lead magnet can help you identify the people you should be putting the most effort into pursuing.
The Cons of Webinars for Financial Advisors
Lack of Connection
A major downside of webinars is that, compared to in-person events, they feel less … well, personal. And in an industry where personalization is highly valued, the lack of connection can be a turnoff for some clients.
Varying Engagement Levels
In-person events tend to command the audience’s attention and engagement. Because webinars can feel more one-sided, it’s easier for people to tune out or get distracted without you ever knowing when or where you lost them.
Limited Follow-Ups
At the end of an in-person event, there’s usually a chance for you to introduce yourself, answer questions, and pursue one-on-one discussions that can help encourage your prospect to take the next step. While you can still follow up after a webinar, it lacks may of these natural opportunities.
Technological Challenges
Differing internet speeds, software glitches, problems with sound and video – any of these things can disrupt the flow of a webinar and make for a less-than-stellar (and sometimes downright unprofessional looking) experience for your audience. Add in the fact that not everyone is tech-savvy, and you’ll see how webinars can sometimes be a bit problematic.
Strike the Right Balance!
While webinars have some limitations compared to in-person events, they’re still a great way for financial advisors to grow their client base, build brand presence, and provide valuable content to their audience. By striking a balance between online and in-person interactions, you can reach more people and keep them engaged with your services for years to come!
Are you ready to try your hand at webinars? Mischa Communications has the script! Let’s work together.