Stop Planning, Start Executing: 6 Marketing “Dos” for Every Advisor

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Advisors often tell me they want to "do more marketing," but when I dig deeper, they're stuck in analysis paralysis, building elaborate strategies, refining value propositions, and planning event series that never happen.

Marketing isn't rocket science, but it does require action — specifically, these six definite “dos”:

Spend Less Time on Strategy and More on Execution

This is the biggest challenge I see with advisors who want to "do more marketing." It's not just advisors, either. Marketing agencies fall into this trap too.

There's only so much time you should spend building and drafting plans or refining your vision and value proposition. There’s no perfect marketing plan and no ideal marketing template. If you aren’t working with an outside agency, use an AI tool like Microsoft Co-Pilot or ChatGPT to help you organize your ideas and compile them into a plan with actionable to-dos.

The same line of thinking goes for the actual marketing activities you will be focused on. I've watched advisors waste months thinking and talking about hosting a series of client events. They end up getting overwhelmed by details and anxious about the possibility of having to host them forever. If you are one of these advisors: Stop overthinking and just do. Start with one. Keep it simple — maybe a ballgame so entertainment is already handled.

The advisors who are comfortable just doing — even when they feel a little uncomfortable — are the ones that succeed.

Only Engage on Social Platforms Where Ideal Clients Spend Time

Social media only works if you are where your clients are. Posting on LinkedIn won’t help if your audience is retirees who never log in. And TikTok might seem fun, but if your clients aren’t there, it’s just a distraction.

If you are struggling to find engagement on your social channel, take a look at your list of connections. Are they mostly ideal prospects and centers of influence, or are they industry peers and leaders?

Too often, I find advisors confusing networking with marketing. Receiving attention via social media can feel good, but if it is not generating business, it might be worth rerouting your time elsewhere.

Additionally, make sure you understand the platform you are using. Most platforms prioritize content creators who engage with other members (i.e. liking and commenting on others’ posts) and deprioritize those who consistently post links to outside articles and sites.

Make Marketing a Consistent Part of Your Budget

Advisors often tell me, “I’ve invested in marketing already and it isn’t working!” And I will ask them to reflect on what they’re trying to accomplish and what they’ve actually invested in. Frequently, the advisor has a website, a monthly client newsletter and a handful of ghost-written social media posts, but no clear plan for actually generating new leads.

If your intention is to generate digital leads, great — it’s the future of organic growth for many firms. However, it requires significant time, money, and internal accountability to work. Digital ad space is expensive, and if you do build an online pipeline, someone on your team has to be responsible for rapid follow-up on leads, or you’ll waste the spend.

If your intention is to continue to build a boutique referral-only practice, then your money is better spent on delighting current clients and COIs as opposed to investing in digital ads and campaigns.

Either way, don’t fear the spend. Allocate at least 5% of your gross revenue on your marketing activities. Don’t worry about the impact on EBITDA for now. Just trust the fact that you simply cannot grow a business without marketing it.

Hire Professional Marketers

Marketing is a specialized skill, and expecting an admin or operations team member to take it on often leads to frustration on both sides. Instead, I recommend advisors hire a professional marketing agency and outsource things like content development and distribution, campaign management, social media, advertising and PR. I also recommend hiring an agency that has familiarity with the wealth management industry and is flexible in their approach to working with advisors.

Once you’ve found the right partner, let them do their jobs. Do not procrastinate approving something because you don't like a font. Perfection is the enemy of progress. Even as a perfectionist myself, I promise you that if a color isn't perfect or a layout looks slightly off, it won't matter in the grand scheme.

Finally, be clear about your goals and expectations from the start. Some agencies spend a lot of time on strategy sessions or website redesigns, which may not be what your firm needs most. The best results come when there’s alignment around priorities, timelines, and a shared focus on execution.

Write How Other People Think

One big mistake our industry makes is speaking to the consumer the way industry professionals speak to one another. This is one of the reasons it is easier for advisors to refer business to CPAs, than for CPAs to refer to advisors. It's easy to explain what CPAs do: They handle tax filings and help minimize tax obligations.

Now imagine if CPAs marketed their work as "holistic and integrated fulfillment of federal and state obligations." You get my point?

Your marketing copy has to match how people speak, what they're concerned about, and what they're searching and googling. Everything you post, everything on your site, everything you discuss should use this language.

Ignore What Everyone Else Is Doing

So many advisors get distracted by what others are doing, caught up with who they see on social media or who is winning awards. The FOMO leads to self-doubt and comparison paralysis.

Your marketing should reflect your practice, your clients, and your goals. What works for someone else's business model might be completely wrong for yours.

Stop Waiting to ‘Feel Ready’ — Start This Week.

Ready isn’t a feeling. It’s a decision. The advisors winning new business right now aren't the ones with the most sophisticated plans. They're the ones actually executing. My recommendation is to start by hiring an outsourced partner to help you get organized, get going and stay accountable.

Penny Phillips is co-founder and president of Journey Strategic Wealth. She has spent most of her career coaching and consulting financial advisors, business owners, and wealth management institutions. Penny has authored multiple practice management training programs and is an industry speaker in both the U.S. and Canada. She shares her insights with advisors about the industry on her blog and on LinkedIn.

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