Boosting Your Wealth Management Conversions: Proven Strategies to Turn Prospects into Clients

The wealth management and financial advice industry is extremely competitive. In the UK alone, there are 14,065 financial advice firms and over 1,000 investment management firms. With such a high number of competitors, and increasing acquisition costs, firms must focus on how successfully they convert leads into prospective clients.

Conversion rates— from advertising to website engagement or initial meetings to signed contracts—are crucial metrics that indicate the health of a wealth manager’s marketing and sales processes. Often, firms make the mistake of increasing their advertising budget to attract more prospects, when the real issue lies in points of friction within their marketing and sales funnel. By optimising these areas, firms can see better results without overspending on acquisition.

This article will explore practical tips for wealth management firms to improve conversion rates at key friction points—from initial advertising to post-meeting follow-up.

1) Improving Conversion Rates on Your Advertising

What is a good conversion rate for wealth management advertising?

With conversion rates varying between industries, understanding what good looks like is the first step to understanding the effectiveness of your advertising.

Meta Ads Conversion rates

For Meta Ads in Financial Services, you should aim for a click-through rate above 0.56% and a conversion rate above 9%. This would put you ahead of the industry average.

LinkedIn Ads conversion rates

For LinkedIn Ads, you should aim for a click-through rate above 0.6% and a conversion rate above 5%.

Google Ads conversion rates

For Google Ads, you should aim for a click-through rate above 2.91% and a conversion rate of 5.1%.

Get your digital ads strategy right

A carefully considered strategy is essential to convert prospects at different stages of the conversion journey. Too often, wealth managers rely on a single platform or generic ads that fail to resonate with their target audience. A personalised, multichannel approach is far more effective.

Best Practices for Digital Ads

Whilst platform selection and accurate targeting are important, the quality of the ads you serve can make the difference between the success or failure of your campaign. Here are some ways to review and improve advertising conversion rates.

• Rational vs emotional: A study by the University of South California suggests that ads focussing on emotional responses were 31% effective whereas ads focussing on rational responses were only successful 16% of the time. Tap into the emotions of your audience using emotive imagery and messaging to improve conversion rates.

• Case studies: Put your clients front and centre in your campaigns. Prospective clients will be keen to see how you have helped other people in their situation. Building trust and credibility through testimonials and case studies in your ads will improve conversion rates.

• CTA: A strong call to action is essential. Each ad should have a specific, measurable outcome—whether it's downloading a guide or scheduling a consultation. Make the CTA stand out in the ad using a colour pop to improve conversion rates.

2) Improving Conversion Rates on Your Website

Your website is the first impression many prospects have of your firm. However, it’s often neglected when it comes to optimising conversion rates. Many wealth managers build their websites to resemble a digital brochure, rather than thinking about it as a tool to convert anonymous visitors into prospects.

Aim for a conversion rate of 3% from visitor to lead, this is average for wealth management firms. Anything over 5% is considered good. If you’re falling below these benchmarks, here are some areas to focus on.

Key Areas to Focus on:

UX (User Experience): The site should be intuitive and easy to navigate. Minimise friction by ensuring important information (like contact forms or service pages) is no more than two clicks away.

Messaging: Keep messaging punchy, use fewer words where possible. Remember, People don’t read websites, they skim them. Ensure your unique value is conveyed as early as possible. Bring your experts to the forefront, featuring their expertise and content.

User Journeys: Tailor the journey based on the visitor’s needs. For example, offer content that’s relevant to HNWIs, such as guides on wealth preservation or tax-efficient investments.

Testimonials: If you’re good at what you do, your clients will be happy to write something positive about their experience. Featuring these testimonials on your website will give visitors the confidence to act.

CTAs (Calls-to-Action): Ensure every page has a relevant CTA that moves prospects further down the funnel, whether it’s downloading content, signing up for a newsletter, or booking a consultation. Use the CTA regularly throughout the page, so visitors don’t have to scroll to find it.

Forms: Simplify forms and only ask for essential information upfront. The fewer fields to fill out, the higher the chances of getting a lead. If you need to capture more information, use multi-stage forms so it doesn’t look as daunting for visitors.

Lead Capture Tools: Use various methods to capture prospects’ information—content downloads and newsletter sign-ups work well for prospects who aren’t ready to book a consultation. It allows you to capture their contact details and stay top of mind through nurturing until they are.

3) Improving conversion rates from leads to booked meetings

Having successfully captured the contact details of your prospects, the next phase is nurturing them until they are ready to have a consultation. However, without proper follow-up and nurturing, these leads rarely convert.

For content downloads, we expect conversion rates from lead to a booked meeting to be between 10% and 20%.

Here are some ways to nurture leads:

Telemarketing: Out-of-hours calls can work well as many HNWIs have busy schedules. Ensure the conversation is professional and aligned with the tone of voice of your firm. If prospective clients are happy enough to share their contact details, then a friendly call will help motivate them to take the next step.

Email Nurture: Send high-value emails that answer potential questions, overcome challenges, and address potential objections. Make it easy for prospects to take the next step.

SMS or WhatsApp Marketing: For more personalised communication, consider SMS or WhatsApp. These channels can feel less formal and are a great way to keep engagement high without overwhelming the prospect.

4) Improving Conversion Rates After Meeting Prospective Clients

For many wealth managers, the hardest part is converting after the initial meeting. Typically, when you are face to face with a prospective client, they’re positive and keen to move forward, but when they go back to their busy life, getting together the necessary paperwork falls down the priority list.

Here are some strategies to keep prospects engaged post-meeting:

WhatsApp and SMS: If this is how the prospect communicates with their friends, using it for communications may feel more natural. It allows for quick, casual check-ins and follow-ups. It’s much harder to ignore a message than an email.

Emails with Short Videos: Instead of text-heavy emails, consider sending short video follow-ups using services like Loom or Vidyard. It adds a personal touch and is more engaging than text alone. Use automation tools to ensure follow-ups happen regularly and are timely.

Digitisation of onboarding: Streamline the entire onboarding process with digital tools. Allow prospects to upload documents, sign agreements electronically, and access all relevant information through a secure online portal. This reduces friction and makes it easier for them to move forward without delays.

Conclusion

Improving conversion rates in wealth management requires a strategic approach across multiple touchpoints. From personalised advertising that resonates at each stage of the buyer journey to a well-optimised website that captures and nurtures leads, every element plays a role in driving success. Post-meeting follow-ups, especially using digital tools and personal communications, can make the difference between a prospect and a signed client.

By focusing on these areas, wealth managers can significantly improve their conversion rates without having to increase their advertising budgets.

If you’re interested in getting an external perspective on your conversion rates, or your marketing as a whole. Then check out our wealth management marketing agency services.