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Money Marketing: How to Develop an Effective Marketing Plan for Your Finance Business

marketing plan for financial services

A marketing plan for financial services is a smart thing to have for your business. Like many businesses, financial service providers rely on referral and word of mouth marketing to drive business.

That’s a great thing to have, but there are so many more ways to market your business. Like a smart investor, you want to diversify where you get your clients from.

Here’s how you can develop a marketing plan that will drive more business.

Why You Need a Marketing Plan

You might think that you have enough word of mouth and you don’t need marketing. What would happen to your business if your word of mouth leads just stopped? Your business would stop, too.

It’s exactly like working with clients on their financial plan. You have a plan for them to help them retire, invest wisely, and hit their financial goals.

You need a plan for your business and that’s why a marketing plan is so important.

What Are the Rules for Marketing Financial Services?

Many in the financial services industry are reluctant to market their business outside of referrals. That’s because financial services are subject to advertising rules and regulations, especially when it comes to online communications.

You can thank the Financial Industry Regulatory Authority’s (FINRA) Rule 2210. It’s meant to ensure that any communications coming from financial services isn’t misleading.

You should do your own research to make sure your advertising is above board. If you’re a financial advisor working for a larger firm, check with their compliance department. They may have content that’s already approved to use.

You’ll also want to check with your state’s regulatory authority to make sure you comply with those regulations, too.

How to Create a Marketing Plan for Financial Services

How can you create a marketing plan for your business? A marketing plan for financial services isn’t overly complicated. It does require time for you to sit down and get clear about how you want to develop your business. This outline will help you develop your marketing plan.

Business Goals & Overview

Your marketing plan should start with an overview of your business. Write a brief summary of how long you’ve been in business, marketing challenges and successes.

Objectives of Marketing Plan

The objectives of your marketing plan should be 2-3 brief sentences as to what you want your plan to accomplish. They should be written like SMART goals.

For example, instead of writing, “To increase revenue,” you need to be more specific. Change it to “To increase revenue by 20% in 12 months.”

SWOT Analysis

A SWOT Analysis is a table that has your business’ strengths, weaknesses, opportunities, and threats. There’s often a lot of confusion as to the difference between a threat and weakness.

The main difference is that strengths and weaknesses outline what’s going on internally in your business. Opportunities and threats refer to what’s happening outside of your business that can still impact revenue.

For example, a weakness might be that you can only handle so much business without hiring staff. A threat would be something like increased competition or the economy. Both happen outside of your business and you have no control over them.

Target Market

You need to take the time to research the demographics of your market. The more you can understand them, the easier it is to create marketing messages and decide what tactics you want to use to reach them.

You want to know their demographic information, such as age, gender, marital status, income, where they live.

You also want to know psychographic information like how they make purchasing decisions.

Product Overview

Your financial marketing plan should include a section for your product offerings and how they compare to your competition.

If you sell online loans no credit check instant approval, and your competition doesn’t, then you want to be sure to hammer that message of convenience home.


The tactics are what most people think of when it comes to marketing strategy. Marketing tactics are the things you’ll do to achieve your marketing objectives.

Go back to your target market research and connect how they consume media with their demographic information.

Your target market may be older adults who typically use Facebook or they may be younger women and look up everything on their phones.

That information will help you decide where your money and time should be spent. If you want to target older adults online, then Facebook would be a good choice. Younger people may respond to a combination of SEO and Pinterest.

You want to have a few tactics to pick from that you can do on a regular basis.

Budget & Timing

This is probably the most important part of your financial services marketing plan. You need to make sure that you have a budget set aside to be able to pay for those various tactics.

Be sure to account for things like outsourcing, paid media, and time spent on executing the plan.

Follow Your Plan

The main difference between financial businesses that are successful and those that are also-rans is follow through.

If you don’t follow up with leads more than once, whether they’re referrals or they come through your website, then you’re losing a lot of business.

You also need to follow through on your marketing plan. It doesn’t make sense to have this beautiful marketing plan for financial services to only sit in a drawer and collect dust.

You have to execute the plan.

Once you have your plan, give your self 1-3 steps every day that will help you execute your plan. You have to be consistent in your plan, too. That’s what will create long-term success.

Marketing Lessons for Financial Services

As a financial services provider, it’s much easier to rely on referrals and word of mouth marketing to generate your business.

That will only get you so far when it comes to building a successful business built to last. You need to make sure you diversify your marketing the same way you diversify your investments for your clients.

A marketing plan for financial services is the first step in diversifying your marketing. The second is to execute consistently.

For more great content, check out these marketing strategies that get results.