One of the biggest challenges for financial advisors is lead generation. While 88% of financial advisors report client referrals as a major source of new clients, RIAs looking to grow their business faster may look for more strategies to meet new clients¹. In terms of return on investment, setting up a passive way for proactive potential clients to find your business could be one of the best approaches.
A high quality website positioned for your target audience with applied search engine optimization (SEO) techniques can help clients find you with little to no incremental work on your end. Over 100,000 people search the terms “financial advisor” and “financial advisor near me” per month on Google². Meanwhile, only 30% of advisors report implementing an SEO strategy for their marketing.
Even many high-growth RIAs fail to leverage their websites effectively. Search engine statistics show that a lot of money may be left on the table. Below we review organic traffic statistics from 20 websites of the fastest growing RIAs, according to a November 2024 SmartAsset study, and what your firm can do to help capture more of these high-intent leads.
SEO and Search Statistics
Search engine optimization consists of a suite of content and web techniques that helps Google and other search engines determine the relevance of your website to people searching for applicable terms. While there is an entire industry dedicated to SEO and website performance, online resources are available to help individuals and businesses alike apply the basics for better performance.
Key Terms to Know
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Organic traffic: This refers to the visitors coming to your website from search engine results pages without any paid promotion involved. For RIAs, organic traffic means people are finding your site because they’ve searched for terms related to financial advice, investment strategies, or other services you offer, indicating genuine interest in your expertise.
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Domain authority: Think of this as a score that predicts how well a website will rank on search engine result pages. It’s calculated by evaluating multiple factors, including backlinks (see below). A higher Domain Authority for an RIA’s site suggests it’s seen as more reputable and authoritative by search engines, which can lead to better visibility for your services. Domain Authority operates on a scale of 1 to 100, with 100 being the best. For example, the New York Times website has a domain of authority of 100, and the Wall Street Journal’s website has a domain authority of 83.
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Backlinks: These are incoming links to your website from other sites. For a financial advisor, having backlinks from reputable financial news outlets, blogs or educational institutions can significantly boost your site’s credibility and SEO. They act like endorsements, telling search engines that your content is valuable and worth promoting in search results.
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SERP positions: SERP stands for Search Engine Results Page. These positions indicate where your website ranks for specific keywords or phrases. If your RIA’s site appears on the first page of Google for terms like “financial planning” or “retirement advice,” you’re likely to attract more clients because these are prime spots where potential clients look for information or services.
Digital marketing tools like SEMRush can provide organic search and traffic data for websites to track your own performance and compare it with the activity of potential clients and competitors alike.
SEO Stats for High-Growth RIAs
The following data demonstrates that despite ambitious goals, RIAs may be leaving money on the table by failing to optimize their website to reach more potential clients. The highlights of these high-growth RIA websites include:
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Only two of 20 high-growth RIAs have decent monthly organic traffic. Cetera Investment Advisors currently sees about 1,500 monthly visitors via Google searches. Similarly, Strategic Wealth Investment Group gets an estimated 1,600 monthly visitors. Meanwhile, a handful of these RIAs are poorly optimized and no potential clients are finding them via Google.
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Only one of 20 high-growth RIAs has a competitive domain authority scores: TD Private Client Wealth, at 78. This is largely due to the RIA website being an offshoot of TD Bank’s main website, which has a long, relevant history of user engagement and thus trustworthiness, in Google’s eyes. However, this portion of the website sees less than 500 organic visitors per month, indicating room for improvement in terms of content and keyword strategies.
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Backlinks help generate search traffic for these RIAs. Despite a lack of SEO-optimized blog content on site, Wedmont Private Capital generates about 200 organic visitors per month thanks in part to its relatively high number of backlinks to its site at 860. Provenance Wealth Advisors sees a similar amount of traffic with 1,400 backlinks, which may in turn have been generated through their on-site content. However, Lebenthal Diversified Asset Management has the highest number of backlinks at 2,000, but still generates almost no organic search traffic. This indicates that Google may see something in the website or its content that is unfavorable.
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SmartAsset website statistics are included for reference. The site’s SEO strategy is maintained by a team of professionals for over ten years, accumulating more than 5.2 million backlinks and a domain authority of 73. This currently yields an estimated 4.1 million organic visitors to the website per month, many of whom are interested in connecting with a financial advisor.
Tips for Improving Your RIA’s Organic Search Traffic
While a fully integrated SEO strategy may be more than your firm is able to take on at the moment, there are a few basics that may be low-hanging fruit to help improve your website in the eyes of Google and potential clients.
1. Define Your Niche
Defining your niche is crucial for standing out in the crowded financial advisory space. Consider what makes your services unique—whether it’s specializing in a particular demographic like tech entrepreneurs, focusing on a specific service like estate planning for the wealthy, or serving clients in a geographically defined area. By narrowing your focus, you not only appeal more directly to a specific client base but also reduce competition in search rankings for those specialized terms. This targeted approach allows you to craft content and SEO strategies that resonate deeply with your ideal audience, making your firm the go-to resource in your chosen niche.
2. Build Content
Content is king in the realm of SEO – and it’s less competitive than often oversaturated social media spaces. For financial advisors, creating a repository of valuable, informative content can set you apart in Google’s eyes. Start by developing a blog where you can share insights on financial planning, market trends, investment strategies or even simple financial tips. Incorporate images, infographics or videos to make your content more engaging and understandable. This not only helps in retaining visitors longer on your site but also improves the chances of your content being shared or linked to by others, which can enhance your site’s authority and SEO rankings. Remember, quality trumps quantity, so focus on delivering content that genuinely helps your audience make better financial decisions.
3. Use Distinct Keywords
Keyword research is fundamental to SEO. For financial advisors, this means identifying keywords that potential clients might use when looking for services like yours. Instead of generic terms like “financial advisor,” focus on long-tail keywords which are less competitive and more specific, such as “retirement planning for small business owners in Alabama” or “fee-only financial planning services.” You can use tools like Google Search Console or SEMrush to find the terms your target audience uses. Integrate these keywords naturally into your website’s content to signal to search engines what your site is about while attracting the right audience.
4. Google Business Profile
One of the most straightforward yet effective steps for enhancing your RIA’s SEO is to claim and optimize your Google Business Profile. This tool not only boosts your local SEO but also increases your visibility when potential clients search for financial advisors in their area. Make sure your profile is complete with accurate contact information, your firm’s services, opening hours, and location. Encourage satisfied clients to leave positive reviews, as these significantly influence local search rankings. Also, regularly update your profile with posts or offers to keep it dynamic and engaging.
5. Optimize Metadata
Metadata, including titles, descriptions, and header tags, plays a critical role in how search engines understand and rank your content. Optimize your page titles to include your primary keywords, making them descriptive yet concise. Meta descriptions should be compelling, inviting users to click through from the search results page. Use header tags (H1, H2, H3, etc.) to structure your content, making it easier for both search engines and readers to navigate. Each page should have unique meta data tailored to its content, helping you target specific queries and improve your click-through rate from search engine results pages. Many content management systems (CMS) such as WordPress or Squarespace offer user-friendly interfaces and tutorials for optimizing the backend of your website.
By implementing these strategies, your RIA can improve its organic search traffic, increasing visibility, trust and potential client acquisition directly from search engines. At its core, SEO is an ongoing process that requires patience, consistent effort, and adaptation to the latest search engine algorithms. But even without the resources for regular upkeep, setting your website with the proper basics can go a long way in distinguishing yourself from competitors.
Payoff and Costs of SEO Implementation for RIAs
RIAs report that the average revenue generated per new client acquired from SEO ($6,667) is substantially higher than that of clients gained from referrals ($5,000) – and in fact higher than most sources of lead generation¹.
Still, going beyond the basic groundwork for a solid SEO plan presented above usually means implementing a comprehensive strategy that can be time-consuming and costly. For RIAs, this means either dedicating significant hours of their own time, which could otherwise be spent on client services or strategic planning, or hiring a marketing employee specifically for SEO tasks. While the sample size was less than 10 RIAs, the client acquisition cost average could come in at over $23,000 for SEO¹. So the key is finding an efficient way to implement SEO content to take advantage of the relatively high returns on clients generated through your website.
Don’t Have Time for SEO?
SmartAsset has built a strong presence on Google for over a decade, with 4.8 million visitors per month². Through content, calculators, newsletters and more, SmartAsset connects vetted leads with small and large RIAs alike. SmartAsset’s offering, the Advisor Marketing Platform, or AMP, connects advisors with qualified leads and offers outreach automation and other marketing tools to help advisors focus their time on their clients. Connect for a demo today.
Questions about this study? Contact us at press@smartasset.com
Photo credit: ©iStock.com/artisteer
References
¹ How Financial Planners Actually Market Their Services. Volume 1, 2024. The Kitces Report. 2024 Marketing Study
² SEMRush, December 2024 data.
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