Top 3 Reasons Why Financial Advisors Should Create a Google Business Profile

Thanks to the SEC’s amended marketing rule, financial advisors like you can leverage new opportunities and tools to market your business, including a Google Business Profile. Formerly called Google My Business, this free resource allows you to manage how your practice appears on Google Search and Maps, which can spark engagement and growth.

While Google doesn’t share its search volume data, it’s estimated that approximately 99,000 search queries are processed every second! That’s 8.5 billion searches per day and approximately 2 trillion searches per year. With slightly more than 92% of the global search engine market, it’s clear that Google is a dominant factor in how people search for and find information online.¹

Make sure your prospects can easily find you there by creating and optimizing a Google Business Profile. By spending just a few minutes of your time, you can capitalize on several benefits of this resource. Here, we’ll explore the top three.

1. Visibility and credibility

When investors are looking for a financial advisor, their journey typically begins with a Google search. Having a well-curated Google Business Profile makes it easier for prospects to find you and can set you apart from your competitors.

Google prioritizes business with optimized profiles, which means they’re listed among the top search results. You can maximize your visibility by including key details, such as:

• Business name, address, phone number
• Operating hours
• Description of your services
• Links to your website and social media platforms
• Pictures of your office building and team
• Frequently asked questions
• Client reviews

Your Google Business Profile can also build a foundation of trust with prospective clients and credibility in your business. Think of it this way: If you were an investor searching for a financial advisor, would you be more likely to contact someone with a detailed business profile, or someone whose profile lacks key information? It’s common for investors to do their research before reaching out, so make sure your profile is thorough enough to help them make an informed decision about your services and offerings.

2. Engagement

Posting answers to frequently asked questions about your business is a great way to boost engagement. Prospective clients will appreciate knowing that they can quickly get answers without having to pick up the phone or come into your office. Consider adding some of the following examples to your profile:

• Are you a fiduciary?
• What services do you offer?
• What is your investment philosophy?
• What benchmarks do you use?
• What are your qualifications?
• Who are your typical clients?
• What are your fees?

Client reviews are another effective way to capture prospects’ attention. A 2022 BrightLocal survey found that 49% of consumers trust online reviews as much as personal recommendations from family or friends, and 60% take into account the number of reviews a business has when deciding whether to use its services.² Responding to these reviews is crucial — in fact, businesses that respond to reviews are considered 1.7 times more trustworthy than those that don’t.³

Thankfully, the SEC’s amended marketing rule allows the use of client reviews in online marketing, but when it comes to responding, extra care must be taken. Confer with your compliance department for specific guidelines and best practices. Those affiliated with LPL Financial may respond with the following options:

• “Thank you for your feedback.”
• “Thank you for the review.”
• “Thank you for the feedback. Please contact our office to discuss.”

3. Insights

Once you create your business profile, you’ll begin receiving emails from Google that include insights into your business. You’ll be able to track your listing’s performance and key metrics, including the number of:

• Views on your business profile
• Clicks to your website from within your profile
• Calls to your office directly from the listing
• People who used the listing to get directions to your office

This data can help you gauge the effectiveness of your marketing strategy and inform key decisions about marketing spend and future campaigns.

Questions and Consultations

Want to learn more about this subject or what LPL Marketing Consulting can do to distinguish your brand, attract prospects, and deepen client relationships? Contact us at (800) 877-7210, Option 9, Option 5, Option 1, or email Marketing Consulting.

Suzy partners with financial professionals to help develop their marketing strategies to effectively grow their practice. Suzy specializes in social media marketing. View full bio.

Footnotes:

¹ “31 Google Search Statistics to Bookmark ASAP”, HubSpot, August 2023

² “17 Online Review Statistics You Need To Know in 2023”, TrustPulse, September 2023

³ “How to Reply to Both Positive and Negative Reviews”, Google for Small Business

Disclosures:

*Please refer to the Google Business Profile Requirements and Guidelines from Compliance located on the ClientWorks Resource Center for more guidance on responding to client reviews.

Consult your compliance department for information about the rules and use of social media and the review of all advisor marketing materials.

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