In this episode of LPL’s advisor community conversation series “Around the Table,” advisors address ways to recruit more Black Americans to work with financial advisors.

“You need to be on the front page of your website, so as soon as someone clicks on your site, you’re right there.”

Getting known

“The main thing is branding and marketing,” one advisor said. “Not just to drive new business, but to drive that you exist. A lot of people don’t know that you’re even out there.” This advisor also stresses that having a presence on social media and reaching out to prospects through the mail are effective ways to connect with people.

Promotion

Another advisor encourages promoting yourself as a Black advisor prominently in your marketing materials. “You need to be on the front page of your website, so as soon as someone clicks on your site, you’re right there,” they said.

Expanding and delivery of services

Another critical factor is making financial advice more accessible. “Maybe we do this by expanding our services, and the delivery of our services,” another advisor said. “We’ve begun doing financial planning on a subscription basis, which makes it more affordable.” LPL’s AdvicePay has streamlined the process for engagement and billing, which can be especially helpful in attracting younger prospects.

Watch the complete episode to gain insights about how financial advisors can attract more Black consumers to invest in their services and the role that LPL is playing in that effort.

Stay tuned for the next episode, where the advisors talk about how they fared in 2020.

Watch all episodes of Around the Table: Black Advisors at the Newsroom.

Learn more about Advisor Diversity and Inclusion at LPL.

Disclosures

The views and opinions expressed by the LPL Financial Advisor(s) may not be representative of the views of other Financial Advisors and are not indicative of future performance or success.

Any Advisor firms mentioned are a separate entity from LPL Financial.

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