Speaker 1: You are listening to Carrie Letz's Financial Survival Network, where
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Speaker 2: Ed.
Speaker 3: Welcome you are listening to and watching the Financial Survival Network.
I'm your host, Carrie LUTs Hey. With us is Josh Woodward. Josh,
you are dedicated to helping people of financial advisors become.
Speaker 2: Number one in their area, and we're curious about it.
Speaker 3: We have lots of financial advisors on the show, sometimes
two or three per week and been working with these
people for many, many years.
Speaker 2: So what is the.
Speaker 3: Key to being a successful a successful financial advisor?
Speaker 2: Yeah, awesome, great, thanks writing me on the show. I'm
really looking forward to it. By watching your podcasts or
in your shows for a while now. Very educational and
I think really the biggest thing for advisors kind of
like what you do is just education, right, educating your
clients educational prospects. But then I think the biggest backbone
to anything is marketing and making sure you're getting that
message out to the people so they can actually see
what you're saying. Got it.
Speaker 3: So marketing, everything comes down to marketing in the end, right,
But you know, this kind of marketing can't be like
hitting you over the head marketing. It's got to be
a little more sublime, a little more subtle.
Speaker 2: Than that, doesn't it? It does? Yeah, I think so.
I thought I grew up in when I came into
the industry. A lot of it was back in the day.
It was marketing was like mailers to dinner summars, and
they try to educate and push a product, right, that
was on the marketing That kind of happened adventure into
like radio and then and then obviously digital came and
that's kind of where I got my teeth into the system.
It's just different, right, you have to you have to
approach digital marketing as education first. And so there's a
lot of people out there but that will talk about that.
But it's like like Gary b will say, like jab
jab and then throw the right hook. Right, So like educate,
educate and bound make it all, which is a lot
different than a lot of I can be used to.
I get it. I get it.
Speaker 3: So you know, tell us about some of your success
stories people you worked with, you know to name names,
but just give us an example of how effective your
approach can be.
Speaker 2: Yeah, So, like our our approach really comes down to
the way we do it is when we run marketing
for advisors, we really try to offer some sort of guide,
the equal tax guide, a state training guide, urmas and
all every big talk that's coming out, and we people
into that as like a lead list, right, and then
we'll educate towards a webinar, and then that webinar will
set the appointment. The whole process is to make sure
someone that wants to meet with you is engaged to
high intent but also kind of high a network. And
so a lot of advisors you work with, you know,
a couple in particular role have closed. One advisor out
in Minneapolis closed thirty four million dollars in new assets
this year so far right off of our marketing. And
that's really just in two forms. So the online educational right,
the cool thing are a cool thing. You know, COVID
was a bad thing, but what it did is really
catapulted our marketing and digital like putting us into the
digital space that kind of force our people can come
to the office and things like that. So everyone was
forced to getting used to these zoom and you know
conversations like we're having now, and so it makes a
lot easier for people to reach and scale. There's a
lot of good advisors out there that have a lot
of knowledge and if they can just get at scale,
you know, they can really help out a lot of
these people that are very good starting especially in like
today's market and what's got to Okay?
Speaker 3: So the interesting So what do you think is the
number one mistake that most financial advisors make when they
put together a marketing campaign.
Speaker 2: Yeah, I think the biggest mistake, and I think the
key to all marketing is coming down to the offer, right,
like what what are you? What are you able to
provide to the client? And a lot of advisors, you're
like a lot of websites will say like a free consultation,
right or three one on one leading. But I can
come up with a good offer that helps motivate that
prospect and to wanting to meet with you, you know,
something like I had a mentor back in the day
that got me into the program, Jason Lank, someone that
I highly looked up to and he had a process
called results in Advanced Planning. It's just it was a
planning map that a lot of advisors did it right,
you know, you know, three step deployment process, but he
called it results on his plan. It just made you think, like,
what is this? How can they get our hands on
that kind of thing? So I think the big a
hurdle advice offers coming up, what's unique offers?
Speaker 3: And then nique offers like give us an example, what's
a unique offer?
Speaker 2: Yeah? So yeah, back to like you know, one of
them was the results advanced planning, which is like a
process of offering someone to plan financial plan. They'd run
through the statements and they would show them the mind
carlssimilation right, basically like hey, if you're to just continue
doing what you do now, that is where you're if
you want to work with do it by yourself. This
is kind of your your success right. And then you know,
then Max want to be like, hey, I was ready
to help you. You know, this is what it would
look like. But and a lot of advisors do that
planning process, right, that's not being unique. But what you
called it was results in advanced point and I think
that's a unique offer, and so I think the other
other big mistake a lot of people make is they
try to push an offer in fact, so then you
have the offer and then it's then you're just like
trying to jam withouncings. Throw But the whole goal of
digital marketing is from someone to like you, know you
and untrust you, right at the end of the day,
That's what an advisor should try to do and get that.
Speaker 3: Okay and all right, So the marketing has changed, it's
not what it used to be. The whole digital slant
to all of that really important to stay up on it.
Speaker 2: What do you think?
Speaker 3: What do you think the biggest mistake though that these
guys are doing with their marketing as far as I
know about the offer, but you know a lot of
them are very successful and yet they still don't want
to do what's necessary here.
Speaker 2: Yeah, I think so the all marketing works, right, and
what question comes down is, you know how effective is
that marketing? Right? I can spend with millions of dollars
on TV ads, right, and eventually it's going to work. Eventual,
it's gonna get you an appoinment. Eventually, it's gonna get
you a client. But if I was spending million dollars
on radio, you know, or television or you know, digital
marketing like I had, like I recommend it. You know,
it's it's really coming down to at the end cost,
what is you know the success and you know, at
my if I put one dollar on ana in three
out or I'm paying three dollars and this three hours
coming out until that's where I think that comes in front. Right.
Speaker 3: Okay, So if someone's looking to get into this business,
what would you recommend.
Speaker 2: To them for financial advisors to get into the business.
Speaker 3: Yeah, so yeah, at a college or they were with
a brokerage house and now they feel this is the natural.
Speaker 2: Evolution of your career. What would you tell them to do? Yeah,
I think getting into the industry was very is a
very tough thing to do because it used to be
very expensive. You to have spent ten twenty thousand dollars
for and advantage, get some clients in the door or
you know a lot of brokerages will make you smile
and dollar family members and the other family members call friends,
and that's kind of how you naturally get into it, right,
It's just smile and dialing family or we spend ten
grand and do a seminar, right, and a lot of
people can do to other So really how I got
into it is very I just found someone in the program,
a mentor that had an R already, you know, and
I kind of jumped down there. I became a coffee boy,
you know, Glorify coffee boy, worked my way up to
knowing planning and then trading and that client management and
then they're actually marketing and doing all the seminars. So
my biggest recommendation is just find something that you could
you want to mirror, right, and see if you can
get your hands into that door. Okay, I'll buy that already. Uh.
We want to get in touch with you, connect with
you on the web more. How do you do that? Yeah?
I think the best way is, you know, mastermine Advisor.
Mastermindadvisors dot com is like our website, but I'm active
on LinkedIn. I love to to communicate that way, so
you can just you know, LinkedIn me is just Josh
underscore would word and you can connect with you there
all right.
Speaker 3: Appreciate that we got a link to that in the
show notes on Financial Survival Network dot com. While you're there,
at least sign up for a free news letter and
you got any question comments for Josh myself, shoot me
an email Katel at carrie lets dot com Josh and pleasure.
Speaker 2: We'll talk to you and send awesome. Thanks.
Speaker 3: Got a question for you what you're what you're feeling
about the newsletter?
Speaker 2: Email? Newsletter ads for marketing? Yeah, to answer that question,
like your is your target like in the older done
the rappel what's interest thinking? Then? What you like your
target target?
Speaker 3: I mean for financial want or you know expanding financial advisors.
Speaker 2: Yeah, I think you love it. Newsletters are great. There's
a way to do it successfully as long as you
have to call the action and stuff on the bot
on PSS and the rite it well. They working very well.
One thing I would see if you can do and
start doing is tax messaging. It's huge. So like every
time you watch a podcast or like something new that's
coming out, like you just should a text and say,
hey check the out or here's a quick winters or
hey I came across this. Like the open rate especially
for all like younger advisors for texting is where emails
used to be, you know, ten years ago, where it's
like a ninety percent open rate and clip deary. Yeah,
newsletters are huge, and I think even depending on how
big your audiences, there's even a BRIBERI that you can
make from the newsletters.
Speaker 3: Okay, cool, all right, interesting because yeah, if you just
I'm working now, I'm just expanding my own newsletter. It's
at thirty thousand when I started. Now I'm up to
about fifty thousand names. And you know, for me personally,
it's it's really effective getting the message out, getting people
to the site, getting them to listen to the podcast
and watch the YouTube.
Speaker 2: So yeah, I think a Well, I watched a lot
of your videos and like I was kind of curious
on how I would fit into like your business because
you're very and you interview some very knowledgeable people like
in the market. Hey, look, so I was curious. I'm
not to git into that, but I think the way
you're doing an education base, you're going to be grown
be successful with that. Are you just looking to get
revenue off like YouTube and podcasting or is there like
another advisor.
Speaker 3: You know, I have like a ton of financial advisors
come on the show. I don't charge them anything, but
I feel like I want to monetize that relationship because,
like I have the PR people, they'll just feed me
an unlimited number of them if I let them, which
I don't. I have some regulars who I've kind of
the built relationships with, so I know they're getting something
out of it. Obviously, they keep coming back on the
show even if they got a couple of leads. Right,
it was free to come on other than their PR person.
And you know each client is three thousand and five
thousand annually, so I'm just figuring out how they how
to monetize that. Would a service where we help double
triple their mailing list? What is that worth to a
financial advisor? And I figured as long as I had
you on, Josh, I would. Yeah.
Speaker 2: So I think what you're so like, if you're trying
to attract advisors, I think, like, like the whole Dave
Ramsey thing, Right, it kind of comes to mind that
man can sell the crazy mart of leads off of
just pre education, right, kind of what you're doing. I
think there's a little bit more higher end, you know,
just the screaming don't do debt and stuff like that.
But what I would do is have two sets the
news letters that are designed one for advisors. Right, you
call that out and then one for clients and so
like or like prospects, right, but you're going to build
that list a huge like you know with my marketing
easily I have kindly close to six hundred thousand you
know prospects just off of all the work. Then down
the years you can then then offer like leads, right,
but in a sense of like there's a debt ratio
cultorator you can utilize and then you you mail that
out to your prospect list and then any leads that
come from that then go to your select advisors. You
just charge a couple hundred buffs per that and then
you'll like a smart asset you know after down. That's
kind of the idea, and you could be very successful.
That would just a very low but it's all all
the backgrounds what you want to build. Yeah, yeah, I
love the show stuff brains.
Speaker 3: All right, thatn's good to you take. So like, hey,
you're coming on my show, bend one hundred and fifty
bucks or two hundred and fifty bucks on an add
on my newsletter.
Speaker 2: You could do that for like an advisor. So like
if you're trying to behind your show, so like what
like what that will do when you get to like
your subscriber business part there there's three ways you can
make really good income. One you can charge the advisor
directly right and say, hey, come on my show, and
it's cost us much. I'll put you write as many
people blah blah blah blah. The only way you can
do it done is ad science right YouTube add and
now could you put pure out what I think? What
almost thirty thousand subscribers.
Speaker 3: I just passed twenty, but I've been adding like several
thousand a month now for the past few months.
Speaker 2: That's awesome. Twenty one thousand. And is that majority advisors
or is that? Have you looked into everybody and that's everybody?
Because then so one you can charged adviser you come on.
The problem is like like any ones that come from
that would have to go directly to them, which is
totally fun. Like what Dave Ramsey does is like, hey,
what this will do is get you branding. Let's gets
you awareness to all these people by any leads that
come in are my leads. And so then what you
do with those leads is then you can sell them
to advisors. Are offering to advisors. You select advisors and
charge one hundred and fifty bucks two hundred bucks, and
you're giving them to two or three advisors that you
think you're quality, right, and then those advisors, so you're
making eight hundred dollars per lead instead of making one
hundred fifty dollars per one. Yeah, okay, so you can
and you can do all three right, but you can
sell one hundred fret bucks. It gets you out there,
get your name. It's branding. If you want any appointments
and leads that come from it, you know, it's two
if hundred bucks. And then as science and if you
keep growing, you'll be yeah, you'll have some good some
good look at a listens from it.
Speaker 3: All right, sounds good? All right man, I appreciate the advice.
We'll definitely have you back on again and let's stay
in touch.
Speaker 2: Okay, absolutely appreciate.
Speaker 1: Thank you very much, thanks for listening to carry Lets's
Financial Survival Network, your solution to today's trying times. For
the latest, go to Financial Survivalnetwork dot com. Financial Survival
Network now more than ever