Financial advisors trying to get more clients are constantly looking at marketing opportunities and assessing the "bang for the buck" or ROI for their marketing activities. Events have long been a common component of financial advisor marketing plans, and seminars and webinars are both popular prospecting event options. Educational events like these can showcase your uniqueness, your specializations, and your care for the community. As you demonstrate your thought leadership by leading these sessions, you have the opportunity to create lasting relationships founded on education.
Seminars
Seminars have long been a financial services industry standard. By some estimates, 73% of advisors host seminars, and 64% are specifically trying to attract high-quality clients. The in-person dinner seminars, educational evenings, courses, lunch-and-learns, etc. that make up this category of events can be incredible trust-building opportunities. There is a perceived authority when someone is confidently speaking to a group about their area of study, and the ability to answer questions live adds to this by actively sharing applied knowledge. The biggest difference in prospect experience that sets seminars apart from webinars is the ability to build a relationship in person – because communication and relationship is easier when you’re in the same room.
Webinars
Webinars have grown in popularity over the last several years, with popularity dramatically increasing due to travel and venue shutdowns in 2020. This event type offers the benefit of reaching a wider audience and typically costs much less than traditional seminars. With less coordination for both hosts and guests, and no postal deadlines since these are digitally marketed, they can be implemented faster. There are still curveballs with technology, equipment, and a different environment, so if you’re considering switching to or adding webinars to your marketing plan, be sure to review webinar best practices.
Comparison
Financial advisor events of all types have their merits. Weighing your business goal against the requirements for hosting seminars or webinars can help you as you decide. For your convenience, here is a table with common comparison questions we’re asked between the two event types:
| |
Seminars |
Webinars |
| Marketing |
Typically direct mail, with other methods supplementing |
Typically digital, via email and/or online ads |
| Technology & Equipment |
Display at venue, your laptop with presentation, microphone if needed |
Webinar hosting platform, laptop for presentation, ideal lighting and good home microphone and camera |
| Length |
Presentation time (usually 1 hour), meal if applicable, set-up, tear-down, commute |
Presentation time (we recommend 30-60 minutes), logging in early |
| Cost |
High: Design, print, mailing, registration system, venue, meal, lead list |
Low: Digital marketing budget, technology expense, lead list |
| Credibility |
High: In-person education |
Medium: Educational material presented |
| Pre-Planning Time |
7+ weeks |
3 weeks |
| Registration Numbers |
Low: An average direct mail response rate is about 2% of your lead list, but in financial services that is often lower. Direct mail financial seminars don't often result in tons of people in the room - you make up for this through lead quality and greater opportunity to convert |
Medium: Through digital marketing efforts, your list is likely going to be quite large. Though the response rate will be lower, the lower barrier to entry (registration) means your registered numbers will likely be higher in webinars |
| Show Rate |
Medium-High: With the right incentives and enough reminders, people view as more of a commitment |
Medium: Just as they are easier for consumers to sign up for, they are also easier to forget about or skip. Some consumers will ask about replays to "show" up later, which you may choose to provide or decline |
| Conversion Rate |
Depends on your lead quality, presentation, and you! We encourage our own affiliated advisors to work with a coach for either event type. |
