This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.
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I am not a marketing guru, nor do I profess to be one.
But a recent experience reminded me how much low-hanging fruit is still ripe to be picked in our profession.
Those who have followed me over the years know of the RIA explanatory videos/podcasts I create each month explaining how to transition your practice to the RIA model. (Shameless plug, check them out at www.TransitionToRIA.com)
I recorded a recent episode where I discussed the process of how to choose and obtain a website domain (URL) for a new practice (i.e., the “.com” of a website.).
I discussed the steps involved with logistically buying a domain and covered strategies for picking a name to use.
I referenced how some advisors choose a domain that reflects the name of their advisory firm. Ex: FirmNameWealthManagement.com
Other advisors obtain a domain that is descriptive of their clientele.
As the recording progressed, I gave an impromptu example of a hypothetical advisory practice that caters to dentists. That is its niche.
Such a firm might seek to use a domain like DentistFinancialAdvisor.com.
After all, if you are a dentist needing a financial advisor, and you learn of an advisor whose website is DentistFinancialAdvisor.com, you are arguably much more likely to inquire with them versus an advisor with a generic-sounding domain name.
That doesn’t mean the advisor has to name their firm Dentist Financial Advisor. They can call their firm whatever they want. DentistFinancialAdvisor.com is merely the website domain used with its business-development efforts.
Further, DentistFinancialAdvisor.com automatically forward the visitor to some other site (e.g., FirmNameWealthManagement.com.) They can use the dentist-branded domain in their marketing collateral.
Having spontaneously come up with that example as the recording progressed, I mentioned that surely an advisor (who caters to dentists) had already acquired that domain name. Hence, I was just providing it as an example for the episode.
After finishing the recording, I wanted to see which advisor was indeed using DentistFinancialAdvisor.com. After all, I had given them an unexpected plug on my episode.
Much to my surprise, no one was using it. No one had even bought the domain. It was there for anyone to purchase for a mere $20.
It dumbfounded me. It can be a challenge to find an available domain name (i.e., one that is not already purchased), and there was something as distinct as DentistFinancialAdvisor.com that no one was using.
Of course, if you don’t cater to a dentist niche with your practice, you’d have no interest in this domain. But are other domains that would be effective for your business development efforts still available?
Most registrars allow you to acquire a domain for around $20.
Advisors spend tens, if not hundreds of thousands of dollars on business development efforts over the lifetime of their practice. And yet, a $20 domain can have the highest ROI.
Have you searched for a custom domain indicative of the services you offer or clients to whom you cater? You should. After reading this, your competition might also be on the hunt.
Brad Wales is the founder of Transition To RIA, a consulting firm uniquely focused on helping established financial advisors understand everything there is to know about WHY and HOW to transition their practice to the RIA model. Brad utilizes his nearly 20 years of industry experience, including direct RIA related roles in compliance, finance and business development, to provide independent advice regarding how advisors can benefit from the advantages of the RIA model.
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Read more articles by Brad Wales
This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.
