Broadridge’s Kevin Darlington joins the Power Hour today to discuss some of the biggest trends from their 2024 Financial Advisor Marketing Report!

👉 Click here to register and join at 12pm EST!

🦛 Hippo on the Loose

Imagine walking out of your house and encountering a hippopotamus walking down the sidewalk.

That’s what happened in a suburb of Cape Town, South Africa this week, when a hippo broke out of his nature reserve and went for a walk.

Apparently the hippo left because of a dispute she was having with a male hippo.

Rumor has it she hit the pub for an hour or two. 😅 

- Team Advisorist

In Today’s Issue 👇️ 

• The viral TikTok challenges FAs need to know about

• A secret app driving big commission

• Why multi-channel marketing is a must in 2024

🤑 Viral Financial TikTok Challenges Make Headlines

Over the past year, TikTok has become one of the most popular sources for financial hacks and advice – especially among younger demographics.

Unfortunately, it’s not always the best advice.

As an advisor, it’s important to be aware of the noise that people are being exposed to.

🔥 3 Viral TikTok Challenges

• The 100 Envelope Challenge. This challenge suggests saving $1 more each day for 100 days. (e.g. You save $1 on day 1, $2 on day 2, etc.) By the end of the challenge, you should have $5,000 set aside.

• The No-Spend Challenge. This challenge advocates for eliminating all non-essential spending for a designated period of time. (No spend weeks and weekends are most common, though some go as far no spend months or years.)

• The Envelope System. This classic budgeting tactic has experienced a resurgence on TikTok. It involves spending 100% cash and dividing it up in separate envelopes for individual categories (like gas, food, rent, etc.).

🤑 Better Ways to Save

The heart behind these viral TikTok challenges is good – and they can have a positive impact on someone’s finances, if they currently aren’t saving anything.

However, financial experts suggest there are better ways to get ahead.

“If there’s ever been a time when you shouldn’t stick your money in a binder, it’s today when you can get 4% to 5% or more back in these high-yield savings accounts,” says Matt Schulz, chief credit analyst at LendingTree.

These trends also speak to a larger issue: Most people are trying to stack together random “hacks” from influencers, rather than implementing a custom strategy given to them by a financial advisor.

🤔 But They Might Be on to Something

While there might be better ways to save than what TikTok influencers suggest, there is something to be said for the idea of financial “challenges.”

What are some challenges that you could run with your current database or email list?

Click ‘reply’ and let me know your thoughts! I’d love to compile a list of ideas for a future newsletter.

Headline Roundup

🏠 Affecting Your Clients

• Baby Boomers Popularizing ‘Unretirement’ [AOL]

• Portland, ME Named Top U.S. City for Remote Work [CNBC]

• Just 13% of Taxpayers to Use Refund for Retirement Savings [INV]

📈 Markets & Economy 

• Economist Says U.S. Will See “More Things Break” in 2025 [CNBC]

• Chart Shows Average Retirement Savings in Every State [Y!]

• Bitcoin Halving Has Crypto Miners ‘Racing’ [CD]

💼 Industry Roundup 

• Inflation Concerns Still Impacting Retirement Planning Decisions [NAPA]

• Financial Advisor on FBI’s “Most Wanted” List [TA]

• Fund Managers Are Giving Up on Bonds [MW]

📱 Secret App = Serious Commission

We heard about an advisor in Lakewood, Washington who’s been using a secret app to drive some serious biz his way.

Within a couple of months of downloading it, he’s already generated $30,000 in fees and commissions from new clients who were convinced to move over hundreds of thousands of dollars.

Best part?

He didn’t have to say a word until they called him up and said they were ready to move over the funds.

You need to see this for yourself.

Tom Hegna and Jeremiah Desmarais are hosting a free training on how to use this app tomorrow at 3:30pm EST / 12:30pm PST.

There are a couple of spots left…

👉️ Register here!

🛠️ Multi-Channel Marketing For the Win

A study by the Western & Southern Financial Group shows Americans are pursuing a variety of ways to combat inflation and build wealth.

• 30% use YouTube

• 29% ask family for advice

• 28% use financial advisors

• 27% consult friends

• 27% use Google

• 23% participate in financial workshops

• 21% use Instagram

• 17% use Facebook

• 15% use Reddit forums

Reading between the lines, the data reveals a growing need for advisors to invest in multi-channel marketing.

It’s no longer enough to rely on referrals or to buy a list of leads and hammer them with cold calls. 

To reach tomorrow’s prospects, you must be in multiple places at once.

I’m not saying you have to be ev-er-y-where…but 2024 is the perfect time to expand your marketing horizons.

💪 Action Step

I’d encourage you to focus on adding ONE new prospecting strategy this month.

It could be launching a YouTube channel, putting together a financial workshop webinar, or getting more active in Facebook groups where your prospects spend time.

Pick something. Give it your focus. And see what happens.

🗓️ Upcoming Industry Event Calendar

April 17: The Virtual Advisor Power Hour

April 18: The Webinar Method with Tom Hegna

🧮 By the Numbers

32%

That’s the percentage of Americans who say they are “just getting by" financially – a figure that has held steady over the past couple of years. [Study]

✌️Good Vibes

On March 31, three men pushed their 20-foot skiff into the water for what was supposed to be a brief 3-day sailing trip.

Despite being equipped with an outboard motor and plenty of navigational experience, their journey took an unexpected turn and left them stranded on a remote island 100 miles northwest of their starting point.

A week later, relatives realized they were missing and called in the Coast Guard, who conducted a detailed search over 78,000 square nautical miles.

The breakthrough came on April 7, when the Navy spotted the words “HELP” spelled out on a beach using palm leaves.

All of the men were rescued and unharmed…

And now they have quite the story to share! 😆 

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.