The recession has accelerated UK online demand for financial advice. But according to a white paper from Google, most financial advisors are not doing enough to be found online and are missing the opportunity to capture these leads.
With daily internet usage in the UK increasing year on year by 22% there are strong adoption rates among older and more affluent consumers.
According to the report, searches on financial related terms are growing consistently and increased 19% year on year in 2009, as users embraced the internet as a medium for their financial research. As the internet becomes an integral and even primary component of financial planning, companies with a strong online presence offering products or advice are benefiting hugely from the growing demand, whilst those who continue to rely solely on traditional sources of leads such as word of mouth and directories risk falling behind.
Whilst query volumes have increased, the majority of financial advisors have failed to step up their internet presence, either through maintaining a healthy website or through promoting themselves with online advertising. It is vital for them not only to have a good website, but to use all means possible to drive potential leads to find that website. Many are failing on one or both of these steps, meaning that online consumers are not finding them. So advisors are missing out on business, as potential customers are forced to look to other online sources of advice that are only a click away.