Ep 370: Leveraging Google Reviews To Generate Inbound Local Prospects with Tim Goodwin
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 30 January 2024
⏱️ 84 minutes
🧾️ Download transcript
Summary
Tim Goodwin is the founder of Goodwin Investment Advisory, an RIA based out of Georgia that oversees $275 million in assets under management for 370 client households. Tim's distinct approach involves a strong focus on search engine optimization, especially Google Reviews, alongside paid search ads to attract individuals actively seeking a "financial advisor near me." This strategy has resulted in a thriving prospecting pipeline, leading Tim to triple his minimum fee requirements over the past two years due to the overwhelming demand generated.
Listen in as Tim shares his journey of building a pipeline for growth through a systematic approach to online reviews, resulting in a staggering 50% of his clients posting on Google Reviews, and how his marketing strategies led to a 2.5X return in client revenue. We also discuss how Tim navigated the challenges of balancing firm profitability, employee well-being, and client service, as well as his approach to hiring from his client base, strategies for establishing trust as a young founder, and the creation of Mastermind groups to combat the loneliness at the top.
For show notes and more visit: https://www.kitces.com/370
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker, and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the next level in your |
| 0:21.6 | advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. Welcome to the |
| 0:28.3 | 370th episode of the Financial Advisor Success Podcast. My guest on today's podcast is Tim Goodwin. |
| 0:34.7 | Tim is the founder of Goodwin Investment Advisory, an RAA based in Woodstock, Georgia, |
| 0:38.7 | that oversees $275 million in assets under management for 370 client households. |
| 0:44.4 | What's unique about Tim, though, is how he leaned into search engine optimization and Google reviews in particular, |
| 0:50.4 | coupled with paid search ads to capture consumers actually searching for financial advisor near me, |
| 0:56.1 | and in the process has created a robust prospecting pipeline, |
| 0:59.3 | which generated enough demand that Tim had to triple his minimum fee requirements over the past two years. |
| 1:05.2 | In this episode, we talk in depth about how Tim built a pipeline for growth by systematically asking for reviews online. |
| 1:11.4 | That's the result in almost 50% of his clients posting Google reviews. |
| 1:15.0 | How Tim leverages those 150 plus Google reviews along with signing up for Google screens |
| 1:20.2 | and investing in a paid search and targeted remarketing ads all to build his prospect's trust |
| 1:24.8 | and get them comfortable to reach out over the internet for a financial |
| 1:28.2 | advisor. And how Tim has reallocated his own marketing dollars from third-party lead generation |
| 1:33.5 | platforms and instead invested more deeply into his firm's own SEO and Google results, driving a 2.5x |
| 1:39.9 | return in new onboarded client revenue for every $1 he spends on marketing. |
| 1:45.1 | We also talk about how Tim's marketing success led to a level of growth and inflow of |
| 1:49.5 | clients that created significant capacity constraints and why he ultimately decided to decrease |
| 1:54.2 | the quantity of prospects and increase the quality of prospects by raising his firm's minimums |
| 1:59.3 | and then crafted an options-focused framework to graduate |
| 2:02.8 | clients who didn't meet the new minimums and ensure they could transition an empowering way. |
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