In a time where attention spans are dwindling, and visuals are overtaking text, there's no denying the power of video marketing. Ad spending in the video advertising sector is forecasted to reach $191.3 billion by 2024, indicating the growing demand for video content among consumers.

Like all other professionals, financial advisors can also benefit immensely from incorporating video marketing into their overall marketing strategy. The benefits of video marketing for financial advisors range from building credibility and trust with potential clients to simply standing out in a competitive market.

Below, we discuss the potential of video marketing in the financial advice space. You'll also learn about the most impactful types of marketing videos for financial advisors, along with examples to provide inspiration. Let's dive in!

Why Is Video Marketing Important for Financial Advisors?

Before going into the nitty-gritty of how video marketing can boost your credibility as a financial advisor, it's important to understand why it's essential in the first place. 

The most compelling case for video marketing comes from Wyzowl's Video Marketing Report, in which the data shows that 91% of businesses use video marketing, which is the highest the surveyors have recorded since 2016.

So, that's your first reason right there. If everyone else is on board, it's a no-brainer for financial advisors to hop on the video marketing bandwagon, too.

But that's not it. Personify Corp also forecasts that videos will make up 82% of all consumer internet traffic by 2025. With such a large chunk of internet traffic dedicated to videos, it's evident that consumers are increasingly seeking video content, and businesses that deliver may be at an advantage.

Such a significant increase in video content for marketing makes sense, considering 85% of marketers in the Wyzowl survey said they would maintain or increase video marketing spending in the coming year.

Why, though?

For one, video content is highly engaging. It holds attention longer than large blocks of text. Secondly, videos are highly shareable, so they can quickly spread your message to a broader audience. Videos can also be made interactive by adding animations or text overlays.

More importantly, videos don't necessarily have to be used alone. You can incorporate them in other types of content, such as blogs and social media posts. In fact, X posts with videos have 10x more engagement than those without.

What Is the Impact of Video Marketing for Financial Advisors on Their Credibility?

Now, let's dive deeper into the impact of video marketing on financial advisors, particularly pertaining to their credibility. Since they deal with their client's money, financial advisors need to have a certain level of trust and credibility to attract and retain clients.

Here's how video marketing can help.

Establish Thought Leadership

People are more likely to trust someone who is perceived as an expert in their field. If you don't show your expertise, people won't know about it.

Financial advisors can use videos to establish thought leadership by sharing insights and advice. For example, if you specialize in retirement planning, you can create videos discussing common mistakes people make when planning for retirement or tips for maximizing retirement savings.

Ryan Scribner, who describes himself as a ''regular guy'', has written a book called From Side Hustle to Main Hustle to Millionaire, which has a 4.5-star rating on Amazon. Why?

Because he makes YouTube videos, where he makes videos about everything from how to lease a car to planning for retirement and choosing the right stocks. His videos present him as a credible source of financial advice, which ultimately helps him sell his book and attract clients.

Check out this video of his with over 3.6 million views, in which he teaches beginners how to invest in the stock market.

Provide Market Updates

Video marketing for financial advisors also works wonders when professionals provide insights and updates about the market that laypersons would otherwise not know about.

A good example is Mark Douglass, a financial advisor at Morgan Stanley Private Wealth Management who has been named as one of the Top 100 financial advisors by Barron's. He uses videos to inform potential clients about investment opportunities through his LinkedIn account.

For example, in one video, he introduces potential clients to private markets, where they can buy shares of companies that are not yet publicly traded. You can do something similar to show your clients that you're offering them unique opportunities that they wouldn't find otherwise.

Run Ads

Video marketing doesn't necessarily have to be organic. Paid marketing videos for financial advisors can help bring in new clients through video ads on social media and search engines.

YouTube is your best bet in this regard since its potential ad reach is 32% of the global population. Video ads on YouTube run before, during, or after a user watches a video. YouTube Ads can also be placed on search results and YouTube homepage.

Besides, you can also create video ads for TV to reach a wider audience. For example, the BMA Media Group created a TV broadcast ad for Independent Wealth Advisors, which included an introduction from the President and the Vice President to amp up the personalization and trust factor.

Showcase Customer Testimonials

What better way to establish credibility than through satisfied customer testimonials? Video testimonials are more powerful than written ones since potential clients can see your clients, eliminating any possible doubts about the authenticity of those testimonials.

Video testimonials also add a human touch to your advertisement. They show potential clients that you do not merely see them as names on a spreadsheet but genuinely care about their financial well-being.

According to Wistia, a video software company, 10% of its users use it to create customer testimonials. In the same report, 26% of companies said that they plan to create more customer testimonial videos in the future.

Customer testimonial videos for financial advisors don't have to be fancy, like influencer-created content. The key is to show genuine and relatable experiences. Here's a testimonial from one of Jama Wealth's clients to use as inspiration.

Apart from creating individual client testimonials, you can also create a compilation of them into a single video. For instance, you can ask multiple clients the same question about your services and compile their answers into one video.

Such a video format adds diversity to your testimonials, showing that you have helped multiple clients with different financial goals. Krause Financial Services does a great job in this video. 

What Kind of Videos Should Financial Advisors Create?

When it comes to video marketing for financial advisors, you have to understand that you're not showing the glitz and glam of the industry. Your audience is looking for useful information and a trustworthy advisor, not flashy marketing tactics.

So, that's what you want to show with your videos. Keeping that in mind, here are the best types of videos that financial advisors should create.

Educational Videos

We've already mentioned it earlier; educational videos are a must-have in video marketing for financial advisors. Some examples of videos to create include:

• Industry updates and changes
• Explanation of complex financial terms or concepts
• Market trends or analysis
• Personal finance tips
• Future predictions
• Insider's scoops

For quick tidbits, use short and snappy social media videos. YouTube and X are suitable places to publish these videos. 

For example, Charles Schwab has a YouTube video playlist called ‘’Weekly Market Outlook with Jeffrey Kleintop,’’ in which Chief Global Investment Strategist Jeffrey Kleintop provides his take on the markets for the week ahead in just a few minutes. Here’s one video to give you a gist. 

Client Testimonials

Testimonials are the backbone of your marketing strategy. They provide social proof and build trust with potential clients. Plus, they offer a glimpse into the real-life experiences of your current customers, helping prospects relate to your services better.

Q&A Sessions

Sometimes, you may think you've covered it all, but your audience may still have questions. Hosting Q&A sessions allows you to address these queries.

The best way to do this in a way that's convenient for everyone is to hold YouTube livestreams. For example, Jason Thornton, a financial advisor, hosts regular Q&A livestreams called Ask JT. Here's a recent one.

Personal Introductions

Financial advisors can also use videos to introduce themselves and their teams. Similarly, financial advisory firms can create videos to introduce their company and services. 

These videos show the human side of your business and help build a personal connection with potential clients.

Webinars

Trends and forecasts in the finance space are often too vast to be covered in a short video. That's where webinars come in. These are longer, more comprehensive videos that can dive deep into specific topics or concepts.

For example, Fidelity Investments hosted a three-part live webinar on YouTube covering methods of generating income in retirement. With multiple experts on board, the webinar had over 8,500 views, which is impressive for such a long video in the finance niche.

Webinars help you establish yourself as an expert in your field and attract potential clients who are interested in the topic you're discussing. For example, Edward Jones, a financial services firm, regularly hosts webinars on various subjects.

To show that the firm stands for female empowerment, Edward Jones hosted a webinar about women's involvement in financial decision-making.

Onboarding Guides

Financial advisors who offer client portals or tools can create video guides to help their clients navigate these platforms. Similarly, if your offering comes with an app, create videos to explain its features and how to use it.

For example, Fidelity Investments has a video discussing the new features of its mobile app. You can create similar videos to show your clients how they can access their accounts, track investments, and make transactions on the go.

Where Should Financial Advisors Publish Videos?

Now that you know the crux of video marketing for financial advisors, the next step is to learn where to publish them. Here are some of the best platforms for publishing your videos.

Personal Website

Since your website is your cyber storefront, it's the prime location for your videos. You can either post them on your homepage or create a dedicated page for video content. Also, publish client testimonials on the Success Stories or Clients page.

Social Media

YouTube is undoubtedly the top platform in terms of video marketing for financial advisors, but you shouldn't limit yourself to just one platform. Share your videos on other social media platforms like LinkedIn, Facebook, X, and Instagram, too.

Emails

US businesses still get an ROI of $40 per $1 they spend on email marketing. So, financial advisors must leverage emails to connect with prospective and current clients.

Campaign Monitor found that adding videos to your emails increases the click-through rates by 65% and open rates by 19%. Thus, for financial advisors, email videos do not only spread their message but also enhance the effectiveness of their email campaigns.

Wrapping Up

There's no denying that video marketing for financial advisors is a go-to approach to boost credibility and establish trust. In the long run, this could mean highly engaged clients and extended customer lifetime value.

If creating professional or platform-optimized videos is daunting, you can partner with a video marketing service for financial advisors. These agencies understand the nuances of your industry and offer excellent video creation while ensuring regulatory compliance and client confidentiality.

As AI becomes commonplace, video marketing for financial advisors will also evolve. It's important that you adapt your video marketing strategy accordingly. Stay tuned to our blog for further updates on video marketing trends. 

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