Financial advisor videos allow you to “show” people what you do. That’s significant, since many people don’t understand the actual benefits they will receive from full-service financial advice. Sure, people know they’ll get help with their investments, but do they understand how powerful it is to feel confident about all aspects of your financial future?
This is the type of benefit a video can quickly convey—if done right.
Or maybe you create a video that shows you and your team talking on camera. In that case, you can show people quickly what it’s like to work with your firm. They can see your team, hear your voices, and easily get a sense of your style and approach. All without having to call you, make an appointment and visit our office.
Video is unique in how it can quickly deliver those benefits.
And surveys show it works. According to this article by Sarah Leblanc of LPL Financial, companies using video have reported a 66% higher average conversion rate.
Yes, video is that powerful.
Investing in Video
There is a price for that power. High-quality video can be expensive to produce. It’s even harder for financial advisors, since budget work can have the potential to reflect poorly on your brand. In addition, you have to work within compliance restraints.
Fortunately, there are strategies (including white label financial advisor videos) that can fit almost any budget.
Choosing the Right Financial Advisor Video Type
When it comes to financial advisor videos, there are a lot of questions:
- What’s your goal?
- What’s your budget?
- What’s your comfort level with being on camera?
But since financial advisor marketing is different from selling something simple, we’ll first turn that question around:
- What type of video is best for your potential clients?
Because you’re looking for results, that’s the first question to ask.
Fortunately, there are answers. Wyzowl surveyed consumers to find out what type of video they preferred. Here’s what their survey found:
- Over 39% of those surveyed preferred explainer videos.
- 20% preferred entertaining, informal ‘viral’ style videos.
- 12% preferred product demo videos.
- 10% preferred vlogs (video blogs).
Most of these are much less expensive than doing a full corporate-style video with an onsite video team, cameras and editing.
As it happens, explainer videos were found to be the preferred type. This is good news since these are normally easier and less expensive to produce. And if you’re a time-pressed financial advisor, you don’t need to worry about getting a video team in your office or memorizing a script. Finally, you don’t need to get on camera.
In my experience, explainer videos are also a great choice because they have the unique ability to simplify complex topics.
Within explainer videos, you have animated videos or whiteboard videos. Whiteboard financial advisor videos are a good choice, since they can be more affordable, and the “drawing” process keeps viewers watching.
Video Blogs (Vlogs)
If you are comfortable on camera, and especially if you have any radio or television experience, informal vlogs can be a great strategy. These can be extremely inexpensive to produce once you are setup. With these, however, it is recommended that you invest upfront in good equipment to make sure the result is of higher quality.
Another option is getting a full corporate video done for you. These require you and your team to appear on camera, so these are recommended for those who have a full physical office. The best ones include a video team coming to your office to film a full day of interviewing; then the best stuff is clipped out and incorporated into a short, entertaining video. Just be aware: To do them right, the costs for these videos can be high.
Your Next Steps
So after you choose the type of video you want to do, what’s next?
This is where advance work can pay off. You want to stay involved with the process so you can keep costs under control and produce the right kind of result.
Controlling Your Budget
Unless you’re using white label financial advisor videos to reduce costs, or doing it yourself, high-quality video is relatively expensive to produce. To help keep on track, I recommend first clearly defining your goals. Determining what you want the video to accomplish for you is the first step. That’s important to keep in mind as you review the video during development.
Prioritize the Script
Videos with amazing visuals and cool effects might seem impressive, but what really makes the difference when it comes to lead generation or lead conversion? It’s the message.
That’s why I recommend that if you are concerned about budget, focus on the script. A simple video with a great, emotionally engaging message is going to be much more effective than a beautiful, eye-catching video with a message that doesn’t cut it.
It’s like that hilarious television commercial that you remember for days—but then you can’t remember what product it was advertising. It provides tremendous entertainment, for sure, but may not be helping the brand advance as much as the advertiser would like it to.
So take your time on the script. Use professionals and work together with them to develop a message that will resonate with your ideal clients. Keep the message short and engaging.
Provide Feedback Early and Often
I highly recommend you use a content/video provider that specializes in financial videos, due to compliance issues and knowledge of what works in the field. But if not, you can help improve your result by providing consistent feedback. And keep one thing in mind: the earlier, the better.
So provide feedback fast, before things get too far along. With videos, going back and fixing errors can be very difficult. So read the script aloud several times. Listen to the voiceover several times. Get the kinks out right away.
Also, before you get started, clarify with your video provider what is included. You will need revisions, otherwise, you’re stuck with the animator’s vision of your project….not yours. So make sure revisions are included in the pricing. Normally, firms will include unlimited revisions until a point where you need to accept what’s done to move to the next step. That’s normal since going back and revising the script, for example, in a nearly complete video will require a new voiceover and adjustments of every scene to match the new timing.
Don’t Forget Compliance
Compliance is hard enough when you’re trying to write an article or a whitepaper, but it becomes that much more complex when there are voiceovers and animations that need to be adjusted.
So my recommendation is to get compliance approval on the script, then also on the storyboard. That can save you a lot of time and stress and help prevent excessive revisions.
Keep it Short to Save Money
Video gets much more expensive the longer you make it, but there’s no reason to produce an epic cinematic masterpiece. In fact, a long video can work against you.
Research shows under two minutes is best and ideally, 60 to 90-second videos work well with short human attention spans. Yes, it’s hard to whittle down your message to such a small chunk of time, but when you do it right, it can leave that much more of an impression.
Keep these tips in mind and you’re bound to end up with a result that will pay dividends for your firm far into the future.
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Wavelength Financial Content is a specialized provider of innovative explainer videos and other content for financial advisors and financial services firms.