According to a new White Paper published by Google, there were over 50,000 searches for the term ‘IFA' alone in Q1 2010. However most IFAs 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 demographics - key markets for the IFA community. The Google research shows that 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. With 30% of adult internet users earning household income of more than £50,000 this is a market IFAs should be aiming to capture.
Financial advice searches have grown strongly in the last 18 months - the search term ‘unbiased financial advice' had 84% more queries in February 2010 than in February 2008. 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 IFAs 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 IFAs not only to have a good website, but to use all means possible to drive potential leads to find that website. Many IFAs are failing on one or both of these steps, meaning that online consumers are not finding them. IFAs are missing out on business, as potential customers are forced to look to other online sources of advice which are only a click away.
In recent years and with shaken consumer confidence in traditional financial establishments, many new online businesses have become popular sources of advice. This consumer behaviour gives online IFAs a great opportunity to gain consumer trust and build their businesses online.
Google is now launching free training and support for IFAs through a White Paper IFAs in the Digital, detailing the online opportunity, followed by an educational Google Loves IFAs webinar, a Space resource and tools website and limited AdWords vouchers.
Google's White Paper IFAs in the Digital Space is available now through IFA Life for an exclusive period at http://www.ifalife.com/GoogleIFApaper and their educational webinar will be available to download from the 1st July. The webinar is hosted by Google's Finance team and will include demonstrations of how to use Google's free online resources to identify and benefit from the online opportunity, as well as tips for getting started on AdWords.
Google will be offering an AdWords voucher to IFAs trying AdWords for the first time, available via email.
Commenting, Ian Morgan, head of finance at Google UK said: "This market represents a real opportunity for financial planners online because queries in this sector have grown strongly over the last few years - yet the lack of advertising by IFAs to this market means that they are missing out on valuable leads.
"We want to offer more support to IFAs looking to grow their business through effective use of search marketing. Our aim with our White Paper and forthcoming webinar is to offer an educational starting point to these financial advisors. Consumers are looking for guidance in their wealth management and we believe that the internet can play an important role in helping them find the appropriate support."
