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What are the different types of lead generation strategies?

5 mins read
by Lisa-Marie Voneshen
Last updated January 28, 2025

Lead generation can be a great way for financial advisers to bring in new clients and grow their business. We reveal the different types of lead generation to help attract new clients.

Lead generation is a vital part of any business as it can be used to attract new customers and boost growth. 

However, with many different types of lead generation strategies to consider, it can be overwhelming. 

We look at what lead generation is and what the different strategies are. 

Key takeaways
  • Effective lead generation can attract new clients and support a growing business.

  • There are many types of lead generation strategies that target various demographics.

  • Choosing the right lead generation strategy depends on your firm’s long-term goals.  
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What is lead generation, and why is it important? 

Lead generation is the process of attracting new clients interested in your company’s products and services with the ultimate aim of converting them into a paying customer.  

A lead generation strategy is important for financial advisers as it helps bring in more customers and grow your business using many different methods. 

Lead generation aims to produce ‘leads,’ potential customers who have demonstrated interest in your firm’s services.  

A lead is not necessarily someone who has requested an initial meeting for financial advice – they may have simply gotten in touch or interacted with a piece of content on your site.  

If you have a financial advisory business and can produce a constant influx of leads and nurture them to become long-term clients, this bodes well for your company's success. 

What are cold, warm and hot leads? 

Before we go into the various types of lead generation strategies, it’s worth understanding the different types of leads.  

Figuring out whether a lead is cold, warm or hot can help decide how to engage with them.  

Here are the different types of leads: 

  • Cold lead: This person has had no prior interaction with your firm, so are unlikely to be immediately interested in your products or services and may have been contacted via cold calling or mass email. It can be hard to convert a cold lead, but they can be valuable in the longer term. 

  • Warm lead: These are people who have already interacted with your firm whether it’s downloading a resource, visiting your site or subscribing to a newsletter. Warm leads are usually easier to nurture into clients than cold ones. 

  • Hot lead: These individuals are interested in your firm’s products and services and are in the final decision-making stage. For example, they may have requested a meeting or a specific quote, so they should be easier to convert than both of the above leads.  
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What are the different types of lead generation strategies?  

Now, we’ll explore the different types of lead generation strategies. 

Inbound  

Inbound lead generation is when you create content to attract potential clients, including articles on your site to answer specific questions, social media pages, whitepapers and emails.  

The hope is that an individual will find your content helpful and consider using your products or services, which they’ll need to pay for. For example, search engine optimisation (SEO) can play a significant role by boosting your firm’s visibility via search engines such as Google, while pay-per-click (PPC) allows you to advertise your company on other sites to increase traffic. 

Outbound  

Outbound lead generation focuses on using more traditional methods of communication with potential customers, such as emailing or cold calling. 

Compared to inbound lead generation, outbound is seen as more trying to sell your products and services, while inbound marketing tends to have a more organic process by attracting potential clients through helpful content.  

Outbound marketing can be more expensive than inbound, particularly if you opt for advertising, which is more likely to be selling products and services instead of educating the target demographic. 

With paid third-party lead generation, you get potential customers from other sources. 

This could be from a range of parties, such as lead brokers, lead generation businesses or content distribution networks. 

One of the biggest benefits of using a paid-third party is that your product or service usually comes recommended from another firm the consumer already trusts.  

Direct mail 

Direct mail can boost brand awareness and attract potential clients by directly sending physical promotional content, such as event invites and offers, to people.  

This type of marketing allows financial advisory firms to take the initiative and be creative with their outreach, as well as target their ideal audience in an engaging way. 

According to a Direct Mail Information Service (DMIS) Response Rate Survey, the average response rate for B2B direct mail campaigns was 10.9%, with 56% of consumers purchasing something after receiving advertising mail. 

Referrals 

Also known as ‘word of mouth’ marketing, your company can generate leads via referrals, whether it’s satisfied clients, partnerships or via professional networks. 

A big advantage of this lead generation strategy is that existing clients can vouch for the quality of service, allowing your financial advisory firm to build trust.  

People who have been referred by a happy client who they trust may also be more likely to convert and seek financial advice. 

A previous World Wealth Report by Capgemini highlights the effectiveness of referrals, stating that 44.4% of high-net-worth clients chose a financial adviser based on referrals from friends or business contacts. However, referrals can be hard to scale. 

Branding and advertising 

Building a strong brand for your financial services business and using advertising can be an effective way to generate leads. 

For example, you could advertise your company online, in print publications, and on public transport to increase awareness of your brand and boost trust. 

With a brand strategy, your firm could launch an engaging campaign encompassing online, print and social media channels or even refresh your brand image.  

It’s worth stressing that when someone becomes aware of your brand, it doesn’t mean they’ll convert straight away, but they’re more likely to consider your product or services when they need it.  

Events 

Hosting an event could help you diversify your lead-generation efforts. 

For example, you could host a webinar or online event to share your firm’s knowledge and insights on a specific topic, offer practical solutions and allow potential clients to ask any questions they have. 

After the webinar or online event ends, it’s a good idea to reach out and share a recording of the webinar and refer potential clients to other content or services that may be of interest. 

Alternatively, attending industry events can be a great way to connect with potential clients by highlighting the value of your services and increasing brand awareness. 

Want to work with Unbiased? 

Understanding the different ways to generate leads is vital if you’re keen to grow your business, but there are simpler ways to receive leads. 

Unbiased sends pre-verified leads straight to your inbox and offers many useful tools you can benefit from when nurturing and converting potential clients. 

Let Unbiased Pro help grow your business today. 

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Author
Lisa-Marie Voneshen
Lisa-Marie Voneshen is a Senior Content Writer at Unbiased and has previously written for loveMONEY and Shares Magazine. She is an award-winning journalist with around a decade of experience writing and editing content across various areas, including personal finance and investing.