In my conversations with financial advisors, I am surprised that many don’t realize the potential AUM (assets under management) growth that is possible for their firm through the Google Local Pack. The Google Local Pack garners a significant portion of the clicks on page one of a Google local search. This can mean more calls and more visits to your firm’s website. But what is the Google Local Pack, also known as the Google Map Pack or Google Three Pack? To explain it simply, it is the three listings to the left of the map, near the top of Google searches for local services, such as “financial advisor in Phoenix.”
A 2018 BrightLocal study reviewed different local keyword searches and then averaged the click potential for the three main types of search results on page one and their relative merit. Those three types were PPC (or paid search), the Google Local Pack and organic search. When looking at results on page one, paid ads were at the top, followed by the Local Pack, which comprised almost 33% of the search results. What is more, over half of that traffic was contained in the first listing in the Local Pack. The first result in the Local Pack is definitely the gold standard. They found the primary reason users clicked on the Local Pack result was because of the review rating, followed by the number of reviews and then the location of the pushpin on the map. Finally, organic search results made up a significant portion of the remaining clicks. For today, we are just focusing on Google Business Profile results.
To sum up the study findings, we see that the Google Local Pack search results can give you about one-third of the clicks available on page one of a Google search. This could be a potential goldmine for scheduling consultations with quality prospects ready to talk to an advisor.
Can independent registered investment advisors get into the Google Local Pack?
When I explain this to financial advisors who already know the value of SEO (search engine optimization), many instantly think it will be impossible, mainly because they think they will be competing against big broker dealers like Merrill Lynch, Raymond James, Edmond Financial or lead generation firms like SmartAsset, companies that often have monthly ad spend and marketing budgets in the millions.
I have good news for you. The deck is stacked in favor of local small businesses, like most independent firms. You will not need millions in marketing spend, just the expertise and game plan to execute it.
Digital marketing expert Neil Patel says, “Small local businesses can outrank large national brands in local pack placement.” He explains that national brands are at a disadvantage because, with local search, content takes on less importance and true location and a solid reputation from reviews takes precedence. He found that larger brands often don’t have the manpower to interact with local reviews and request them through personal connections. They may also not be as active in the community, which typically spawns truly natural local content and local backlinks from local news outlets and chambers of commerce. Local, small firms may be more likely to load pictures and videos to their Google Business Profile. Last, large brands can often confuse local search results because Google starts to think that the different location addresses are just dissonant old addresses and the company doesn’t have their directories squared away.
How can financial advisors get into the Google Local Pack?
There are a couple things you can do to get started. I will use the top two key findings from a survey given to veteran local SEO experts at the recent Whitespark Local Search Summit 2021.
First, when looking at the top factors that veteran SEO experts collectively hold to be important, the Google Business Profile (formerly called Google My Business) ranks as the most important thing. If you have not claimed your profile yet or have not gone through and filled it out completely, I encourage you to take the plunge. That would be the best place to start.
The second most significant factor after getting your Google Business Profile right and fully optimized is to get Google reviews. This is an exciting year because the possibility for independent registered investment advisors (RIAs) to solicit reviews and incorporate them into their advertising is finally here. The deadline for embracing the new SEC rules is this November, so I suggest all RIAs to start pivoting now. And while it is not always fun to get into the weeds of the new compliance rules, I’ve found the payoff for the ability to use Google reviews is so worth it. In my experience, you cannot rank in the Local Pack and get the lead flow that we are talking about without soliciting reviews regularly. The real issue is, do you want to be late to the game or be one of the first adopters to get the reviews in your area?
In the future, I will expand on how to properly and completely fill out your Google My Business profile in addition to outlining how to obtain Google reviews and ensure everything is compliant with the new SEC rules. Rest assured, there is a process to follow, and as you roll it out, you may start to see your ranking climb. Eventually you could find yourself in the Local Pack, getting more calls, visits and consultations.
