Google Ads for financial advisers: is it a worthwhile investment for generating leads and growing your client base? Understanding how it works will help you decide. The concept is an attractive one. In theory, it works by paying to display your ads at the top of Google search results and reaping the rewards as your target prospects click through to your website. However, in practical terms, creating an effective Google Ads campaign isn’t necessarily straightforward.

In this blog, we’ll look at how Google Ads works, the costs involved, the potential return on investment (ROI) and the challenges financial advisers often face when using paid search. And we’ll provide some useful tips on optimising campaigns to maximise results.

How does Google Ads work for financial advisers?

When you search for something on Google, you are presented with results in list form on the search engine results page (SERP). At the top of lists, you’ll see paid results – you’ll know which they are as they contain the word ‘Ad’ or ‘Sponsored’. To run search ads, you’ll need to sign up for a Google Ads account. It’s only when someone clicks on your ad and is directed to your website that you’ll be charged. This is known as Pay Per Click (PPC) – how much is determined by keyphrase competitiveness.

Key paid ad formats incorporate:

• Search ads. One of the most popular kinds of PPC advertising. Businesses pay for their ads to be shown above and below organic results that appear when someone searches specific keyphrases. An auction-based system is used.
• Display ads. These differ from search ads in a number of ways. Most notably, where search ads are only displayed to those searching for your offerings, display ads show according to a variety of targeting parameters. They aren’t limited to appearing in just SERPs either.
• Remarketing. Helping you reconnect with past website or app visitors, inspiring them to convert. Google Ads is a popular platform for remarketing.

With Google Ads, you can target your audience in various ways: location, demographics, topics, placements (platforms), affinity audiences (based on online behaviour and long-term interests), custom audiences or automatic optimisation.  

What are the costs of running Google Ads?

The cost of Google Ads for IFAs varies, depending on lots of different factors. For example, paid search for financial services will be charged differently to display ads. 
The average cost per click (CPC) in the UK for Google Ads is £0.50-£2.00. For the finance and insurance industry it ranges from £2.50-£12.00.

Factors that affect campaign costs include industry, market trends, location, and competition level. And quality of ads is important too as the Google Ads platform typically prioritise those with a user experience that’s seamless.

The size of your business is likely to determine how much you will want to budget for your Google Ads campaigns.

Pros and cons of using Google Ads

As you’d expect, there are benefits and challenges to using Google Ads.

Benefits

• Fast results
• Lead generation
• Brand visibility
• Wide reach
• Precise targeting
• Learn more about your prospective clients
• Integration with other useful Google tools
• Cost-effective marketing
• Arguably, the best way to increase traffic to your site

Challenges

• Stiff competition
• Can be tricky to navigate
• Time-consuming
• Strict ad policies
• A good landing page is critical

Searching for the optimal financial adviser marketing strategy? WEBPRO Adviser can help with a Google Ads campaign tailored to your needs.

What results can financial advisers expect?

The average Google Ads conversion rate is 6.96%. And the return on investment for Google Ads is said to be 200%. Finance and insurance saw the biggest increase in click through rates (CTR) between 2023 and 2024 at 24.75%.

We know Google Ads work for financial services. Banco Azteca increased their financial product sales by 178% with Google Marketing Platform. And Scotiabank boosted their mobile conversions with Google Search Ads 360%.

To make sure you get the best results, avoid these common mistakes that lead to wasted ad spend:

• Running all or mainly broad match keyphrases
• Forgetting to check search term reports
• Not using bid modifiers
• Not separating out your search and display campaigns
• Forgetting to set up conversion tracking
• Running a poor quality landing page

Familiarise yourself with, and be mindful of, checking display campaign settings. When setting up your display ads, look for the ‘targeting expansion’ slider. Make sure the default is set as you want it to be. Not doing so can be very costly.

How to optimise Google Ads for financial services

If you’re at the stage where you’re wondering how to run Google Ads, the following tips should help.

When it comes to choosing the right keyphrases and match types, start by using broader match for the widest range of terms. Add phrase match with phrases that contain your keywords. Save exact match for high-intent enquiries. Continually track and assess how Google Ads is working for you and adapt your campaigns accordingly.

To write effective ad copy and use ad extensions:

• Match your ad copy with the search term
• Show a clear value proposition
• Include an inspiring call to action (CTA)
• Include abbreviations, numbers and prices
• Utilise ratings and social proof
• Promote relevant offers or sales
• Think like your potential buyers
• Be sure your ad is responsive
• Align your landing page and ad theme
• Keep things simple
• Highlight your unique selling points (USPs)
• Add keyphrases smartly

Google can help you make sure your landing page is set up to aid conversions. The platform has different pages to help you identify what is working for you so you can prioritise accordingly and make sure it’s mobile friendly.

It’s vital your landing page loads fast and is user friendly. Avoid cluttering it up with unnecessary information or images.

Recap:  So, with all this in mind, is Google Ads worth it? There is no doubt that PPC for financial advisers can be highly lucrative. It takes a lot of analysis, tracking, assessing and adapting – which all takes time and a lot of expertise – but it’s one of the most effective ways to boost your lead generation. It may pay you to involve the expertise of marketing professionals. WEBPRO Adviser is experienced and qualified and can have you up and running in no time. We are always happy to answer any questions you may have.

WEBPRO knows

65% of small and medium-sized businesses use Google Ads for PPC.