Google Ads and Facebook (Meta) are the two dominant platforms for financial services lead generation in the UK. Between them, they account for the vast majority of paid digital leads that mortgage brokers, insurance advisers, and IFAs receive. But despite both being "digital advertising," they work in fundamentally different ways, attract different types of consumers, and require different follow-up approaches.

This guide is a detailed, platform-by-platform comparison to help you understand what you're actually getting when a lead provider says their leads come from Google or Facebook — and what that means for your conversion rates and your business.

How Google Ads Lead Generation Works

Google Ads places your ad in front of people who are actively searching for what you offer. When someone types "mortgage broker Manchester" or "best life insurance UK" into Google, ads appear at the top of the search results. If the consumer clicks on the ad, they're taken to a landing page with a form to fill out.

The critical characteristic of Google Ads is search intent. The consumer has identified a need, formulated a search query, and is actively looking for a solution. They're in problem-solving mode. By the time they fill out a form, they've typically done some initial research, have a reasonable idea of what they need, and are expecting to hear from someone who can help.

How Google Ads pricing works for providers

Google Ads uses a cost-per-click (CPC) auction model. Financial services keywords are among the most expensive on the platform. Typical CPCs in the UK range from:

  • Mortgage-related terms: £3-15 per click
  • Life insurance terms: £4-20 per click
  • Equity release terms: £8-30 per click
  • Pension and IFA terms: £5-25 per click

Given that only a fraction of clicks convert into completed forms (typical conversion rates from click to lead are 5-20%, depending on the landing page and form design), the actual cost per lead from Google Ads is substantial. This is why Google Ads leads tend to cost more than Facebook leads — the acquisition cost at the platform level is simply higher.

How Facebook Lead Generation Works

Facebook (and Instagram, which uses the same advertising platform under Meta) works differently. Instead of waiting for consumers to search, Facebook places ads in people's news feeds, stories, and reels based on demographic and behavioural targeting.

Facebook's targeting capabilities are sophisticated. A lead provider can target people based on age, location, homeownership status, life events (recently engaged, recently moved), interests, and much more. The platform's algorithm also learns over time who is most likely to fill out a form, and it optimises delivery accordingly.

The consumer experience is different from Google. They're not searching for a mortgage broker — they're scrolling through their feed and they see an ad asking "Could you save on your mortgage?" or "Check if you qualify for equity release." If the ad captures their attention, they tap through to a form (often Facebook's native Lead Form, which pre-fills their name and email), submit it in seconds, and continue scrolling.

How Facebook pricing works for providers

Facebook advertising is generally cheaper per lead than Google Ads for financial services. The cost-per-lead at the platform level typically ranges from:

  • Mortgage leads: £8-25 per lead
  • Life insurance leads: £5-18 per lead
  • Equity release leads: £12-35 per lead
  • Pension leads: £8-22 per lead

These lower acquisition costs are why Facebook leads can be offered at lower prices than Google Ads leads. But lower cost doesn't automatically mean lower value — it's a different product with different characteristics.

Lead Quality: A Detailed Comparison

"Quality" in lead generation is multi-dimensional. Here's how Google and Facebook leads typically compare across the key quality indicators.

Contact rate

Google Ads leads typically have higher contact rates. Because the consumer was actively searching and deliberately filled out a form, they remember making the enquiry and they're expecting a call. Contact rates for Google leads are often 70-85%.

Facebook leads tend to have lower contact rates, particularly when Facebook's native Lead Forms are used (where the consumer's details are pre-filled and submission takes one tap). Some consumers don't fully register that they've submitted an enquiry. Contact rates typically range from 50-70%, though this improves significantly with SMS verification and quick follow-up.

Consumer readiness

Google leads are generally further along in their decision-making process. They've identified a need, researched options, and are looking for a provider. Many are ready to proceed within days or weeks.

Facebook leads are earlier in the process. They've been prompted to think about something they may have been putting off. They're interested but often not ready to act immediately. They may need education, nurturing, and multiple touchpoints before they're ready to proceed.

Information quality

Google leads typically provide more detailed and accurate information. The consumer is engaged in the process and takes the time to fill in forms properly. They tend to provide accurate contact details, realistic property values, and genuine loan amounts.

Facebook leads, particularly from native Lead Forms, can contain less reliable information. The pre-filling feature means the consumer's name and email are automatically populated, but they may not bother to correct outdated information. Additional fields that require manual input may be filled in hastily or inaccurately.

Duplicate and waste rate

Both platforms generate some proportion of invalid or wasted leads. Google tends to produce fewer outright bogus submissions but can attract competitors clicking on ads (click fraud) and people doing research with no intention of proceeding.

Facebook can produce higher volumes of low-intent submissions, particularly with native Lead Forms. The ease of submitting (one or two taps) means some people submit forms out of curiosity rather than genuine interest. This is one reason SMS verification is so important for Facebook-sourced leads.

Conversion Timelines

This is one of the most significant practical differences, and it's where many brokers make mistakes.

Google Ads leads tend to have shorter conversion timelines. A meaningful proportion will convert within 1-4 weeks of the initial enquiry. The consumer was already in "buying mode," so the sales cycle is naturally shorter.

Facebook leads typically have longer conversion timelines. While some will convert quickly (particularly those with urgent needs that the ad prompted them to address), many will take 4-12 weeks or even longer. These are consumers who were reminded of a need rather than actively pursuing one, and they often need time to gather information, discuss with partners, and work through their decision-making process.

This has important implications for how you measure ROI. If you evaluate Facebook leads after two weeks and conclude they don't convert, you're measuring too early. You need at least 8-12 weeks of data, ideally longer, to get an accurate picture of Facebook lead conversion rates.

Cost Per Acquisition: The Real Comparison

Let's put indicative numbers to this. These are illustrative ranges based on typical UK financial services markets — your results will vary.

Mortgage leads:

  • Google Ads lead: £35-50 per lead, 10-15% conversion rate = £233-500 cost per acquisition
  • Facebook lead: £18-30 per lead, 5-8% conversion rate = £225-600 cost per acquisition

Life insurance leads:

  • Google Ads lead: £25-40 per lead, 8-12% conversion rate = £208-500 cost per acquisition
  • Facebook lead: £12-22 per lead, 4-7% conversion rate = £171-550 cost per acquisition

The ranges overlap significantly. In practice, either channel can produce a better cost per acquisition depending on the specific provider, the quality of the advertising campaigns, the verification processes, and most critically, your follow-up approach.

The key takeaway: don't assume Google leads are always better because they cost more. And don't assume Facebook leads are worse because they cost less. Measure your own results over a sufficient time period.

Adjusting Your Follow-Up Approach

If you're receiving leads from both sources — or if you want to make the most of whichever source your provider uses — adapting your follow-up approach is essential.

For Google Ads leads

  • Call fast. These consumers may be comparing providers. Being the first to call gives you a significant advantage. Aim for under 5 minutes.
  • Be direct and professional. They know what they need. Ask targeted questions to understand their situation and demonstrate your expertise quickly.
  • Provide a clear next step. They're ready to move forward. Don't over-nurture or they'll go to someone who gives them a faster path to their goal.
  • Follow up assertively. If you don't reach them, try again within the hour and again the same day. These leads cool quickly because they'll find another solution.

For Facebook leads

  • Call fast but with context. Speed still matters, but your opening needs to be warmer. Remind them what they enquired about. "Hi, you filled out a form about checking your mortgage rate — is now a good time?"
  • Be consultative. Many Facebook leads don't fully understand their options yet. Take a more educational approach. Explain, don't just sell.
  • Build a nurture sequence. If they're not ready to proceed, don't write them off. Send a helpful email, follow up in a week, and maintain contact. Many Facebook leads convert on the 3rd-5th contact.
  • Set expectations. Be patient. Track these leads over a longer period. A lead you called in January might convert in March. Without a CRM and consistent follow-up, you'll never know.

Which Should You Want from Your Provider?

If you have the choice, here's a practical framework:

Prioritise Google Ads leads if:

  • You want faster conversions and shorter sales cycles.
  • You don't have a sophisticated nurture sequence set up yet.
  • You prefer working with consumers who are further along in their decision-making.
  • You have limited time and need each lead to count.

Prioritise Facebook leads if:

  • You want more volume at a lower cost per lead.
  • You have a good CRM and nurture sequence in place.
  • You're comfortable with longer conversion timelines.
  • You want to build a pipeline of future clients, not just immediate conversions.

Best approach: use both. Most successful lead-buying firms receive a mix of Google and Facebook leads. Google provides the high-intent, immediate pipeline, while Facebook builds longer-term volume. The combination creates a more balanced and sustainable business.

Ask your provider what their source mix is, and make sure your follow-up process accounts for the differences. For a broader view of how different lead sources compare, see our guide to PPC leads vs social media leads.