Marketing software firm FMG Suite has completed its acquisition of rival digital marketing platform Twenty Over Ten in a deal that could further cement FMG’s spot as the top marketing tech provider used by independent financial advisory firms.
Terms of the deal were not disclosed, according to the firm’s announcement Tuesday.
With the agreement, FMG Suite will keep all of Twenty Over Ten’s 34 employees of designers, developers and marketers. Twenty Over Ten will continue to operate its business as plans are announced to integrate the companies’ products.
Top of mind for integration are Twenty Over Ten’s website editing tools and its automated lead generation product Lead Pilot, which launched in February, according to FMG Suite’s CEO Scott White.
In terms of customer base, the acquisition enables FMG Suite to tap deeper into the RIA space, according to White. “We work with more than 200 independent broker-dealers, but a smaller part of our business has historically been registered investment advisers, we do probably 20% to 30% of our business with RIAs,” he said. By comparison, about 70% of Twenty Over Ten’s customer base are RIAs.
Pricing for the combined tech tools will remain on par with FMG Suite’s current model, according to White, which offers marketing tool packages at $69 per month, according to its website.
While the ink dries on the acquisition closure, digital marketing continues to be of increased demand as the pandemic fuels adviser appetite for digital prospecting tools, according to Twenty Over Ten Chief Marketing Officer Samantha Russell. “Advisers have gone from referral-centric methods of growth to a digital marketing centric way of growing,” she said.
In fact, the largest planned increase in net spending will be directed toward digital marketing solutions, according to the 2020 InvestmentNews Adviser Technology Study. Of the 269 advisory firms surveyed between Jan. 30 and March 17, almost half (49%) of firms that already use the technology plan to spend more in the area, and 14% of firms that don’t already have the tools plan to add them this year.
Spending in this category includes software and other tools associated with email marketing — an area mentioned by 87% of respondents, social media (71%) and website design (60%). As the nation copes with the coronavirus pandemic, firms may wind up placing even greater emphasis on many of these tools heading into 2021.
FMG Suite captures the majority of market share, with 20% of advisers responding they use the platform. Other top competitors inlcude Broadridge Financial which ranks second (15%), followed by Snappy Kraken (8%), eMoney Advisor (7%) and Twenty Over Ten (3%).
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