Advisers should set up a multimedia lab in their offices to allow them to create custom videos on the fly, according to
Fidelity Investments.
Advisers increasingly need to have tools on hand to craft videos for their firm's website, social media platforms and client communications, said David Canter, executive vice president of practice management and consulting at Fidelity Clearing and Custody.
“Firms need to be communicating with clients and prospects through video and social media, or they won't be able to connect to emerging affluent investors,” he said.
Fidelity research shows the next generation of investors are twice as likely as today's millionaires to find advisers through internet research, and also are more likely to locate an adviser through social media.
Having in-house video production capabilities offers advisers more control over the cost and timing of content, as well as providing the flexibility to tailor specific videos to meet client needs, Mr. Canter said.
(More: Quarterly video statements may become the norm)
Fidelity, which has updated its
Office of the Future to include a video lab, estimates advisers can buy the tools needed to create in-house videos for about $1,000.
Advisers need a video camera, sound-enhancing microphone, green screen, lighting equipment, iPad compatible teleprompter and editing software, as well as basic equipment and software to craft and edit videos at the office, Mr. Canter said.
Those who don't want to invest the time and resources into developing in-house video production capabilities should have arrangements with professionals who can help them create videos, Mr. Canter said. For instance, Fidelity has a strategic relationship for firms that custody assets with them to receive discounts with GuideVine, an online platform and video producer for advisers.
Whether they produce videos in-house or with professional help, Bill Winterberg, founder of FPPad.com, said advisers showcased in the videos have to be comfortable on camera — something that comes with practice.
“Advisers really need to record themselves 50 times in private and then share that with family and friends for feedback,” he said. “So that the first video they post on their website is really the 100th time they have done it.”
Videos are a great way for advisers to differentiate themselves and their businesses from automated advisers, he said.
Robert Sofia, co-founder of Platinum Advisor Strategies, a marketing and practice management consulting firm, said advisers should have the capability to produce a monthly video for clients.
It can be about economic or market-related factors, or about a firm event that’s coming up — or something even more basic.
“Simple greetings can work wonders to break up the dry email communications clients are used to receiving,” Mr. Sofia said.
