A lot of people dismiss “marketing” as all talk. Successful financial advisors, however, know that’s not the case.
So let’s talk about marketing.
When advisors are looking to connect with potential prospects, they need to understand their ideal client profile and then "niche down" in their messaging and engagement strategy, according to Gordon Abel, chief marketing officer at Dynasty Financial Partners. Advisors too often haphazardly target a general audience like "business owners" with a standard wealth management message and wind up yielding less than stellar returns on their marketing investment, he said.
“Niche down to a specific audience in a relevant geography like ‘doctors at these three hospitals within a 100-mile radius,’” Abel said. “Then tailor your message to them based on how you can specifically help their unique wealth management needs during a certain time-bound business or life event.”
And don’t be wishy-washy when it comes to branding either.
Advisors say it's critical that advisors create a "unified brand" across all touchpoints, from the logo to the website, to the office design, to content, to swag, to how the phone is answered.
“Branding is really about creating an accumulation of meaningful experiences over time to drive sales,” Abel said.
As an example of a marketing initiative that had a lasting impact on Dynasty’s business, Abel points to a Fourth of July event held during COVID to lift the spirits of clients and employees. Dynasty partnered with Ben and Jerry's ice cream factory in Waterbury, Vermont to create a virtual ice cream sundae making class with the head of the factory, the head of ice cream development and a guest appearance from Woody the cow.
“This was fun for the entire family and was a huge success in building client engagement and memories during a time of crisis. People still talk about this event years later,” Abel said.
So-called “swag” is also nothing to be sneezed at as a marketing tool.
Matthew Cavanaugh, managing partner and director of investments for XXI Wealth, for example, says clients love their swag so much, they often run out of it.
“We haven’t gone too far outside the box with swag materials - water bottles, clothing, pens, and the like - but have been very happy with the response and have received great feedback about the design and style of the logo,” Cavanaugh said.
When it comes to the logo, Cavanaugh advises advisors to make it “different and meaningful,” and "make sure it looks good on swag!"
When it comes to swag strategy, Saira Rizvi, director of marketing at Procyon Partners, believes in handing out useful items like high-quality notebooks, apparel, and tech accessories. Aside from the pure practicality of the swag, she views such handouts as a reminder of the personalized experience the firm provides.
“The best feedback on our swag is when it is personalized for an event or occasion,” Rizvi said. “We have an advisor who has an artist family member who hand paints initialed piggybanks for clients who may have just had a child or grandchild. It is a keepsake and conversation piece for years to come.”
Finally, advisors say that openness to trying new marketing techniques is fundamental toward learning what works best and innovating. That said, marketing campaigns must be carefully measured to make sure the message – and the money behind it – is not lost.
“Often these are pilot programs set up for a three-month period with assigned KPIs which are then evaluated during and after the pilot,” Rizvi said. “It may be a new lead generation source, and KPIs may include number of leads, quality of leads, and conversions.”
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