An old adage attributed to P.T. Barnum says, “There’s no such thing as bad publicity.” Unfortunately, the adage doesn’t apply to marketing. For financial advisors starting out, the learning curve may resemble an obstacle. Michael Kitces asserts that financial advisors are for the most part, “really, really bad at marketing.”
AssetMark recently hosted a webinar through Advisor Perspectives showcasing the essentials of “Bad Financial Advisor Marketing and How to Avoid It.”
In the webinar, James Pollard of The Advisor Coach, and Kristi Toland, Director of Advisor Marketing at AssetMark, guide you through what constitutes bad marketing, how to avoid it, and, most importantly, what you should be doing instead. You may have missed the live session, but you can still watch the webinar and earn one hour of continuing education CE credit.
We recommend you watch the video to start marketing and growing your business. Or scroll down below the video for key highlights and essentials on financial advisor marketing.
Let’s suppose you do....
Like many other financial advisors, you decide to hold back on marketing and promotional efforts until the turmoil passes, to a time when you think investors are more receptive.
What will happen in the meantime? The few advisors who are still reaching out to prospects have their full attention because they are the only advisors talking to them--their share of voice increases.
Some would argue that everyone should have a financial advisor. For the sake of argument, let's consider the wealth management needs of both bold and timid investors during a bull market and a bear market.
During a bull market, bold investors can put their money just about anywhere, and the probability is that it will grow. When the market turns, however, bold investors face the harsh reality that they may need the help of an expert in investment management.
Timid investors aren’t concerned about their future because the future looks bright when the economy is in a period of growth. Timid investors become scared that their future isn’t secure amidst the economic turmoil and turn to financial advisors to help them mitigate risk and keep their financial plans for the future on track.
Think about your ideal client. What services do you offer that they need today? Securities-Backed Line of Credit? High-Yield Cash? Look for opportunities for your business to grow in tough times, and you may be surprised by who you can reach and what you can achieve.
Broadridge’s most recent study on financial advisor marketing revealed that the most challenging aspect is, ironically, where the magic really begins—developing a digital marketing strategy. (Only 9% of advisors said it’s not challenging.)
The least challenging aspect is answering the question of how much to spend on marketing, which was considered very challenging by only 15% of financial advisors.
Other financial advisor marketing challenges include finding the time for marketing efforts, selecting the right solutions for the MarTech stack, evaluating marketing ROI, and identifying the right target investor.
These six common mistakes can hamper advisors’ efforts to grow and scale their business through marketing:
While you could simply do the opposite of everything in this list, read on for concrete examples of good marketing strategies and tactics that financial advisors utilize to see results.
When done right, every dollar you spend on marketing comes back to you multiplied. So, any drawbacks of marketing are more a result of bad marketing:
With endless resources out there about marketing—how to do it and how to do it well—we’re focusing on the top tips for good financial advisor marketing.
If you work with AssetMark, you can reach out to your AssetMark Consultant for help growing your business or more marketing tips. Also, ask about AssetMark Marketing Advantage, our marketing platform powered by FMG Suite that offers comprehensive marketing tech and content support:
AssetMark, Inc. receives a portion of any subscription fees paid to FMG Suite by financial advisors working with AssetMark.
AssetMark, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. AssetMark and FMG Suite are separate and unaffiliated companies.
AssetMark is a leading provider of extensive wealth management and technology solutions that help financial advisors meet the ever-changing needs of their clients and businesses.
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