An old adage 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 reaching out to prospects have their full attention because they’re the only ones talking to them.
Now, let’s take a look at the wealth management needs of bold and timid investors during both 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. Timid investors aren’t concerned about their future because the future looks bright when the economy is in a period of growth.
During a bear market, however, bold investors face the harsh reality that they may need the help of an expert in financial services. Timid investors become scared that their future isn’t secure amidst the economic turmoil and turn to financial advisors to help them with their financial planning for the future.
Think about your ideal client. What services do you offer that they need today? 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.
Whether your target audience is Gen X or Gen Z, you need to be aware that there’s a general distrust and that you need to work to build that trust and reduce intimidation when prospecting for new clients.
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:
Effortlessly import your contacts and segment audience groups to personalize and target your communications. Sync contacts from your CRM platform, like Redtail, Salesforce, WealthBox, or Ebix, or simply upload a CSV file.
Send content directly to your compliance team for review and approval through the integrated compliance workflow. If you manage your own compliance, self-approvals are easy and seamless.
Analytics and Reporting
Make your marketing work for you. Get comprehensive reporting detailing email delivery, open rates, and click-throughs, so you can see how your audience engages with your email content.
Modern, Integrated Website
Create an unbeatable brand with a modern website that works seamlessly with Marketing Advantage content. Additional cost applies.
Use pre-built automated email marketing campaigns to keep clients and prospects engaged—and save you time. Send with exceptionally designed, responsive email content that educates and creates action. Additional cost applies.
White Labeled Content and Event Kits
Compliance-friendly content that can be sent as is or personalized first, from news outlooks to emails, to social media posts, to a complete kit for webinars (including the slide deck, registration page, and follow-up emails) can all make building your content marketing assets easier than ever.
Show your clients you're thinking about them with printed greeting cards that help strengthen relationships. Add a personalized custom message and send your card directly from the platform in a stamped and addressed envelope. Additional cost applies.
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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AssetMark, Inc. ("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. The information on this website is for informational purposes only and is intended as an overview of the services offered to financial advisors, not a solicitation for investment. Information has been drawn from sources believed to be reliable, but its accuracy is not guaranteed and is subject to change.
Advisors seeking more information about AssetMark’s services should contact us; individual investors should consult with their financial advisor.
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