On a daily basis, we hear from financial advisors complaining that their work is commoditized, meaning they believe everyone else is doing it. With over two million advisors throughout the nation, that may sound like a legitimate frustration. Advisors worry that what was once rare, like financial planning or customized portfolios, is now being offered by everyone else in their industry. They worry that what was once unique, like being an RIA, is now growing to be a household word (thanks to Tony Robbins!). They fear that anyone can go get their CFP and start managing money, and that robots are about to take over their jobs.
As someone who has studied and is passionate about branding, I am the first to object that view! As a lover of marketing and sales, I am constantly fascinated by some of the fastest growing brands in the nation. In my opinion, the success behind most brands these days is taking a solution or product that is extremely commoditized, repackaging and rebranding it, building an emotional story around it, and then creating a following and client base that leads to billions of dollars in new value.
Take for example water, one of the most saturated and commoditized things in the Western Hemisphere (unfortunately not the same case in more impoverished nations). Here in the U.S or Canada, we are blessed to be able to simply go to our kitchen sinks and pour some water for ourself! Restaurants bring water to us as soon as we sit down, and we can even drink it from the water fountain at the gym. That being said, why is it that water bottle companies are making BILLIONS? New players like PepsiCo’s LIFEWTR are making waves by striking the community nerve with millennials. By featuring three new artists every few months, they are putting an exciting spotlight on causes like Arts and Education. I think I paid $5 for one bottle of LIFEWTR last week at my gym (Lifetime, which is also revolutionizing the gym industry)!
Take stationary bicycle riding. Some gyms used to call it Spinning. It was boring, most gyms offered it, and it did what it was supposed to do: Give you a nice workout. SoulCycle came into the picture, and by positioning itself as the luxurious treat to fitness people who want to have a soulful experience in their workout, it has revamped the tired old spin class with a cult-like following. With their nightclub lighting and high energy trainers who individualize riders' experiences, this brand has elevated something tired and bland into an exceptionally rewarding praise. In fact, SoulCycle has grown into an IPO candidate, and has expanded into a clothing line sold at popular millennial destinations such as Urban Outfitters.
The list of such stories can go on and on: Taxis to Uber, Hair salons to Drybar, diapers to Honest Company, and more.
As you can see, what all these companies have in common is that they took something that was viewed as bland and oversaturated, and then rebranded and repackaged it to build a mission statement. By doing that, they were able to better connect on an emotional level with their target market, thus creating a buzz and social selling experience, and separating themselves from the rest of their competitors.
You can absolutely do the same thing as a financial advisor, through repackaging, rebranding, and building a purpose around what you do.
Marketing automation is a game-changer for financial advisors. By streamlining processes, automating tasks, and delivering personalized messages, it helps attract and retain clients effectively. Learn how to automate your marketing in this article!
This article discusses the importance of marketing for financial advisors and provides 20 marketing tips to help them attract and convert prospects, as well as reengage existing clients. It emphasizes the need to target the right audience and highlights the significance of personalization and differentiation. The tips range from optimizing websites and leveraging technology to hosting events and being involved in the community. The article also suggests focusing on content marketing campaigns directed at target clients through social media platforms. By following these tips, financial advisors can enhance their marketing strategies and grow their business effectively.
This article is about financial advisor marketing. It talks about the top financial advisor marketing tips and the ways you can enhance your growth and visibility as a wealth management firm. Whether you’re an RIA, independent advisor, wirehouse advisor, or any other fiduciary that services end investors, you can stand out through customized marketing. Read our article to learn how!
What are the components of financial advisor marketing so you can stand out from the crowd, get new clients, and become a household name? As a one-stop done-for-you outsourced CMO and marketing agency to financial advisors and wealth management firms, we have got the answers for you. Read our blog to learn more!
Rather than getting “I don’t know anyone right now” to your hint at getting more referrals from your clients, utilize the Referralytics™ methodology! Read this article to learn more.
Building a strong relationship with your clients beyond managing their money and speaking about their finances can be one of the most critical components to growing your practice.
Small gestures of appreciation can have a significant impact. By sending anniversary emails, hosting client-specific events, encouraging social media connections, producing monthly video updates, organizing webinars and educational events, and sharing regular newsletters, you can maintain a more robust connection with your clients without much hassle. These efforts show you care and help your clients trust you more, keeping them loyal to you over the long-term.
Just like in investment management, the golden rule with marketing is Diversification. In this article, published in Kitces.com, we discuss the marketing “asset classes” you should be investing in using the WAVE method, and the “sub asset classes” within those to get you to your long-term growth goals.
Select Advisors Institute offers comprehensive marketing solutions tailored specifically for financial advisors. With expertise in digital marketing, their services include email marketing, social media management, website design, search engine optimization, and advertising. These strategies aim to increase visibility, generate leads, and drive revenue for financial advisors. The agency also specializes in seminar marketing, strategies for registered investment advisors (RIA), and marketing plans. Select Advisors Institute's personalized approach ensures that each client's unique needs are met, helping them stand out in the competitive landscape of the financial advisory industry. By outsourcing marketing to the agency, financial advisors can save valuable time and benefit from the agency's industry knowledge and specialized resources. The article emphasizes the benefits of working with an investor-specific CMO, such as avoiding the costs and challenges of hiring an in-house marketing team. Overall, Select Advisors Institute offers a range of services and expertise to help financial advisors succeed in their marketing efforts.
A January 2024 report showed that more than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m!
So how can financial advisors and financial planners maximize their social media marketing strategy so they can better engage with their clients and find new prospects? This article goes into some strategies and methods!
In a fiercely competitive industry, financial advisors must prioritize effective marketing to attract clients and drive business growth. Crafting a well-structured marketing plan, leveraging the power of digital marketing and social media, collaborating with specialized marketing agencies, and providing valuable content through content marketing are key strategies to achieve success. By adopting innovative tactics and utilizing marketing automation, financial advisors can differentiate themselves, build credibility, and establish strong client relationships.
This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
Are you finding that your marketing and sales efforts are falling short of expectations, leaving you frustrated or surrounded by excuses? It's time to break free from the mundane routine and discover a more intentional approach to your growth efforts. This article outlines how, by first understanding the difference between a marketing strategy and a marketing plan.
YOU and your clients believe you are trustworthy. But how can you prove that to those who don’t know you? Is there a benchmark for measuring your trust level against, so you can measure your stats and improve them if need be? We believe so, and we want to show you the building blocks around measuring “trust.”
Gamification is a powerful tool that can enhance performance and growth in finance, law, and accounting. By applying game mechanics to non-game contexts, it drives engagement and motivation. This article highlights the benefits of gamification and offers five strategies for financial and legal professionals to implement. These strategies include referral contests, financial education quizzes, thought leadership contests, and more. Gamification can increase engagement, improve knowledge retention, foster collaboration, provide real-time feedback, and support continuous learning and development. By embracing gamification, professionals can create an exciting and dynamic workplace culture while empowering their teams to succeed.
Why you may want to outsource your Chief Marketing Officer Role to a full agency that focuses exclusively on the financial and legal industries, rather than looking to do it all inhouse. This article is about financial advisor marketing through a wealth management marketing agency that can help you, with a CMO and entire team of experts.
Brand plays a crucial role in financial services as it goes beyond logos and business cards. It defines the company, builds trust with prospects, and alleviates financial stress for clients. Transparency, honesty, and prompt communication are essential in building long-term relationships and securing customer loyalty. By developing a personal, trustworthy brand that meets clients' unique needs, firms can earn trust and introduce new products and services.