10 reasons to hire a Fractional Chief Marketing Officer CMO as a financial firm

In an era marked by heightened competition and evolving client expectations, the role of an effective marketing strategy has never been more crucial for wealth management firms. The need to distinguish themselves in a crowded market, while delivering personalized, trust-based solutions to family offices and ultra high net worth families, necessitates a strategic and specialized approach to marketing.

Amidst these demands, outsourcing a specialized Chief Marketing Officer (CMO) has emerged as a strategic imperative for leading firms.

Here are 10 reasons why this trend of hiring an outsourced and fractional CMO for investment advisors and financial firms has gained momentum:

1. Cost-Effective Expertise: Engaging an outsourced CMO provides access to specialized expertise at a fraction of the cost of employing an in-house CMO, delivering high levels of proficiency without the overheads associated with hiring a full-time executive.

The average salary of a mid-level experienced CMO for a financial firm is upwards of $100,000. But that’s not IT! There are these ancillary costs to consider:

• Benefits to the CMO, including days off

• Additional vendors the CMO will need, including video editors, content creators, website front end development team who have knowledge of code, designers and more

• Ask from the CMO of advertising budgets and more

While you may be loyal to your CMO, expect to spend another ~50% of their salary on the ancillary costs and YOUR time.

An advanced Outsourced and Fractional CMO agency like Select Advisors already has a list of long-standing vendors and providers.

2. Enhanced Productivity: Outsourcing the CMO role allows internal resources to be refocused on sales outreach and business development, leading to improved work-life balance, increased productivity, and a heightened focus on client outcomes.

3. Time and Resource Allocation: Firms can reallocate internal resources to focus on business development tactics, such as enhancing client experience and increasing advisor productivity, optimizing the overall practice.

How much of your time are you willing to risk and allocate to your in-house CMO? Isn’t the goal of this service for you to OFFSHED the task? If you’re spending more than one hour on marketing, despite having a CMO, you are not spending your time wisely.

4. Tailored Expertise: Not all marketing approaches are created equal, especially in the context of wealth management. An outsourced specialized CMO understands the unique dynamics of the industry, emphasizing the importance of trust and long-term relationships over traditional sales pitches. Their expertise allows for targeted and resonant messaging that speaks directly to the HNWI and UHNWI audience, positioning the firm as a trusted advisor.

The best fractional CMO firm for financial firms should make your marketing be 100% customized to your firm!

If you are considering a CMO that has a one-size-fits-all approach, with only SOME customization you are allowed to do for your marketing, that is not considered tailored.

A good outsourced and fractional CMO should be 100% customized to your firm

5. Advanced Experience: The outsourced CMO brings with them a wealth of knowledge and access to a network of marketing experts specializing in the financial sector. This expertise includes an understanding of industry-specific strategies, ensuring the development and execution of campaigns that resonate with the target audience.

6. Ability to scale up and down: By engaging a dedicated CMO, firms gain the flexibility to adapt to market conditions and target audience changes. The CMO offers guidance on scaling marketing efforts, utilizing technologies, and allocating resources efficiently while maintaining adaptability in response to evolving market dynamics.

7. Driving Growth: With a primary focus on driving growth for the firm, the CMO translates vision into actionable campaigns and KPIs, automates lead generation, optimizes client acquisition funnels, and continuously evaluates marketing strategies for improved results.

8. Heightened Brand Visibility: A partnership with an outsourced CMO like Select Advisors Institute ensures consistent branding, enhances reputation, and increases credibility through professional content, ultimately elevating the digital experience for clients and referrals.

9. Visionary Perspective: An experienced CMO brings strategic direction to marketing spending, aligns budgets with business objectives, and provides comprehensive performance reporting, crucial for navigating the ever-changing marketing landscape.

9. Focus on Innovation: The outsourced CMO stays abreast of the latest marketing trends and techniques, sparing advisors from the time-consuming task of constantly researching and chasing the next best-performing tactic, allowing them to focus on their core competencies.

By leveraging the knowledge, network, and connections of an outsourced specialized CMO, firms can navigate the complexities of modern marketing while maintaining unwavering focus on their core competencies, ultimately driving superior results and establishing a formidable presence in the wealth management industry.

In this article we discuss:

• Fractional CMO for investment advisors

• Financial marketing companies

• Content marketing financial advisors

• best financial services marketing firm

• SEO for RIAs

• Financial Planning Marketing

• Chief Marketing Officer for financial firms and wealth management firms