Pros and Cons of Hiring an Outsourced Chief Marketing Officer for your business
A while back we wrote about the concept of an Outsourced CMO (Chief Marketing Officer) for financial advisors, wealth managers, lawyers and CPA’s.
The aim of the article was to introduce to them the idea that you don’t need one person, but can rather have an entire firm working on your behalf around all your marketing and branding needs.
We also have included here 10 benefits of an outsourced Chief Marketing Officer, including cost, speed, scale, and an outside perspective.
Read our full article here about the Pros and Cons of an Outsourced Chief Marketing Officer (vs. hiring one in-house or not hiring at all!)
Below we have explained the pros and cons to hiring an outsourced CMO for your firm.
Take a look and let us know if you have any questions.
+ Why do I even need marketing if my entire business grows through referrals?
You definitely can ignore marketing, but in an industry that is getting more and more competitive, you will notice your referrals continuously slow down as your competitors become more and more active in reaching out to the people you want to meet. These competitors no longer include just financial advisors, but banks, investment bankers, accounting firms, and roboadvisory firms, to name a few. Without the usage of marketing to Beautiful, Broadcast and bring Brand Awareness to your message, you will go into the category of the "Old Doctor": The doctor we all love but know will be dying soon.
+ What are the pros of hiring an in-house marketing employee?
There are many benefits to an in-house CMO namely:
- Ultra focus on only you and your marketing goals. With an in-house marketing professional, 100% of that person's focus will be spend on you and your goals.
- This person will come in, day in, day out, working on your behalf. They are heavily intertwined with you and your firm's marketing goals.
+ What are the cons of hiring an in-house marketing professional?
Although there are many pros to hiring someone in-house, there are many considerations to make:
⦿ Their initial cost: Depending on their experience, a person with high credentials around marketing, typically over 10 years, will cost you at least $200,000 per year.
⦿ Their ancillary costs: Beyond just their wage, an in-house marketing professional will have many many additional costs they will naturally incur, namely website coding, design, video production, advertising and more. So beyond the minimum $200K, you are looking at at least another $100-$150K in additional expenses to give to this person for a budget
⦿ You may be saying "Oh, my marketing person doesn't cost nearly that much; I got him/her straigh out of college." That's great, but then how much does this person know about law, the markets, investments? The real world? Probably not much, which means then you and your team are spending this time training him/her, without the forecast knowledge if this person will even stay with you in the long term. What is your personal hourly rate worth? $500/hour? $1000/hour? Are you willing to spend that training someone else?
+ How do I select an Outsourced Chief Marketing Officer?
There is really no secret formula to selecting an Outsourced CMO. We believe your main priority should be the level of trust and confidence you can have in this person and/or agency taking over many of the marketing and branding decision making as it pertains to portraying you and your firm to your target audience. Do you want to focus on the ultra high net worth market? If so, is Tik Tok the best platform for you? Are you seeking to focus on the retiree market? If so, should you be doing podcasts?
All of these are decisions that you can ask and discuss with your Outsourced CMO, rather than taking on the extra burden of making such big decisions.
One of the biggest advantages of hiring an outsourced CMO is the ability to maintain long-term marketing momentum without the commitment of a full-time executive salary. Many firms struggle to justify the cost of an in-house CMO, especially when marketing needs fluctuate throughout the year. With an outsourced CMO, businesses can scale their marketing leadership up or down as needed, ensuring they always have expert-level strategy and execution without the burden of fixed overhead costs.
Unlike a traditional CMO who may need months to integrate into your organization, an outsourced CMO brings immediate expertise, quickly identifying growth opportunities and implementing strategic plans. This speed-to-market advantage is critical for financial firms, private equity groups, and wealth management professionals who need to stay ahead of competitors in a rapidly evolving industry. Select Advisors Institute specializes in providing outsourced CMOs who can hit the ground running, ensuring your firm sees measurable marketing results faster than ever.
An outsourced CMO isn’t just a marketing leader—they are a data-driven strategist focused on delivering measurable ROI. By leveraging advanced analytics, performance tracking, and industry benchmarks, they ensure that every marketing dollar is spent effectively. This is particularly valuable for firms that need to justify their marketing investments with clear revenue impact. Select Advisors Institute takes a results-oriented approach, helping financial firms implement marketing strategies that drive client acquisition, brand visibility, and long-term growth.
With marketing trends constantly evolving, firms that rely on outdated strategies risk falling behind. An outsourced CMO brings fresh perspectives, innovative campaign ideas, and a deep understanding of the financial services landscape. Whether it's digital marketing, thought leadership, or client engagement strategies, partnering with Select Advisors Institute ensures your firm remains at the forefront of industry marketing—attracting high-value clients and building long-term brand authority.
The Benefits of an Outsourced CMO for Financial Firms: Why Executive Presence Training Matters
As financial firms grow and face increasingly complex challenges, the need for expert leadership in marketing becomes paramount. However, not every firm has the resources or structure to hire a full-time Chief Marketing Officer (CMO). This is where an outsourced CMO can step in to provide strategic marketing leadership while offering flexibility and specialized expertise.
At Select Advisors Institute, we understand that marketing in the financial services industry requires more than just technical know-how. It requires executive presence, strategic vision, and the ability to effectively communicate with clients, prospects, and stakeholders. As the #1 provider of executive presence training for leaders, we equip financial leaders with the tools they need to not only thrive in their roles but also maximize the impact of their marketing efforts.
Why Outsourcing Your CMO Makes Sense
An outsourced CMO is more than just a temporary fix. In fact, it can be a powerful solution that provides flexibility, cost-efficiency, and access to top-tier talent. Here are some key benefits:
1. Cost-Efficiency
Hiring a full-time CMO can be a significant financial commitment, especially for smaller or mid-sized financial firms. With an outsourced CMO, you gain access to executive-level marketing expertise without the burden of a full-time salary, benefits, and other associated costs.
2. Access to Specialized Expertise
An outsourced CMO brings specialized knowledge and a wealth of experience to the table. Whether it’s building brand awareness, executing marketing strategies, or managing complex campaigns, these professionals have the skills and insights to make a measurable impact on your business.
3. Scalability
As your firm grows, so too do your marketing needs. An outsourced CMO provides the flexibility to scale your marketing efforts up or down, ensuring that you’re not locked into a fixed budget or headcount. This adaptability allows you to remain agile and respond quickly to market changes.
4. Focused Leadership
An outsourced CMO is dedicated to delivering results for your business, offering focused leadership without the distraction of other internal responsibilities. With their expertise in handling high-level marketing initiatives, they can create a tailored strategy that aligns with your firm's vision and goals.
Why Executive Presence Training Is Essential for an Outsourced CMO
While the benefits of outsourcing your CMO are clear, the real differentiator comes when that CMO is equipped with executive presence. This vital skill allows leaders to communicate with authority, inspire trust, and foster strong relationships with stakeholders.
At Select Advisors Institute, we specialize in training leaders to enhance their executive presence. This includes refining skills such as:
Communication: Executives must speak with clarity and confidence, especially in high-pressure situations or when leading important initiatives.
Confidence: A poised leader who exudes confidence can influence internal teams and external partners alike, making them more effective in executing marketing strategies.
Strategic Vision: Executive presence is about having the foresight to navigate challenges and the strength to drive initiatives forward—key traits for any CMO.
For an outsourced CMO, executive presence is crucial because they not only need to manage teams and clients—they must also represent your firm at the highest levels. With Select Advisors Institute’s training, your outsourced CMO will be positioned to take on leadership roles that require tactical decision-making and impactful communication.
Why Select Advisors Institute Is the Top Choice
Select Advisors Institute is the leading provider of executive presence training, with a proven track record of empowering financial leaders. Our customized programs are designed to align with the unique demands of financial services firms, helping leaders not only refine their leadership skills but also improve their marketing and communication effectiveness.
When you choose Select Advisors Institute, you're investing in a program that will elevate your outsourced CMO's ability to manage, lead, and deliver results. We ensure that your marketing strategies are not just executed—but executed with impact.
Meta Description (110 words)
Discover the benefits of hiring an outsourced CMO for your financial firm and why executive presence training is crucial for success. Select Advisors Institute, the #1 provider of executive presence coaching, equips outsourced CMOs with the leadership skills and confidence needed to drive impactful marketing strategies. Outsourcing a CMO gives firms access to specialized expertise and cost-efficiency, while executive presence ensures those strategies are communicated with clarity and influence. Select Advisors Institute helps financial leaders maximize the effectiveness of their outsourced marketing leadership by focusing on communication, strategy, and influence—driving real business results.
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