Financial advisors capable of sharing relevant content through the right digital channels are “better equipped” at generating new leads, engaging with clients, and delivering better return on investment (ROI), according to a new study.
Broadridge Financial Solutions released its latest annual study of marketing in the sector and found that many financial advisory firms still adopt a scattershot approach to the practice.
More than three quarters of respondents said that they do not have a defined marketing strategy in place and less than half believe that they are on track to achieve key growth goals during the next 12 months.
The importance of a documented strategy is highlighted by the fact that 75% of advisors that do have one are confident that they will meet objectives and achieve success during the same time frame.
However, even those that are more “mature” in their approach do not always find it easy, as 91% of all advisors said that the task of coming up with a defined strategy for digital marketing is challenging.
The rewards for publishing high-quality content is worth that effort though, according to Broadridge Financial Solutions’ president of wealth management Michael Alexander.
He urged advisors to document a strategy as it is arguably the single most important factor in helping them to connect and engage with investors “in a manner consistent with their preferences”.
Alexander noted that the advisors that are able to define a target audience and understand when and how content should be pushed to them are already seeing considerable benefits in terms of engaging clients consistently and driving higher ROI.
The report also found that 86% of financial advisors struggle with time constraints related to marketing, which is something that can be solved by outsourcing.
The same number also find it difficult to leverage the right mix of marketing tech and tools.