Digital Marketing for Financial Advisers

Part
01
of three
Part
01

Articles and/or Surveys: Digital Marketing for Financial Advisors

An article or survey related to digital marketing for financial advisors includes four digital marketing tips that financial advisors can't afford to ignore. Another article is the most essential and useful digital marketing tools utilized by financial advisors. Several other articles, as discussed below.

Title: Four Digital Marketing Tips that Financial Advisors Can't Afford to Ignore

  • The article is accessible via this link.

Description

  • The article reveals several digital marketing tips relevant to financial advisors. These tips include challenges related to compliance, target audience, social media marketing, as well as advertising.
  • The study reveals that compliance may be the first thing that holding advisors from using digital marketing for their businesses.
  • The article is dated February 2019 and is published by a company in Hawthorne, CA, USA.

Title: How Advisors Can Up Their Digital Marketing Game

  • The article is accessible via this link.

Description

  • The article on how advisors can improve their digital marketing game is written by Charles Paikert in Las Vegas and surveys or reflects the views of experts like Robert Sofia, a CEO of a digital marketing firm. In the article, Sofia reveals online marketing strategies which constitute "growth drivers of the future" among financial advisors.
  • The article also reveals that financial advisors are not leveraging digital to sufficiently engage with their clients as they are making some marketing mistakes such as "marketing out of context."

Title: Introduction to Digital Marketing for Financial Advisors

  • The article is accessible via this link.

Description

  • The article by Andy Powell is dated May 22, 2018. It gives insights into digital marketing for financial advisors and got published by Synergy BP, a Minnesota-based company.
  • The article reveals that digital marketing "is a multi-component marketing" strategy and enables advising companies to get the most out of their marketing efforts. The study states that the bedrock of any digital marketing is its website. It covers the benefits of lead generation, email marketing, content & SEO, pay-per-click ads, and social media.

Title: The Most Effective Digital Marketing Tools Among Financial Advisors

  • The article is accessible via this link

Description

  • The report/article identifies and explains ten of the most effective digital marketing tools used by financial advisors such as Woobox, Facebook Power Editor, MailChimp, Emma, Marketo, Google Analytics, Google Ads, Screaming Frog, Moz, and Live Chat. It was published in January 2019 by Alta Street, a company located in Falcon Crest, Avon, Ohio, United States.

Title: The Basics of Digital Marketing for Financial Advisors

  • The article is accessible via this link

Description

  • The article was written in 2019 and states that the first step a financial advising firm can establish a presence for itself via digital marketing is setting up a website. The article explains how financial advising companies can get established on social media and publish to improve their credibility. It also discusses search engine optimization.
  • The article got published by PinchForth, a company located in Boston, MA.

Title: Ten Digital Marketing Ideas for Financial Advisors

  • The article is accessible via this link

Description

  • The article discusses ten digital marketing ideas for financial advisors covering newsletters, spotlight blog posts, networking events for target customers, YouTube videos, and infographic marketing and is published by a United States-based company.

Title: Five Pillars of Digital Marketing for Financial Advisors

  • The article is accessible via this link.

Description

  • The article covers five pillars of digital marketing for financial advisors, which helps them to reach their target audience, drive brand awareness, as well as retain long-term client relationships. The five pillars discussed in the article include a company website, content, email, social media, and marketing point person. The publisher is located in San Diego.

Title: Some Steps to Becoming a Digital Financial Advisor

  • The article is accessible via this link.

Description

  • The article describes some steps needed to become a digital financial advisor such as generating digital leads, staying in digital contact with clients, and making decisions using data. The article got published by Salesforce, a company that has its headquarters in the United States.

Title: Digital Marketing Tips for Financial Advisors

  • The article is accessible via this link.

Description

  • The article reveals some tips that financial advisors can leverage to implement digital marketing. They include starting with LinkedIn, being purposeful, and other tips. The publisher is in Nashville, TN.

Title: Content Marketing for Financial Advisors

  • The article is accessible via this link.

Description

  • The study or survey includes statistics relevant to digital (content) marketing for financial advisors in America.
Part
02
of three
Part
02

Insights and Trends - Future of Digital Marketing

Search engine optimization, video and social media are three projected trends in digital marketing by financial advisors.

Search Engine Optimization

  • Search engine optimization (SEO) was selected as a projected trend in digital marketing for financial advisors given that it was highlighted as recently as this past November of 2019 as a major trend within this specific industry and advertising channel.
  • Additionally, SEO was selected as a top trend specifically for financial advisors in digital advertising by numerous resources, including investor trade Seeking Alpha, financial marketing organization CreativeOne and financial technology firm FinancierSEO.
  • This trend towards SEO refers to an increasing focus by financial advisors on carefully crafting their online presence, such that their website or other corporate communications channels rank highly as part of search engine results.
  • Specific SEO tactics can include the strategic use of keywords, meta descriptions and tags to boost a financial advisor's visibility online.
  • According to Jack Waymire, the author of Who’s Watching Your Money? and 5 Steps for Selecting the Best Financial Advisor, as well as the founder of PaladinRegistry.com and PaladinDigitalMarketing.com, SEO will be a "crucial" part of how people will find financial advisors online going forward.
  • Additionally, Mr. Waymire recommends that financial advisors redesign their website every two to three years, and to employ tactics that boost visibility both from a national as well as a local market perspective.

Video

  • Video was similarly chosen as a projected trend for financial advisors in the area of digital marketing because it was discussed as a key trend for this cohort and channel as recently as this past November of 2019.
  • Moreover, video advertising has been by flagged as a top trend in this space by multiple industry experts, including Seeking Alpha, CreativeOne, marketing agency Mindstream Media and marketing firm A New North.
  • Video marketing refers to the use of video across digital marketing channels, including websites, social media or other advertising channels, because prospects and clients prefer to learn through something more visual.
  • Additionally, A New North and Creative One highlight the sub-trend of live video, which is increasingly seen by experts as easier for financial advisors deploy as well as more relevant overall.
  • In either form, video content leads to better conversion rates and engagement, and will be increasingly important for producing more leads for financial firms in the future, according to Rosemary Wendt, the president of Midstream Marketing.
  • Jack Waymire also asserts that financial advisors are much more likely going forward to use video to introduce themselves, and recommends creating generic content with a more evergreen lifespan.

Social Media

  • Finally, social media was selected as a projected trend in digital marketing for financial advisors given that it was highlighted as a major trend for the foreseeable future within this specific industry and advertising channel.
  • Social media was also chosen given the volume of credible publications highlighting it as a top trend for financial advisors in digital advertising, including Seeking Alpha, CreativeOne and marketing agency Mindstream Media.
  • Specifically, the trend in social media refers to expectations that financial advisors will increasingly leverage social media platforms including Facebook, LinkedIn, Instagram and Snapchat to formally advertise their business, network and create more general awareness for their services.
  • Notably, according to Fast Company, the most critical market for insurance and financial services (i.e., those age 55 to 64) are the fastest growing user segment on social.
  • As such, CreativeOne recommends sharing an article or other content with both clients and prospects every day through social media.
  • However, according to Jack Waymire, it's essential for financial advisors to ensure that all such messaging is in compliance with regulations by the SEC.

Research Strategy

Please note, for the purpose of this analysis, a projected trend related to financial advisors and digital marketing was identified as a trend that was specifically relevant to this industry and advertising channel, and which was highlighted as a top trend in the very recent past. Despite a comprehensive search across financial services and marketing publications, reports and other industry resources, little to no discussion of projected trends in this space were identified. This is likely due to the very specific nature of trends that are relevant both for digital marketing as well as for financial advisors. Nevertheless, a list of top trends for financial advisors and digital marketing was identified which was very recently published in November of 2019. Considering that this listing of trends is less than a month old, as well as the fact that trends are generally predicted to be pervasive for an extended period, it was deemed reasonable and appropriate to use this list of key trends as an indicator of projected trends for financial advisors in digital marketing.




Part
03
of three
Part
03

Best Practices - Digital Marketing for Financial Advisors

Some best practices surrounding digital marketing for financial advisory service providers include the use of email newsletters to boost or support content marketing efforts, customizing communications per channel by appealing to interests through personalization, and tracking traffic by analyzing data.

Use of Email Newsletters

  • Email newsletters include all email communications sent to inform an audience of the latest tips, news, or updates about a product or company. These newsletters are often used for various purposes and come in different forms, such as weekly digests or quarterly organization updates.
  • One of the best ideas practiced by financial advising service companies relative to content marketing is to use email newsletters to support advisory content marketing efforts.
  • Advising companies send out email newsletters to their audience periodically. This process helps their content marketing efforts reach a greater audience at a lower cost.

Why It Is a Best Practice

  • Sending email newsletters to clients and prospects is a tried and tested way of demonstrating expertise, building trust, and presenting a brand or an individual as knowledgeable regarding the financial profession. The process also keeps a firm at the top of the minds of customers. With this practice, advising companies can position as the obvious choice within its market and among the demographic that it is targeting.
  • Email newsletters routinely provide helpful as well as valuable information, and subscribers often share such newsletters with their friends and colleagues, leading to new client acquisitions.
  • Modelfa has a community of over 3,000 financial advisors and reveals that email marketing using newsletters is the best practice for financial advisors. Financial services organizations (including advising companies) enjoy a more favorable open rate of 18.23%.
  • 78% of consumers prefer that company communicate their learning materials through articles and newsletters, as well as other content, instead of through ads.
  • The use of email newsletters to boost or support content marketing efforts is identified as an ideal best practice by Lyfe Marketing. It has several advantages enumerated above and is practiced by several significant financial/advising companies, including J.P. Morgan, and Vanguard.

Company Using the Best Practice

  • JP Morgan provides asset management and advisory solutions for individuals, families, and corporations. The company subscription-based newsletters are used when marketing to individuals and institutions that wish to receive updated insights, thought leadership, as well as research from its team of institutional investment professionals.
  • JP Morgan is one of the most significant assets and wealth managers in the world and had assets under management worth $1.7 trillion as of December 2017. The company offers advisory services.

Customizing Communications per Channel and Personalization

  • One of the best ideas practiced by financial advising companies relative to content marketing is customizing or personalizing advisory communications across all channels.
  • According to ThinkAdvisor, personalization makes an advisor to seem reliable to clients. It makes customers see an advisor as the "go-to expert" who speaks in their language. It is a type of communication that helps advisors change their messaging style without challenging their legitimacy but shifts the focus from the advisor (the speaker), towards a client as the audience.

Why It Is a Best Practice

  • With the growth and acceptance of digital media, people use about three devices per person at any given time. Each of these devices has its format, accesses various channels, and offers consumers multiple views of different contents. Customization (personalization) helps advisors to provide value no matter the channel or format their customers are using to view their content.
  • Applying customization to content marketing is a best practice for financial advisors as it helps their brands connect with their audience on a personalized level without forcing any services on them.
  • Investors from various generations have become accustomed to "highly individualized user experiences" as well as client-centric customization across several aspects of their lives. Financial advisors are adapting as they are competing for clients' attention and assets.
  • A recent survey indicates that clients are craving more "customized communications from advisors." About 53% of respondents reveal that their investor communications are "personally relevant." 70% of customers believe that organizations sharing customized content are interested in "building good relationships with them."
  • Customizing/personalizing communications per channel is reported as an ideal/best practice by Lyfe Marketing, has several advantages, and is practiced by several significant financial advising companies, including JP Morgan.
  • According to JP Morgan, focusing on personalization as well as customization is quickly becoming the usual (normal) thing among financial companies, including those giving advising services as companies are saying goodbye to traditional marketing.
  • Customizing communications per channel and appealing to interests through personalization are ideal/best practices, as reported by Lyfe Marketing. This process has several advantages enumerated above and gets practiced by several significant financial advising companies, including JP Morgan and PIMCO.
  • J.P. Morgan recently launched a Digital Portfolio Insights platform. This cutting-edge helps external financial advisors to generate sophisticated as well as "customized insights." In 2018, the platform helped these advisors to build better portfolios for more than 20,000 clients.

Company Using the Best Practice

  • JP Morgan Securities offers financial Advising services that are customized to meet personal financial goals. It is one of the most significant assets as well as wealth manager world over and had assets under management worth $1.7 trillion as of December 2017.
  • Companies such as JP Morgan are customizing their platforms to deliver personalized services.
  • In 2019, iCapital Network announces a partnership with PIMCO to develop a customized technology platform for PIMCO. The customized technology aims at empowering clients (dependent financial advisors) of PIMCO to provide the "best-in-class investor experience" and also enhance access to alternative strategies offered by PIMCO.
  • PIMCO and JP Morgan are among the five biggest financial advisory firms operating in the United States.

Tracking Traffic and Analyzing Data

  • One of the best ideas practiced by financial advisors relative to content marketing is tracking traffic and analyzing data.
  • Advisors build sites for lead generation because they are looking to attract or drive traffic to their websites and build an audience by ultimately turn various leads into future clients. Tracking traffic and analyzing data helps such advisors to monitor the progress achieved through their digital marketing efforts.
  • According to Lead Pilot, financial advisors need to analyze their data regularly. The aspects they need to analyze include geo-location, acquisition (incoming traffic), percentage of visitors that are returning, unique page views, average duration per session, bounce rate, landing page visits, and exit pages.

Why It Is a Best Practice

  • A useful website maintains traffic coming to it, and incoming traffic is the top metric every advisor is required to analyze. Advisors do not just want traffic coming to their site; they need it to gain traffic from across several sources. They need to track to know if their traffic is direct (if a user visited their site by typing in its URL), or organic search (if a user had selected their site after searching or querying into Google).
  • Other vital statistics obtained from this practice include statistics on referrals (if a user came to a site from another blog or website) or users from social media posts linked back to the site.
  • The information obtained from the above source types provides useful insights that help advisors know how users are finding their site. Separately analyzing every source type helps to highlight unique areas that have improved or require improvement. It also allows companies to determine the next action to take in the implementation of their marketing.
  • If tracked traffic reveals that an advisor is not getting adequate direct traffic, their URL could be challenging or difficult to type, confusing, or hard commit to memory. They might consider creating a URL that mimics their business name or its abbreviation. Companies not getting adequate traffic through referrals might need to reach out to other bloggers, advising companies, or vital publications for connections as well as trade links.
  • Companies not getting adequate traffic through search might be a hint that they need to reevaluate their SEO strategy. This metric is vital in marketing as "SEO is a moving target." Advising companies not getting adequate traffic from social media might need to implement a consistent social media strategy or increase their presence on platforms such as Facebook, Twitter, as well as LinkedIn to capture many followers.
  • Tracking traffic to company web pages as well as measuring how an audience engages an advising company's content is essential. It helps the company to gain insights into the topics and themes that work best and helps the company to take a KPI driven approach when investing in content creation.
  • Tracking traffic and analyzing data is an ideal/the best practice, as reported by Lyfe Marketing. This process has several advantages enumerated above and is practiced by several of the most significant financial advising companies like JP Morgan.

Company Using the Best Practice

  • JP Morgan keeps a record of its traffic and analyzes this data across various platforms. Its 2018 report reveals that JP Morgan tracks all web or mobile platforms activities for those that have logged into its platform for a minimum interval of the past 90 days. JP Morgan boasts of about 49 million active digital customers as well as 33 million active customers using mobile and has given advice relevant to over $1 trillion worth of announced merger and acquisition transactions.
  • The company keeps track of the growth rate of its active mobile customers and has recorded about 15 mobile logins for every active user per month.

Research Strategy

The study examines best practices surrounding digital marketing for financial advising companies. This process reviewed journals such as the Journal of Financial Service Professionals, publications of Walden University, and other scholarly publications. This process reviewed best practices used by financial advising companies. An abstract of the Journal of Financial Service Professionals revealed how to develop some best practices used to work with clients as well as other financial advising companies. The study examined how these practices qualify as best practices and how they can get used in marketing by financial advising companies, but such details were not made public. The Walden University article revealed some marketing strategies used by financial advising companies to support financial stability and improve a company's sustainability and target a broader population base. The research reviewed if the uncovered marketing strategies qualify as best practices and metrics related to their successful implementation. Such details are not made public by the Walden University publication. There were no insights related to content marketing, social media, or lead generation.

Research examined media resources such as Forbes and other resources for best practices surrounding digital marketing for financial advising companies. This process reviewed best practices used to boost the brand image of financial advising companies and include as many clients as possible. Insights revealed that it is best to "avoid politics, religion," or controversial opinions when using digital platforms like social media. The strategy investigated how these best practices relate to other digital platforms or their relevance to digital marketing, content marketing, social media, and lead generation for financial advising companies. Such details were not made public by Forbes.

The study also reviewed the websites of marketing organizations such as Lyfe Marketing. This strategy investigated the best ideas for content marketing, lead generation, and social media for financial advising companies. This strategy revealed some practices among financial advising companies implementing "best ideas" related to content marketing, social media, and lead generation. This strategy also uncovered some companies practicing these best ideas. Several other resources that elaborate on the implementation of these best ideas and companies implementing the practices are in the study. For each best practice identified, the study states its relevance (advantages) and why it is in the study. The study defines the best practice as one reported across a plethora of resources and also implemented by several successful financial advising companies.

Sources
Sources

From Part 03