The keys to an effective marketing plan for a wealth management firm

Feb. 12

Marketing is essential to the success of a wealth management firm. A good marketing plan helps to attract new customers, retain existing ones and stand out from the competition.

In this article, we'll explore the key steps to developing an effective marketing plan tailored to the specific needs of a wealth management firm.

Introduction

Wealth management encompasses all the services involved in planning and protecting the financial assets of wealthy individuals and families. The wealth manager's role is to offer tailor-made solutions to grow his clients' assets while limiting risks.

For its part marketing refers to all the techniques used to promote an activity, product or service.

These two disciplines, which may seem far apart, are in fact closely linked. Without marketing, a wealth management firm will find it hard to make a name for itself, to convince new customers to use its services, and to stand out from other players in the sector.

The importance of marketing for a wealth management firm

Wealth management is a competitive business. To succeed in this environment, technical expertise is not enough. A wealth management firm needs an effective marketing plan to :

Increase brand awareness To make yourself known to prospects who might need your services.
Attract new customers Convert prospects into customers with a convincing value proposition.
Building customer loyalty Maintain relationships over the long term through quality support.
Stand out from the competition : highlight your expertise and value-added services.

The right marketing plan helps a wealth management firm to gain visibility, build its reputation and, ultimately, generate long-term sales.

8 steps to a marketing plan

How do you develop an effective marketing plan when you're a wealth management firm? Here are the 8 key steps:

1. Market and competitor analysis

The first step is to carry out an analysis of the wealth management market and its main players.

How big is the market?
What are customers' needs and expectations?
Who are our competitors and what do they offer?
What are the latest trends in the sector?

This analysis will enable us to identify opportunities and position our offer in a differentiating way.

2. Define your marketing objectives

Based on this analysis, the firm must define its marketing objectives in a SMART manner:

Specific: for example, increase the number of new customers by 30% in one year.
Measurable: with quantitative indicators to track results.
Attainable: with realistic objectives given the means at our disposal.
Relevant: in line with your sales strategy.
Time-defined: with a timetable and deadlines.

3. Identify your priority target

The next step is to determine which customer segments to target first.

For example, for a wealth management firm, possible targets are :

Company directors.
Liberal professions: doctors, lawyers, etc.
Well-to-do families: with substantial financial assets.
Wealthy retirees: looking to increase the value of their savings.

It's advisable not to spread yourself too thin, and to prioritize 1 or 2 targets in line with your positioning.

4. Define your value proposition

The firm must highlight the customer benefits of its offer in relation to the competition.

This value proposition must be :

Claire: simply expressed.
Differentiating: on criteria that are important to customers
Credible: with evidence, references, case studies
Convincing: with concrete results
Consistent: with the chosen positioning

5. Choose the right marketing channels

There are several channels for communicating with customers and prospects:

Le site internet et le SEO
Social networks: LinkedIn, Facebook...
Emailing and newsletters
Print media: sales brochures...
Events: breakfasts, seminars...
The press: articles in the financial press
Le référencement payant : Google Ads...

Depending on your targets and objectives, you need to select the most relevant and complementary channels.

6. Produce engaging content

Regardless of the channels used, it is essential to offer content that adds value to prospects/customers:

Informative: on wealth and tax news
Educational: for a better understanding of heritage issues
Practical: with tips, guides and templates
Interactive: to interact with your audience

This content helps nurture a relationship of trust over the long term.

7. Define an editorial calendar

To set the pace for your marketing activities editorial calendar must be defined for the year.

For each channel (website, social networks, etc.), it specifies the type of content distributed and its publication date.

This makes it possible to plan activities, editors' briefs, proofreading. .. and maintain a regular flow.

8. Measure and optimize

Finally, it is essential tointegrate measurement tools to track the effectiveness of your actions:

Analytics tools: Google Analytics, SMO, emailing software
Dashboards: with key indicators
Satisfaction surveys: with customers/prospects

These measures should enable us to identify best practices and areas for improvement.

Key success factors

To ensure the plan's long-term effectiveness, here are a few best practices:

Involving teams: for effective internal ownership
Reactivity: adapting to market changes
Updated regularly: with an annual review
Integrating data to make informed decisions
Professionalize: use a specialized agency if necessary

A well-conceived and properly executed marketing plan is an essential asset for the long-term development of a wealth management firm.

Conclusion

Attracting and retaining demanding customers in the competitive world of wealth management requires solid marketing and communication skills.

Grâce à une démarche structurée en 8 étapes allant de l’analyse du marché jusqu’à l’optimisation des actions mises en place, un cabinet de gestion de patrimoine peut élaborer un plan marketing sur-mesure, aligné sur ses objectifs commerciaux. La mise en œuvre de ce plan lui permettra alors de renforcer son image, sa notoriété et in fine son portefeuille clients dans la durée. Pour vous aider dans cette démarche, nous vous invitons à télécharger notre guide exclusif : "Le CGP Digital”. Ce guide approfondit les meilleures pratiques, les tendances actuelles pour mettre en place votre machine marketing.