Why invest in digital marketing when you're a Wealth Advisor?
Today, one thing is certain: Wealth Advisors can no longer afford to ignore the power of digital marketing. As consumer behavior evolves increasingly online, Wealth Advisors need to adapt their strategies to enable them to reach a wider audience and build stronger relationships with potential clients.
Since 2020, the world has gone digital, and theWealth Advisor Advisor industry is no exception. To remain competitive in this field, it is essential to invest in digital marketing, both in the tools used for customer management and in prospecting. Why invest in digital marketing when you're a Wealth Advisor? You have customers, they know you, they like you and sometimes even recommend you. 95% of Wealth Advisors find customers through word-of-mouth. But the downside of word-of-mouth is its unpredictability.
So why invest in digital when you're a Wealth Advisor?
Because the phone book has disappeared.
Did you know that 45 million French people surf the Internet every day, and that since 2022, 84.7% of the population have been online at least once? Yes, your customers are online.
As your potential customers increasingly turn to the Internet for information, having an online presence has become a necessity. In this article, I explain why, as a Wealth Advisor, it's important to invest in digital marketing. I reveal the advantages of these new prospecting tools for communicating your expertise, differentiating yourself from your competitors and generating leads.
The importance of digital marketing for Wealth Advisors
Wealth Advisors are also going digital. The digital revolution has revolutionized the way companies operate and interact with their customers. Wealth Advisors are no exception to this trend. The financial advisory sector is also undergoing a major transformation, driven by changes in consumer behavior. Today's customers are increasingly seeking financial advice online, relying on digital channels to research, compare and ultimately choose advisors. Wealth Advisors who fail to adopt digital marketing techniques to capture this audience risk losing a significant proportion of their potential clientele, especially the younger generations.
Digitalization has brought new opportunities to reach a wider audience and offer more effective services. Thanks to the democratization of tools such as Zoom or Google Meet, Wealth Advisors can offer advisory services to customers outside their local reach, broadening their geographic targeting and growth potential.
From a marketing point of view, and SEO in particular, the impact of this evolution is not insignificant. It expands the field of opportunities. Whereas in the past, we were looking to position ourselves on geographical keywords, we can now also look to position ourselves on keywords related to customer issues and characteristics.
The Benefits of Digital for Wealth Advisors
Expand your customer network
By creating an online presence, Wealth Advisors can attract new customers and build loyalty. Blogs, social networks and newsletters can be used to share useful information, build trust and generate leads.
Service customization
Thanks to online tools, Wealth Advisors can also tailor their services to the needs of each individual customer. This enhances customer satisfaction and professional reputation.
Process automation
Automating repetitive tasks will help Wealth Advisors save time and optimize productivity. Tools like Elwin can help you save time in the production of regulatory tasks. Onboarding new customers can be optimized with free tools like Notion. Customer Relationship Management (CRM) tools can also facilitate customer follow-up and act as vectors for new opportunities or collaboration.
What is Digital Marketing?
Digital marketing encompasses a wide range of strategies and channels used to promote products or services online. For wealth management advisors, this means taking advantage of digital tools such as a website, social networks, search engines and email marketing to connect with your future customers and get them to like you. Through the information you share, you'll create a place for yourself on the web, educate your future customers and convince them that you're the best solution to their problems.
And you'll do it all once, without a phone.
Why is digital marketing important for Wealth Advisors ?
The environment in which Wealth Advisors operate has changed. The Internet and social networks are now used to find information and advice on personal finance and wealth management. The use of digital marketing will enable Wealth Advisors to leverage the reach of the internet to :
Reaching a wider audience younger audience
Geographical barriers no longer exist. Before COVID19, a customer was likely to prefer a Wealth Advisor located in his or her home town. For some, this is still the case. For a younger population accustomed to Zoom exchanges and meetings, a Wealth Advisor can extend his or her reach beyond the local area, and tap into a wider pool of potential customers. Communicating well on the Internet will enable you to be visible to this target group.
Establish a relationship of trust prior to a meeting
Trust is essential in the world of wealth advice and investment management. Thanks to digital marketing, a Wealth Advisor can build trust and communicate with potential customers with the understanding that trust is earned over time and on a regular basis. The power ofa sales tunnel is to enable regular communication with people who are interested, but not necessarily convinced. Over time, regular exchanges by e-mail (for example) will foster the trust and credibility that are two essential foundations of any successful relationship between advisor and customer.
Position yourself as an expert
Today, we are inundated with information. To stand out from the crowd, you need to be an authority in your field. This means sharing your expertise, often free of charge, via various platforms. Blogs, podcasts and webinars are just some of the platforms you can use to position yourself as an expert.
Generate leads and sales asynchronously
What is the objective of digital marketing? Obviously, it's to generate leads and convert them into customers. But how? With an optimized website, sales tunnels, a well thought-out editorial strategy and time. Attracting qualified visitors to your site is possible, but you'll inevitably have to invest to get there: whether in time (to train yourself) or money (to delegate).
Marketing trends in wealth management in 2024
At the intersection of digital and wealth management, competition is fierce. What are the marketing trends to be exploited in 2024 for a Wealth Advisor firm up against the banking and insurance behemoths? The main marketing trends for 2024 are as follows:
Personalize the customer experience: Learn how to leverage data to personalize your marketing messages and recommendations to meet each customer's unique needs and preferences. A customer downloads an ebook about retirement, make sure the emails this person receives are aligned with this issue. Segment your audiences and personalize your communication.
Invest in video content: Video has become one of the most popular forms of content on the Internet. Wealth Advisor can set themselves apart by investing in video content. Video allows you to personalize your message, bring your own personality to the message and establish a bond with the person viewing the video.
Learn to use social networks: Social networks are a powerful tool for interacting with your customers. Share content, answer questions and create an online community. Work on your editorial strategy to bring value and educate your potential customers.
Use podcasts: Participating in a podcast can also be an effective strategy for gaining exposure. Podcasts reach an engaged, loyal audience and can significantly increase your audience without massive investment. What's more, podcasts offer a platform for explaining your services in a detailed and engaging way, which can attract new customers.
In short, investing in digital marketing for a Wealth Advisor can't be a trend, but a strategic decision. It will enable you to reach a wider audience, build trust, demonstrate your expertise and credibility, and, above all, generate leads and sales.
To understand how digital marketing can help your wealth advisory firm move beyond word-of-mouth, contact us for a free consultation or download our free guide.
