Marketing Strategies For Wealth Management Services – Word of mouth is the foundation of financial advisors interested in marketing their services to the wealthy.
SAN DIEGO — “It seems like all your colleagues disagree with you when it comes to marketing,” Jody said with the half-smile of someone trying to shake things up. To make sure I took the bait, he kept asking, “So who’s right?”
Marketing Strategies For Wealth Management Services
Joby was referring to something he read that said referrals are dead and that the most effective marketing techniques for opening new accounts are direct mail and radio/TV appearances. He could not remember the source nor did he have any reference to the size of these new accounts to be opened. However, he was convinced that what he read contradicted the research I had just shared in my keynote.
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I had to laugh when I told him that our wealth research matches some of his claims: when we first published that 75% of wealthy clients don’t like being asked for referrals over 10 years ago. In other words, the demand for referrals has been dead for at least a decade. After Jody nodded knowingly, I got his attention by saying, “Confusion seems to be the norm for wealthy financial and marketing advisors.”
Let me share the basics of what I explained to Jody. First of all, there is a big difference between a $100,000 and $200,000 HHI that goes beyond investable assets. The high income group is much more educated, has much more investable assets (up to 10x+ more), which created the need for more complex and sophisticated financial advice.
As a result, today’s wealthy are highly suspicious of advertising promises and marketing tactics, especially when it comes to their finances. In our Q1 2017 survey of the wealthy ($200,000 + HHI or $1 million + invested), when we asked:
The primary goal of any financial advisor’s marketing efforts is to get in front of qualified prospects. The above marketing tactics only work with today’s rich people. This is not a new revelation; our research identified this trend more than 10 years ago.
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Second, as I explained to Jody, every financial advisor needs to identify their target market, the customer profile they want, to become a student of that customer profile. This alone takes most, if not most, of the confusion out of your marketing strategy.
I know you want me to tell you marketing that works – “how” today’s wealthy told us in Q1 2017 that they “first found” their financial advisor. But once you’ve finished reading the following, do yourself a favor and re-read the above data points to reinforce them.
Word-of-mouth influence (WOMI) is basically the most important thing for financial advisors interested in marketing their services to the wealthy. All of the above is a form of oral administration. This means that 85.8% of today’s wealthy have contacted their financial advisor for the first time.
What really adds to all of this is what our respondents told us in the first quarter of 2017 was the most important factor when choosing a financial advisor. Marketing can get you face to face, but at some point you have to be able to convert that prospect into a customer.
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This is WOMI at work. 60% have the most recommendations and reputation. None of these are likely to happen unless professionalism and competence are high (15.7%) and we currently have up to 75.7% affecting the real prospect of customer conversion. In case you were wondering, only 2.7% cited “lowest fees” as a factor.
The challenge facing financial advisors today is that word of mouth is newer than traditional marketing. Many factors affect the story and frequency. For example, an advisor may be very personable, but if he is not a top-notch professional advisor, the situation may be something like, “Matt is a great guy, but I’m not sure I want him to take care of our economy.”
Conversely, if Matt was a top professional and connected on a personal level, it might be more along the lines of “Matt is a great guy. We love working with him. You should talk to him about your finances.”
You might think that being a highly competent professional is all it takes to inspire WOMI. He is not. Why? Because being good at your job is a hygiene factor among today’s rich – it’s expected. If it’s not there, you might as well forget about any “positive” WOMI coming your way. Once there, the secret is knowing how to support this powerful marketing tactic. There are two different games in wealth management: attracting high net worth clients and managing high net worth clients, but there are three main themes that both share: value, efficiency and quality financial planning.
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If you’re wondering how to attract high net worth clients to your business, or need some tips on how to handle high net worth clients, we’ve picked out ten key ways you can do just that.
Learn more about the tools and strategies that attract and manage high net worth individuals in the infographic at the bottom of this post. In summary, here are ten high-level tips on how to attract and manage high net worth clients.
How to Attract High Value Customers 1. Focus on the customer’s value first. 2. Optimize your referral strategy. 3. Understand the unique needs of HNW individuals. 4. Use educational marketing to attract HNW customers. 5. Secure HNW family legacy. How to Manage Net Worth Network Clients 1. Improve the quality of your services. 2. Consider financial literacy tools to educate your HNW clients. 3. Offer different products in your company. 4. Evaluate the HNW client’s time. 5. Learn to scale your business. Want this infographic at your fingertips? Download it here.
The content of this article is for educational purposes only and does not constitute legal, tax or investment advice. Customers should consult a lawyer or tax specialist regarding their own situation. This presentation is not an offer to buy, sell, trade or exchange any financial product. Insurance products and any related guarantees, features and/or benefits are supported by the insurance company’s ability to pay claims. Insurance applications are reviewed through an insurance process established by the issuing insurance company. Some applications may not be accepted based on unfavorable issuance results. Entrepreneurs make a careful plan to establish a new business. But often little or no effort is made to plan for a company’s exit.
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Many entrepreneurs start planning only when it is too late and fail to achieve personal and business goals. If a comprehensive retirement plan is not in place, you may not even be able to maintain your lifestyle after you leave, or it may have a negative impact on the company’s bottom line.
Therefore, it is important to plan your retirement years before your planned vacation date and to review and revise your retirement plan if necessary.
Exit planning is the process of a private company’s exit strategy. Retirement planning encompasses the business owner’s goals and objectives in terms of business value, employees and market position, as well as personal aspects such as family and community.
These factors are then combined to identify an action plan that will help the entrepreneur achieve their business and personal goals by exiting the business.
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Retirement planning is not limited to business owners who are ready to quit and retire. It is recommended to have a retirement strategy in place several years before your planned retirement date to maximize the opportunity to achieve all of your goals.
These are some of the most common reasons entrepreneurs and business owners create a retirement planning strategy.
When a business is regularly established, many entrepreneurs decide to leave their position as head of the business and start a new business.
Natural, social and economic disasters can significantly affect business operations and cause your business to close or change hands.
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To take advantage of the opportunities, the entrepreneur should start planning his exit strategy several years in advance to take advantage of tax reduction opportunities.
Similar to taking advantage of tax opportunities, a business owner can maximize cash flow after an event through careful and early planning.
Planning is more than selling a business. Entrepreneurs have many options when deciding how to close their business, each with different consequences, timelines and preparation processes.
There are many different parties to sell your business to, from insiders and partners to competitors and strategic, financial or international buyers. The ideal buyer depends on the owner’s goals and vision for the company. Preparing a business for sale requires taking steps to obtain sales offers and increase the sale price. Capital improvements and profits help the process, but often take years to materialize.
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An IPO allows you to sell shares of your private company to the public. While this is a great way to generate large sums of money in a short period of time, the process of setting up your IPO will involve spending millions and requires strict transparency.
In the event of a merger or acquisition, the owner sells a controlling influence in the company, but possibly
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