Why Marketing Automation is a Wealth Manager’s Biggest Asset

Due to the growing FinTech sector, there is no shortage of easy-to-use apps or investment bots looking to provide financial advice to curious individuals. However, this technology disruption has created new challenges for wealth managers who now have to work to stand out in a crowded marketplace and maintain customer loyalty. While these challenges may seem daunting at first glance, wealth managers have an opportunity to use the power of marketing automation to reach and engage with both prospects and current clients alike.

Here are four ways that wealth managers can make marketing automation their biggest asset:

1. Grow assets under management (AUM).

More assets under management means more revenue for wealth managers, but growing AUM isn’t always a walk in the park. Wealth managers need a solution that scales with their increasing assets — and their expanding client base.

Smarter marketing automation makes this simpler. For example, when a prospect visits a financial institution’s website and signs up for an educational newsletter, a financial institution can dynamically offer related content that leads to cross-sell and up-sell opportunities.

2. Retain clients.

Automation is a powerful tool for retaining clients and keeping them engaged. Forty-seven percent of people who use human financial advisors say they are open to receiving personalized communications related to helping them achieve their financial goals, like emails tracking their progress toward saving or retirement. Furthermore, a top reason people leave or switch financial advisors is due to the “inconvenient location,” or geographical distance, of the advisor. Frequent, personalized communications could help retain these clients by making them feel closer and more connected.

Marketing automation also offers the option of building re-engagement campaigns to make sure disengaged clients don’t slip through the cracks. If a client hasn’t logged into his or her online account for 90 days, for example, an automatically triggered re-engagement campaign would be a strategic way to preventing attrition.

3. Avoid wealth transfers.

When a client is ready to transfer wealth to his or her heirs, there’s no guarantee for wealth managers that the client’s money will stick around. Many people in younger generations inherit assets but then make a move to another financial institution.

One article in Forbes puts it this way: “The bulk of American money is officially being transferred from baby boomers to the next generation, meaning roughly $30 trillion in assets will change hands.”

Marketing automation can help mitigate wealth transfers, and this process begins even before younger prospects inherit assets. Long-term lead nurturing campaigns triggered automatically can help wealth managers build relationships over time, ideally gaining a prospect’s trust. If that prospect does inherit wealth, he or she will likely be primed to work with the financial institution that has provided valuable resources and established an existing relationship.

4. Educate clients.

According to Salesforce’s 2017 Connected Investor Report, 49% of Millennials, Gen Xers, and Baby Boomers on average say they are not very knowledgeable or not at all knowledgeable about different types of investments, such as bonds or mutual funds. This points to the enormous opportunity to educate investors.

For example, wealth managers can create informative onboarding journeys for new clients — or current clients who want to learn more about a new financial product. Imagine setting up a triggered, five-part email journey called “Getting Started with Mutual Funds.” The possibilities for education are nearly limitless.


There are various ways a wealth managers can grow AUM, retain clients, and more, but marketing automation continues to be a strategic go-to tool. Wealth management companies that can deliver a targeted and personalized message at scale will likely stay ahead of the competition and stand out amongst the noisy and crowded FinTech space. Discover more marketing automation tips on our blog.