How to Kickstart Your Wealth Management Marketing Strategy

“Global assets under management (AuM) are set to rise to $145.4 trillion by 2025, PwC forecasts.” – Business Insider

Wealth management firms never want to leave money on the table, but a growing number of challenges are contributing to rising competition for growing client relationships, including:

  • Transfer of wealth: $41 Trillion will transfer to the next generation in the next four decades.
  • Consolidation: Firms are consolidating to offer a broader range of services, making it harder for niche players to compete.
  • Lack of financial literacy: Only 18% of millennials from ages 18 to 26 could answer four or five questions correctly on a basic, five-question financial literacy quiz.
  • New technology: Digitally savvy consumers are seeking out digital alternative for wealth management to reduce fees (e.g., apps like Betterment).

These challenges are made even more pressing due to the increasing stranglehold of regulations. Plus, they seem to put even more guardrails on wealth management marketing strategies.

So, how can marketing automation for wealth management help firms attract and retain new clients while growing AUM? Below are a few tips to consider.

Build trust through actions.

To be trusted is table stakes in the industry. That’s why firms need to focus on building trust and growing client relationships instead of simply touting it (i.e., walk the walk, don’t just talk the talk).

“Americans who currently use a human financial advisor cited strong trust in their advisors’ judgment (69%).” – 2017 Connected Investor Report, Salesforce Research, July 2017.

When investors buy in to a firm’s story, they can start to experience trust first-hand instead of just hearing about it. Firms can start building trust in many ways:

  • Create goal-based drip campaigns. Only 44% of consumers say their financial advisor is good at sharing best practices for investing, so there is a huge opportunity to simply ask investors questions about their goals and provide informative content that aligns with those goals.
  • Provide regular updates and check-ins. For instance, send a monthly “state of your portfolio” report via email.
  • Be accessible and available to clients (68% of those who currently use a human financial advisor say accessibility is important).
  • Proactively notify clients of regulatory changes.

How do you build trust?

Empower wealth managers.

No matter how skilled a wealth manager may be at sales, it’s important to provide them with access to assets that can help them communicate with prospects and current clients effectively.

Building nurture campaigns to help wealth managers send the right message at the right time can give your marketing a huge boost — and save time for your team.

On top of that, keeping all of your data in one place is a must. For example, if advisors can identify where they’re losing the most prospects in the funnel, marketing teams can then start building relevant content to address those high-risk moments.

Is your data connected across marketing and sales?

Retain and re-engage.

According to the 2017 Connected Investor Report, when asked why they switched advisors in the past five years:

  • 17% of clients said their former advisors were not proactive in communicating.
  • 15% of clients cited poor customer service.
  • 14% of clients cited lack of communication.

All of these responses hint at a big misstep firms commonly take: not providing helpful service or communication.

To retain more clients and keep them happy, wealth management firms should be able to respond in real time (or very quickly), with on-brand communications. Think: automated confirmation emails, chatbots or live chat features, and more.

With Salesforce Engage, for instance, wealth managers can view prospect engagement (like visiting their website or downloading a white paper) in real time and know exactly when to reach out. Doing this effectively can keep clients coming back for more.

When clients become unresponsive, it’s also important to consider implementing re-engagement campaigns to limit drop-off. Setting up an email campaign with automatic segmentation can help firms target those people who haven’t engaged with content in a certain timeframe.

How are you retaining and re-engaging clients?

Automate and personalize.

By automating digital marketing processes, firms can breathe new life into their wealth management marketing strategy. Formerly manual tasks, such as lead assignment, can run by themselves. Firms can also qualify leads by automatically scoring prospect interactions.

Once automation becomes an integral part of the marketing and sales process, wealth management firms can begin implementing personalization. Imagine being able to send content that changes based on prospect engagement or insert a custom from address based on an assigned wealth manager.

This sort of personalization can make wealth management marketing more impactful than ever.

Are you using automation and personalization?

Learn more about wealth management marketing.

As you kickstart your wealth management marketing strategy grow client relationships, here are a few more resources that might interest you: