I met with a former colleague the other day to discuss his wealth management firm’s marketing message and capabilities. The firm has experienced strong, steady growth since its inception, largely due to the hard work and strong reputations of its partners and some smart acquisitions. But now that the partners are approaching retirement and a new generation of advisors has been tasked with maintaining the firm’s growth trajectory, their marketing deficiencies have become a problem.
The tricky part is convincing the partners that the firm needs to invest in marketing today when it never had to before. They built a successful firm and careers without any kind of strategic marketing. Why should they start doing it now?
Your competition is – The financial services industry was late to this party, but it’s now common to see even small firms with clearly defined brands, great websites, slick user experiences and high visibility in multiple media. These companies tell great stories that illuminate and engage their audiences.
It’s crowded out there – The advisor community has experienced some consolidation and the pace of retirements will soon be picking up, but anyway you look at it there are a lot of companies and advisors all competing for the same clients. Anything that gives your advisors and edge – makes them more memorable or more credible – can make all the difference.
Who you are is just as important as what you do – Unless you really do have a one-of-a-kind planning or investment strategy, the surest way to win new business is by expressing your firm’s unique sense of purpose, the qualities that define your character. You’re working to win the trust of investors, a challenge that demands a real conversation about real people’s hopes and fears. You have to show them you understand. You care.
You have to get – and hold – people’s attention – There has never been more competition for your audience’s eyes and ears. Getting through to them when and where you stand a chance of making an impression is hard. You need a plan, a message, a style and a system for making adjustments to capitalize on wins and correct underperformance.