In some markets, Facebook is still a powerful tool to reach prospective clients. Swift suggests that firms buy ads to boost their posts on Facebook and LinkedIn, directing consumers to valuable content. “Go for things that feel like information and education,” she said. To portray that image, she advises firms to steer clear of traditional digital ads like banner ads or sponsored search, and instead use targeted advertising to spotlight their expertise on display in a blog, white papers, and social media.
When it comes to hiring a financial advisor, consumers want an expert, said Marie Swift, President and CEO of Impact Communications, which advises financial services firms on digital strategy. With any advertising, establishing an image and perception are top priorities. To maximize returns, firms should deploy a mix of digital advertising and stay current with users’ preferences. It also covers website content, traditional paid advertising, events, and other outreach efforts. However, not all of that goes to digital advertising. Total marketing budgets should range from eight to 15% of revenue, per industry executives and surveys. For a few hundred dollars a month, a firm could use a turnkey service such as Snappy Kraken, FMG Suite or Lead Pilot.įor $1,500 or more, a firm could recruit a marketing agency or digital marketing specialist for custom services, including advertising, marketing, social media management, and PR. If enlisting outside help from a consultant or digital marketing agency, an RIA can expect to spend as little as $250 per month to more than $7,500 per month.
In response to this new reality, financial services firms have stepped up their spending, plowing $15.5 billion into digital marketing this year, according to eMarketer, a 76% increase from just three years ago.Ībout half of those dollars went to display ads, while 43% was directed at search and the remaining six percent was used on other platforms, including social.Īccording to a Broadridge Financial Solutions marketing report, financial advisory firms are upping their investment in online marketing, with 19% planning to increase investment in social media, and 13% investing in more digital media advertising.īefore an RIA decides where to focus its digital marketing spending, it needs to determine if it will enlist outside help, go it alone, or pursue a combination. Today, “17 to 30 marketing touches” are required, said David Edwards, President and Wealth Advisor of New York-based Heron Wealth. Print mailers and phone calls often did the trick. With consumers glued to their phones, competition for their attention is fierce and financial firms are feeling the pinch.Ĭonnecting with a potential client was far easier in an analog world.
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consumers spent more time on their mobile devices than watching TV last year for the first time, according to research firm eMarketer.
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