Almost 50% of investors with $500K or more considered switching financial advisors last year, according to a Nasdaq study. And nearly 30% of them switched in the past three years. This is ๐๐๐ถ๐ฐ๐ฒ the attrition rate of investors with less than $500K.
The fact is, investors are getting more messages from more wealth management firms than they ever had in the past, and they have access to more information. This makes running a firm or institution complicated. And it puts the industry in a constant sales cycle. And not just for new clients, but to keep your current clients.
Here are two things from a marketerโs point of view that you should put at the top of your list but are too often underserved.
#๐ญ: ๐๐ฎ๐๐ฒ ๐ฎ๐ป ๐๐ฟ๐ฟ๐ฒ๐ณ๐๐๐ฎ๐ฏ๐น๐ฒ ๐ฎ๐ป๐ฑ ๐๐๐๐ต๐ฒ๐ป๐๐ถ๐ฐ ๐๐ฟ๐ฎ๐ป๐ฑ. Itโs not easy in an ultra- commoditized industry but itโs done all the time. Everyone in your organization should know your brand identity by heart, and only then can it get transferred to your clients. Owning a brand isnโt just for huge corporations…it takes just one person to build a brand.
#๐ฎ: ๐๐ฎ๐๐ฒ ๐ฎ ๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐ฐ๐ฒ. Make a commitment to have a presence on social media – ๐๐ต๐ถ๐ ๐ถ๐ ๐ป๐ผ๐ ๐ฎ๐ป ๐ผ๐ฝ๐๐ถ๐ผ๐ป ๐ถ๐ณ ๐๐ผ๐โ๐ฟ๐ฒ ๐ฟ๐๐ป๐ป๐ถ๐ป๐ด ๐ฎ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐. Your clients are on social media…donโt hand that ground over to competitors. And consistently market to your database. You own a list of clients and prospects…thatโs a precious commodity. Nurture them en masse with consistent messages at least once a week.
How prepared are you to defend your ground against so much competition and an unprecedented amount of advisory attrition? Itโs easy for clients to get courted. And with about 50% considering some kind of advisory change, itโs a good idea to think about retention.
About theย Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.