Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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Archive for January, 2012

Panic Protection For Investment Advisors

Remember the week of August 8, 2011? It was the week after Standard & Poor’s downgraded the U.S. Government. Worries about European sovereign debt added to uncertainty. Stock prices convulsed, and the Dow Jones Industrial Average swung up and down 400-points four days in a row.

Advisor Products during that wild week in August 2011 provided 12 articles to help advisors calm clients. Now we’ve formalized that service.

Panic Protection combines Advisor Products content with AdvisorVault.

When your clients log in to AdvisorVault, the first page they always see is a list of unread documents, those posted since they last logged in.

During the next market panic, we’ll again post panic-protection content. On a day when the market plunges, it will take a few minutes to pick a Panic Protection article and post it to a “Shared” folder. That will go into all of your client vaults. When nervous clients log in to view their accounts, they’ll see the unread article first.

Panic Protection is educational content — articles and videos — about economic news and trends. Produced by Advisor Products, three articles a month are based on research from financial economist Fritz Meyer.

The content and delivery system ensure your clients are reminded that economic fundamentals drive investments. This educational content will be your ballast amid turbulence.

When the S&P 500 declines by 10%, Advisor Products provides a special edition of articles and videos.

In addition, when stocks  plunge, you can check a log-in report in AdvisorVault to see which clients viewed accounts in TD Ameritrade, PortfolioCenter, Advent Axys, Orion Advisor Services, or AssetBook. You can identity nervous clients and call them.

Panic Protection comes with Advisor Products Platinum, which costs $2,337 annually and includes AdvisorVault, wealth management content, a social media content stream, website archiving and eight hours of service from our website technicians. Call 516 333 0066  x224 for more information.

Social Media Adoption By RIAs and Broker/Dealers

Investment advisers and independent broker/dealers are adopting social media as I expected they would: B/Ds are using crappy content and automation technology, while the large majority of RIAs mostly ignore social media marketing.

Broker-Dealer Social Media Adoption

The BD executives making the decisions have not themselves used social marketing successfully. Moreover, they are outsourcing to vendors that likewise have no record of success in social marketing.

Broker-dealers re striking enterprise deals with social media vendors for low-cost solutions. Little attention is paid to the quality of the content. Content is treated like a commodity, as if one vendor’s content is no different from another’s.

Broker-dealers made the same mistakes 15 years ago in adopting registered representative websites. They approached it as a compliance- technology issue. The BDs struck deals with vendors with almost no regard for content. To this day, most financial advisor websites read like reference books.

Just as they did in adopting websites 15 years ago, BDs now are ignoring the marketing needs of their advisors as they adopt social media solutions. No effort is being made by BDs to help their advisors differentiate themselves. It’s canned content and a cookie-cutter approach and it will fail.

Seeing the mistakes of the past repeated by broker-dealers does not surprise me. BDs generally have little interest in educating clients because they don’t see how anyone makes money from it. Meanwhile, marketing executives at most independent BDs have little clout in making decisions and business executives as well as compliance executives make the calls on social media adoption by reps, even though neither is truly qualified make these decisions.

Registered Investment Adviser Social Media Adoption

RIAs meanwhile are also behaving as expected. A large majority of RIAs are making no serious effort at social marketing.  RIAs are always very slow to adopt new ideas.

Most investment advisors know social media isn’t a fad but have other ideas about how to spend marketing dollars. Most IA reps laugh at the idea that anyone would give you $1 million to manage after meeting you on LinkedIn.

Perhaps 20% of RIAs have a social media marketing strategy and are executing on it. Maybe 5% of CEOs of private wealth advisory firms would say they have benefited from social media marketing.

Solutions For Social Media Marketing For RIAs And Broker-Dealers

For social media marketing to be effective, private wealth advisors and registered reps must create their own content. Your clients and referral sources need to hear from you.

Investment advisors need content that explains how they size up the investment markets. The content can be articles, videos, webinars, blog posts, slideshows, tweets or some other medium.

The content must be optimized for search engines. It must contain keywords that target clients would use to find you using a search engine. And those keywords must spring from your strategic marketing plan.

Creating your own content is not easy, however.

An excellent vehicle that can be the basis for creating content that explains your world-view is financial economist Fritz Meyer’s research. Meyer’s monthly analysis is contained in 70 PowerPoint slides advisors can utilize in seminars, webinars, and client meetings.

The monthly presentations contain dozens of tables and charts guiding an illustrated analysis of key economic data.

When the stock market drops 10% or more,  special editions are published.

IA reps have an advantage over FINRA-licensed reps  in social marketing because their content approval process is simpler.

Targeted to investment advisors utilizing strategic asset allocation, you can purchase Fritz Meyer’s Slide Shows For Advisors for $300 a year.

While there is no replacing your own original content, the Social Media Content Stream For Financial Advisors comes closer than most “canned content” solutions. With the content stream, Advisor Products provides:

  • Article and video content for high-net-worth individuals
  • A dashboard to manage the content on your website
  • Tweets about the linking to your website
  • A dashboard to send or schedule tweets to social networks

Advisors can also get help with executing on strategic marketing plans. If you know who your target clients and if it is a true niche — retirees are not a niche, but retired professors are — Advisor products can write search engine optimized copy for you and write social media profiles and a social marketing campaign content for advisors.

 

 

Intelligent Content Suddenly Matters In An Age Of Social Networking

“Canned content” — that’s how investment advisors often refer to articles Advisor Products posts on advisor websites. In an age of social networking, however, that’s changing.

The content Advisor Products makes available on over 1,100 investment advisor websites is valuable in a social media stream.

If you’ve been too preoccupied with client relations and investment research since 2008 to notice, social networking has become a useful way to communicate with clients and allied professionals. It’s a way for prospects to find out about you.

For example, let’s take Bill, the owner of a small company that makes force-measurement gauges. You meet Bill through a friend.

Before giving you money to manage, Bill naturally would like to get to know you.

How can he do that?

The best way is to connect on LinkedIn, Facebook, or Twitter.

Social networking makes it easy for Bill to stay in touch, but it’s impersonal enough so that Bill won’t feel obligated to hire you or even respond to you. It’s safe socially.

One day two or three years from now, Bill gets an offer to sell his company. Bill needs professional advice.

The content you’ve been posting on LinkedIn about succession planning for business owners suddenly matters.

Social Media Content Stream For Financial Advisors, a new solution from Advisor Products, uses videos and articles created by Advisor Products and posted to your website as the basis for a social media content stream about wealth management.

Advisor Products writes 12 articles a month that you can post to your website and three tweets about each article. We make that accessible in the AdvisorSites BackOffice.

You can copy any tweet from the BackOffice and send it out to your connections, linking them back your your website.  (In March, we’re launching a dashboard to automate and schedule the tweets.)

Keep in mind, content written by Advisor Products won’t replace your own original tweets. Nothing replaces your ideas, your voice.

However, since creating content about wealth management is time consuming, it’s nice to be able to rely on the Social Media Content Stream For Advisors to augment content that you create.

I’ve written about wealth management for 29 years. I quit consumer journalism and founded Advisor Products in 1996, and I’ve been leading our effort to produce news about wealth management since then. Calling what Advisor Products content “canned” has bugged me for many years. But I’m feeling pretty good about the way things have changed.

Suddenly, the content Advisor Products produces about wealth management is valuable to advisors serving high-net-worth individuals (HNWIs) and ultra-HNWIs. Suddenly, intelligent content about best practices in wealth management for HNWIs is important.

Price Increase And Upgrades On AdvisorSites Platinum

Advisor Products recently added powerful new client communication features to AdvisorSites Platinum, including:

  • Advanced Settings For Collaborating With Accountants And Attorneys
  • AdvisorVault Desktop Connector to access client vaults from your desktop
  • Social Media Content Stream For Financial Advisors
  • Articles monthly based on Fritz Meyer economic analysis and Bob Keebler income- and estate-tax tactics
  • Videos monthly based on Fritz Meyer economic analysis and Bob Keebler income- and estate-tax tactics
  • AdvisorVault Client View for TD Ameritrade Institutional Veo

Over the past few years, Advisor Products packed a lot of sophisticated new features in AdvisorSites Platinum at no cost, including:

  • AdvisorVault
  • Automated website archiving
  • Template Emails to personalize and automate notifications of a new post to a client’s vault
  • Referral Network Pages for attorneys, accountants and other partners
  • Event Calendar and Administration Tool for posting information on your website about events
  • Quarterly Market Summary
  • Economy Watch

In late 2011, our cost for developing software soared suddenly when one of our software development partners changed business strategy. So, after seven years without a price increase, Advisor Products is raising the cost of its Platinum website by about $20 a month, from $2,100 to $2,337 annually.  It’s remains by far the best value in advisor websites for RIAs.

Please continue to support us because we are now great at making your communication with clients more meaningful, personal, efficient, and secure. After 16 years in the business, Advisor Products, at long last, is great and we are more focused than ever on advisors serving high-net-worth investors (HNWI) and ultra-HNWIs. Please feel free to call me directly about the price increase or any other questions or suggestions you have at (516) 333-0066.

Social Media Content Stream For Financial Advisors Is Launched

Social Media Content Stream For Financial Advisors was launched recently by Advisor Products Inc., enabling thousands of financial advisors to provide a social media content about wealth management.Social_Media_Content_For_Financial_Advisors

Social Media Content Stream For Financial Advisors is for advisors too busy to create all of their own content.

  • We create articles and videos for your website
  • We write tweets about our financial content
  • You send the tweets to your social network
  • The tweets link to your website

Advisor Products produces 12 articles a month that can be posted to your website. Many of the articles are based on ideas from subject matter experts like investment strategist Fritz Meyer and tax and estate planning expert Robert Keebler. The articles are usually reviewed on an expedited basis by FINRA to ensure timeliness, and many articles are accompanied by Meyer or Keebler narrating a two-minute slideshow about investment or tax strategy.

With each article, Advisor Products provides three tweets — 140-character status updates that you can post to Facebook, LinkedIn, and Twitter for distribution to your social network. Each tweet links to the article and video on your website, where information about your services are also displayed.

It’s almost effortless but it’s an effective content marketing tactic.

Social Media Content Stream For Financial Advisors is written and edited by financial journalists based on ideas and strategies from Advisor Products subject matter experts, recognized authorities in areas of private wealth management.

Social Media Content Stream For Financial Advisors simplifies distribution of social media content for advisors.  The tweets for each story are available in the AdvisorSites BackOffice content management system.

Currently, advisors copy tweets for each story and manually post them to social networks. In 1Q12, Advisor Products expects to launch a dashboard allowing advisors to choose and schedule each tweet or totally automate the social stream to send by sending out one tweet daily.

Social Media Content Stream For Financial Advisors is not meant to replace original content created by a financial advisor. Nothing replaces a personal message expressing your views in your words. But it’s sensible to augment content you personally create with Advisor Products articles and videos, which are targeted to high-net-worth and ultra-high-net-worth investors.

Social Media Content Stream for Financial Advisors has been added to AdvisorSites Platinum, which costs $2,337 and includes AdvisorSites Content Management and compliance, AdvisorVault, eight hours of service, compliance tools, and much more.

You can add the Social Media Content Stream to any advisor website for $1,337 a year plus a $300 set-up fee. Call (888) 274-5755 for more information.

 

 

 

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