Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

Flower

Archive for March, 2014

Advisors Who Argue Against Educating Clients About Wealth Management Are Delusional

While Bill Bachrach is a brilliant speaker and marketer, I was always troubled by his assertion that advisors should not regularly send clients and prospects educational information about managing their wealth.

Bachrach, a  columnist at one of the financial advisor trade publications, has helped thousands of advisors in many ways I’m sure. You don’t get to be as popular as he is for no reason. But I’ve always disagreed with this one idea of his. I’ve always believed educational marketing — today called “content marketing” — is a great opportunity for advisors, in addition to being the right thing to do.

The growing importance of content marketing on the Web and in social media has dispelled any legitimacy to the notion that advisors educating clients and prospects are doing something bad, unwanted, or unneeded. The global financial crisis laid bare the danger in not educating people about financial management and was shown to be a terrible idea for advisors.

Yet there remains a group of advisors who think educating clients about financial matters is a bad idea. They argue that advisors only need external communications with clients that talks is about an advisor’s family and other non-financial topics. I’m not saying all your communication should be about financial matters.

Simply put, if you are among those still clinging to the notion that education is bad for advisor-client relations and bad marketing, you are delusional. Over the long-term advisors sending clients educational content about investment, tax, and estate planning will always win out — assuming the content is great. It stymies me that some advisors don’t know that.

If you agree  that education is a great opportunity for advisors, read this article about the Financial Advisor Content Marketing System and view the video below.   

 

 

A Measurable Inbound Marketing Program For Financial Advice Professionals

Of course clients need to know about the tectonics of wealth and retirement. Explaining the U.S. Government’s long-term fiscal outlook is part of your job.

Though some may not care about your articles and videos, making the effort to educate people is the responsible thing to do, and it will bring desired results. I use these techniques myself and that’s why you’re reading this! It’s also why I’ve developed the Financial Advisor Marketing Dashboard.

FAMD is an integrated financial educational system for RIAs, broker/dealers, and trust companies. Artfully produced educational articles and videos making complex financial subjects easy to understand engenders the trust of clients and potential clients.

FAMD integrates its articles and videos educating clients with an automated distribution system for conducting marketing campaigns via Facebook, LinkedIn, and Twitter as well email newsletters via MailChimp and Constant Contact. Those media feed an inbound marketing and lead-generation funnel for investment advisors. The content is especially well-suited to investment fiduciaries working HNWIs and UHNWIs.

Financial Advisor Marketing Dashboard

Campaigns are managed using an open source content managing system that can be hosted by Advisor Products or embedded in any WordPress site using a plugin. Each quarterly marketing campaign consists of four content components:

1.       Articles on your website, with efficacy measured by Google Analytics

2.       Social media status updates measured by activity of your networks

3.       Email newsletter campaign tools and analytics using Constant Contact or MailChimp

4.       Video white papers accessible to those who follow you on social media or subscribe to you email newsletter

In a nutshell, FAMD drives visitors to your website using email newsletters and status updates to your social networks and helps you to convert visitors into leads using video white papers. At that point, it’s up to you to convert leads into relationships, but we are giving wealth managers and financial planners the most sophisticated ongoing online content marketing system extant.

The Latest Content Marketing Campaign

The new campaign includes a five-minute video white paper with economist Fritz Meyer speaking about the U.S. Government’s long-term financial outlook. It took me 40 hours to produce and another five hours of staff time to get the content edited, proofread, reviewed by FINRA, and posted on advisor websites.

The campaign depicts a benign 10-year outlook for government deficit spending followed by a steady rise in government debt 2024 and 2050, which in 25 years cripples the U.S. economy with as much debt as Portugal faces today — a truly frightening and avoidable prospect.

The campaign explains how the U.S. Government’s fiscal position will be worsened by the rising cost of interest incurred on the Federal debt and the link to Social Security and Medicare. Fritz explains how the benign near-term outlook for deficit spending could ironically cause the U.S. Congress to “kick the can down the road” instead of resolving the inevitable structural deficit facing the nation.

Content, Credibility And Financial Advisors

Educating clients will boost your credibility and trustworthiness. It does not matter that you do not create the articles, status updates and videos yourself. No one expects you to do that. You’re not a media company. People just want authoritative information that’s easy to consume. But it is very difficult to do.

Authoritative Financial Content For Investment Fiduciaries

For the deficit spending campaign, I collaborated with economist Fritz Meyer Economic Research.  Fritz, who formerly served for about a decade as Senior Investment Strategist for one of the world’s largest investment companies, has been conducting monthly professional education webinars produced by Advisors4Advisors, a company I founded in 2008, for the last 41 months, and he spoke at a continuing education webinar three weeks ago about the long-term structural deficit. I edited a voiceover of Fritz explaining the issue in detail to financial advisors on that professional education session. I edit in visual cues directing the viewer’s eye to key numbers or data points, making Fritz’s analysis easy to understand and learn about.

To be clear, if you educate people on substantive wealth management issues using email newsletters, social networks, and videos, they will value join your network and subscribe to your email newsletters and you can begin many long-term conversations with connections you are not now touching. However, the quality of your content must differentiate you. You must provide ideas to clients that they can’t get anywhere else, and that’s where Advisor Products is different from all the other content marketing vendors targeting financial advisors.

Below is a 20-second video posted on advisor websites as part of the just-released U.S. Deficit marketing campaign for advisors. The video is embedded in an article entitled, “The Long-Term Fiscal Status Of The United States.”

To the right of the article a call-to-action graphic offering a special report that visitors to your site can view by connecting with you on LinkedIn, Facebook, or Twitter or by signing up for your email newsletter.

When a visitor connects with you socially or subscribes to your email newsletter, he will be able to view the full five-minute video white paper the deficit spending issue.

Below is a 20-second clip of the five minute video, which is embedded in the article and teases the five-minute special report, and you can see how the full campaign and video white paper work on advisor websites here.

You are currently browsing the Financial Advisor Marketing & Technology blog archives for March, 2014.