Why wealth managers should be using digital marketing
Introduction
For financial planners and wealth managers who cater to high net worth clients, using digital marketing to generate sales is an underutilized asset. Not only can you directly reach potential clients but it also offers you a low cost solution to asserting your credibility. As a wealth manager, the majority of your sales are generated on the golf course, at the restaurant, and in the boardroom.
Through the traditional lens, digital marketing isn’t considered necessary in personal financial services because you would be spending capital on intangible resources that don’t directly impact sales. However a wealth manager should use digital marketing because it can have an impact on sales. In this article I am going to show why wealth managers should be using digital marketing.
Brand Visibility and Authority Building
Digital marketing content allows you to showcase your expertise, helping you establish yourself as a thought leader in the industry. Consistently creating valuable content demonstrates your knowledge and can attract high net worth individuals seeking expert advice. Apart from that, every time a person gets a business card, hear’s about you from someone, or receives communication from you for the first time, they are going to check you out online. It’s not just about having a website, it’s about curating an image that you know what you’re doing.
EDUCATIONAL INFORMATION
High net worth individuals often have complex financial needs and may not fully understand all their options. Digital content such as blog posts, videos, or infographics can educate them about various financial strategies, investment opportunities, and wealth management techniques. As we become more and more interested in digital content as a source of entertainment, any wealth manager that can produce educational and informational content using these means can take over the personal financial services world.
CLIENT ENGAGEMENT AND TRUST
Another underrated reason for why wealth managers should be using digital marketing is the shareability of the digital marketing content. Your expertise can be shared from your clients to their peers and can provide you with the benefit of stronger brand awareness. Regularly sharing insightful content helps you stay top-of-mind with your clients and prospects. When you provide valuable information, you build trust and credibility, fostering stronger relationships with your audience. You go from being a wealth manager in the area…to THE wealth manager in the area.
Lead Generation
Digital marketing content can attract new high net worth clients to your business. Think about the pre-sale process, you are trying to get an initial meeting. Sometimes you go directly to source, sending invites to events and outings for a chance to pitch. Other times you need to go through their assistants or team. Through SEO, social media promotion, and targeted advertising, you can reach affluent individuals as well as the people around them. Whether they are actively seeking financial advice or not, because you have impactful digital marketing content and a strong brand image, your case to be their wealth manager is even stronger.
DIFFERENTIATION
Let’s face it, not many wealth managers are using digital marketing, many don’t see the value. When you factor in how crowded the market is, producing high-quality digital content sets you apart from competitors. Let’s use a real world example, you approach a prospect at the country club. When you make your introduction maybe you can’t leave a card or ask for a meeting immediately, but you could share a piece of your content that speaks to the specific pain point your services can solve for them. Not only do you stand out but you soften the prospect a bit for further sales action.
SCALABILITY AND REACH
Digital content can be distributed widely and accessed globally, allowing you to reach a broader audience beyond your local market. This scalability enables you to expand your client base and grow your business more effectively. Furthermore, you can do the opposite, if you want to narrow your scope social media and search ads can help you achieve that.
ADAPT TO CHANGING CONSUMER BEHAVIOR
High net worth individuals, like everyone else, increasingly rely on digital channels for information and services. Northrop & Johnson, a luxury yacht broker, report LinkedIn, YouTube, and Facebook are reported to be the highest used apps among high networth individuals. By meeting them where they are with relevant and engaging content, you increase the likelihood of capturing their attention and business.
