Digital Marketing for Financial Advisors

The role of a financial advisor has long gone far beyond investment selection to guiding clients through their financial life cycle to achieve their financial goals. Clients increasingly expect conversations and interactions to be highly personal and through the channel of their choice. Clients of all generations are comparing digital experiences in all aspects of their lives and expect an intuitive, even enjoyable experience when interacting with their advisor.

The need to meet clients and prospects on their level makes advisors' and firms' commitment to technology increasingly important to retaining clients and building deeper and broader relationships. The past year has only reinforced this trend. In a recent survey by Broadridge, more than half of investors said the pandemic "has already changed the frequency and methods of their communications with their advisor."

With clients increasingly preferring more digital communication and engagement, it was surprising to see that many advisors and firms lack the technology or skills necessary to meet client demand. A Broadridge survey released last summer found that 77% of advisors said they lost business because they did not have the right digital tools to interact with clients. Those advisors said they lost about one-fifth of the assets they managed. That's a lot of unhappy investors - and a clear signal that advisors need to improve the way they use technology to interact with their clients.

It's also a missed opportunity. Recent research found that 66% of investors said their advisor did not communicate with their children or other heirs. With most people home because of the pandemic, it's a great opportunity for advisors to build deeper relationships with their clients' families. Video conferencing would be an easy way to engage, inform and communicate. This can foster relationships with children and grandchildren that will outlast a client's death and improve continuity of care for survivors.

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