(Goals and Objectives in Wealth Management by Stakeholders. itracMarketer)
This very distinct aspect of the financial service model puts much more emphasis on personal connections and trust. Therefore, when applying a digital marketing strategy, the model must consider content marketing, automation and distribution strategies that serve and support the Advisor, Broker or Wealth Management professional directly.
This is a nuance and requirement that is typically not properly addressed or even overlooked when financial organizations have implemented a content strategy and marketing automation processes to manage the message distribution and customer engagement.
What is the cumulative impact of these changes and challenges?
Many corporate or head office marketing and sales administrations are typically providing some impactful resources, useful communications and programs for local Advisors. However, they are not offering the depth and level of support that Advisors, Brokers and Wealth professionals require in order to be successful to grow their personal brands as well as portfolios in this new digital landscape.
There is a disconnect between corporate communications and the content necessary to convert potential leads and retain customers. Part of problem is the lack of a comprehensive content strategy that addresses specific needs of consumers. This means putting together a plan to publish and distribute targeted, easy-to-consume, informative content across different channels that target consumers when and where they are likely to consume it.
Additionally, most corporate marketing technology in use today, such as email applications, marketing clouds, marketing automation, or social tools, can send out content and execute marketing and sales campaigns. However, very few offer compliance functionality as well as the ability to enable a distributed marketing model on-behalf of Advisors.
The compliance piece creates challenges and often barriers to productivity in addition to limiting the progress of organizations advancing their presence across communication channels.
How can financial organizations overcome these challenges wealth management digital marketing challenges?
With a comprehensive compliance solution in place, distributed marketing functionality could enable greater connections between Advisors, Brokers and potential as well as existing customers.
This would entail the ability of a platform or application to create or source content and then distribute that content across different marketing channels either on behalf of individuals and teams, or allowing those individuals and teams to access the content themselves to distribute it to their own personal leads and customers.
This change to the source of consumer communications and delivery process would provide Advisors and Wealth Professionals with the ability to grow their personal brand, and as a result see more new connections and business relationships.
Integrated systems need to be tailored to meet financial services unique needs
Some marketing platforms and technology have started to address this concept for specific digital channels such as social media applications or email tools that offer extensive personalization. In fact, the new buzz term “Employee Advocacy” is a popular business trend that social media platforms are promoting heavily to expand the reach of corporate brands and content. However, very few applications or platforms properly address the detailed and complex compliance requirements specific to the financial industry.
Furthermore, while employee distribution through social media is a great way to expand the reach of content, it is crucial to enable an integrated multi-channel approach to distributing as well as tracking compliant content by unique contacts. This provides the ability to record and build a profile of individual consumption of content to produce a lead or manage a customer that can be evaluated and prioritized for Advisors to follow up with at the right time.
This is a key requirement that cannot be overlooked or understated. It is one thing to be able to deliver compliant content across different channels, but without detailed customer-level behavior tracking, many of the benefits of modern digital marketing cannot be realized. What is missing is the key understanding of how and why an individual behaves and reacting appropriately at the right time through marketing automation and content distribution for increased customer conversion opportunities.