Social-infused Digital Marketing for Financial Advisers

Among wealth managers/ financial advisers, there remains skepticism about using social media and a digital marketing with a stronger online presence. As I prepare for an updated “Day-in-the-life of an adviser” talk next week with Schwab RIAs (clients of Schwab Advisor Services), I created a summary slide to serve as an abstract for the talk. The slide sums up the key messages for me:

• While digital marketing will not and should not replace personal 1:1 relationship strategies, it can help you grow your practice and deepen existing relationships – particularly among your increasingly connected client base.
• A good online presence can help you shift your business mix from traditional “outbound” activity to “inbound” – lowering cost of client acquisition.
• But, as content proliferates, clients will increasingly use “relevance filters” – using search, influencers and their human “social networks” for trusted answers. It is hard to “game the system”
• And, for advisors, regulation and changing technology add risk and confusion.
• So, what should you do?
• Today more than ever, firms need an effective digital marketing strategy and plan that aligns with their target client strategy.

The follow-on question is what makes up that strategy?

We focus on the three elements of the Revenue Architecture – keeping it simple, breaking it down:

1 Revenue Strategy

• Set your ambition
• Segment your audience & define long-tail positions
• Build value propositions
• Measure capability and gaps
• Envision creative strategies

2 Revenue Systems

• Design a solid website for brand experience
• Configure and deploy foundation technology / services for digital marketing
• Establish digital/social outposts

3 Revenue Programs

• Design creative multi-touch campaigns
• Develop a month-to-month/ week to week calendar
• Create multi-media content
• Publish and engage