The greying of asset-rich baby boomers should be spurring a marketing push by financial advisers looking to build a pipeline of millennial prospects now in the wealth-accumulation phase. Attracting the next generation of client now, even if their net worth may be puny, is key to the long-term survival of all financial service providers in the future.
A lot is happening in the world of finance right now. Everywhere you turn, there are new technologies being developed. The rate at which industry is evolving is faster than many companies can keep up with.
The world of finance is changing – and fast. This means that organisations need to adapt their strategies in order to keep up. The rise of Industry 4.0 brings a wave of new technology, such as automation and Artificial Intelligence (AI), and smart devices that go beyond just mobile. Clients are more connected and clued up than ever. From their financial services providers they now demand convenience, instant access to the services they need, excellent client care, and total transparency.
With today’s changing world where the client is more connected than ever, digital marketing is key for survival. Within the financial service sector, some organisations are finding themselves in a period of catchup. As more clients choose to bank, pay and acquire financial products online, the need for an updated marketing strategy is paramount.
I have used the word ‘newsletter’ in this article as a generic term. At Goldmine Media, we moved away from creating newsletter formats many years ago, and now our publications visually and editorially resemble mini-magazines. Today, our goal is to produce publications for financial advisers that wouldn’t look out of place if they were featured in the online supplement sections that form part of one of the weekend broadsheets.
Do you get a sinking feeling every time you look at your company website? Are you not seeing the results, leads and enquiries that you were promised and keep reading about? Is it time to accept your website isn’t fit for purpose? Acceptance is the first step – but then what?
Pension reforms, along with the accumulation of property wealth, have created a generation of older people more affluent than ever before. As longevity continues to increase, it will bring with it new demographic changes and significant new business opportunities for financial service businesses.
It’s a fact: highly engaged clients invest more, evangelise more about their financial adviser, and demonstrate more loyalty to their adviser. At a time when headlines about Brexit and tweets from Donald Trump, the US president, and the US-China trade war can move markets, financial advisers’ clients want to be certain that their money is being managed by the best people, invested in the best funds for their needs, and know that their adviser will be there to help them through the ups and downs of the financial world.
Unsurprisingly, research carried out on a representative sample of financial advisers identified the top business challenge facing them currently is the increasing burden of compliance. This was selected by nearly half (49%) of the advisers surveyed[1].
But after compliance and regulation, the next other significant challenge commonly faced by established financial adviser businesses is servicing existing clients to lock in the client business for an eventual sale or business exit, selected by (28%) of the advisers surveyed. This makes total sense, as retaining existing clients is considerably less expensive than acquiring new ones. It’s very well documented that generating business from new client acquisition can cost anything between 5 to 25 times more than it does from an existing client.