firms and also writes email communications and social posts . The results have been impressive .
A study by eMoney offers us some clues about what ’ s important to prospective clients : 98 % of them said in a company survey that a website is important when they choose an advisor , and 36 % said they work with an advisor they followed on social media . Sixty-three percent of those surveyed said that informative and educational content would make an advisor stand out .
This all means you should be updating your website and focusing on quality , educational content across multiple channels .
Beyond that , here are two other quick ideas for you :
• If you have clients with older children or grandchildren , you should send them an email for a “ family meeting ,” suggesting they involve their children in it . At the meeting , you can discuss what you ’ re doing for the parents and make sure the kids are comfortable reaching out to you if they have any questions . This is a great way to start building relationships with the next generation of clients — and to do it without being pushy or salesy .
• If your clients have children or grandchildren in their teens or early 20s , you can suggest that the clients open a Roth IRA for these kids and contribute up to $ 6,500 per year ( or their earned income , whichever is less ). This is a great way for their children to start saving and investing early . It ’ s also a way for them to get to know you as their financial advisor .
3 . Marketing Plays A Role In Your Business ’ s Value
Rampant merging and acquiring is going on in the RIA business . This trend isn ’ t going to stop anytime soon . Many advisors are seeking succession plans and ways to leave the business , and that means many of their firms are going to be up for sale and lots of firms in growth mode are going to want to gobble them up .
As buyers and sellers try to make
AI is an efficiency and creativity aid : It can help you demonstrate your expertise and concern for your clients . But it ’ s not a magic wand .
deals and value firms , here ’ s a question they might be asking : “ What role does marketing play in my firm ’ s valuation ?”
As it happens , it plays a big one . The key drivers of a firm ’ s enterprise value ( something important to both buyers and sellers ) are its strong brand , its client retention , the wide age range of its clientele and its organic growth . Marketing plays a critical role in all these things , maximizing the rewards .
It can ’ t be ad hoc marketing . It ’ s got to be intentional , documented , systematized marketing that ’ s ingrained in the operations of the business . That means advisors should evaluate their communications process for clients and prospects — their content creation , their social media , their branding , and their lead generation — and identify areas where they have either deficiencies or a lack of process and consistency .
You should develop a monthly plan for each of these categories and stick to them . Whether you ’ re selling or buying , demonstrating consistency in your approach to the main pillars of a marketing plan will pay large dividends . Don ’ t wait for something to happen . Start now .
4 . AI is Magical , But It ’ s Not A Magic Wand
Artificial intelligence is changing many aspects of our lives and the world around us . Some people worry that it ’ s a threat , but I don ’ t see it that way at all . I ’ d like to challenge you to at least give it a try . I personally use Claude . ai , Google ’ s Bard and ChatGPT , in that order .
It ’ s helpful if you think of these tools as your personal assistants . If you ’ re going to plan a client event , for example , you can ask the AI for ideas — perhaps for 10 good ideas other financial advisors have come up with for their own events . You could also ask AI programs to draft holiday or birthday messages , or give you options for a clever subject line . You get the picture .
You won ’ t necessarily get the final answers to your questions , but you will come back with rough ideas or rough drafts of your thoughts . AI is an efficiency and creativity aid : It can help you demonstrate your expertise and concern for your clients . But it ’ s not a magic wand .
The secret to your success will be the experimenting you do with the prompts in the various platforms . Don ’ t be a naysayer before you ’ ve tried it !
5 . ‘ Time Poverty ’
Have you ever heard the phrase “ time poverty ”? It ’ s a fantastic term coined by advisor Michael Kitces , and it nicely articulates the struggle many advisors face to keep up with the demands on their schedule , which continue to increase .
Research and data analysis firm YCharts says 53.4 % of high-net-worth investors and 55.8 % of younger investors desire more frequent communication with their advisor . So in 2024 , it ’ s time to think of which jobs you should be outsourcing . You need to make a list of your key growth and marketing goals for the year and the list of things you need to do to reach them . For instance , you might need to refresh your website , increase your appearance in online searches , up the quality and frequency of your communications and content , post more on social media , etc . You should ask yourself which of these things you and your team do well already . When you find a gap , you ’ ll come up with a list of things you should outsource .
Be purposeful in how you spend your time . The most valuable thing we all have is time , and how we spend it is what matters most .
This article is dedicated to the memory of the Ryan Russell , the late founder of marketing firm Twenty Over Ten , who demonstrated to us all how to live a life of purpose .
SUSAN THEDER is the chief marketing and experience officer at FMG Suite .
DECEMBER 2023 | FINANCIAL ADVISOR MAGAZINE | 19