April 2018 FCS Lunch—Performance, Trust & Best Interests: Marketing to Financial Advisors

by on Apr 25, 2018

Corporate Insight recently attended Financial Communication Society’s Marketing to Financial Advisors conference at the New York Yacht Club, hosted by FUSE Research Network. A presentation by Director of Relationship Development Cindy Zarker and a panel discussion featuring marketing heads from J.P. Morgan Chase, AB and OppenheimerFunds provided insights and strategies for building relationships with financial advisors. Discussions ranged from mobile platforms and apps to robo-advisors and data analytics.

Zarker’s presentation echoed similar observations from our Asset Management Monitor – Advisor and Asset Management Monitor – Investor services, such as the changing role of advisors to focus on financial planning and wealth management. The presentation revealed that 60% of advisors say apps fail to aid their business. This is a surprising statistic considering the ubiquity of mobile phones and demand for finance apps.

Best practices for marketing to financial advisors include bite-size and shareable content, multimedia, infographics and personalization. Email is the preferred communication method. Advisors want digestible information in small doses, as 81% prefer videos to run for five minutes or less. Thought leadership and topics of interest include economics, market events and investment commentaries.

While robo-advisors are still a small percentage of the asset management industry, there is no denying the rapid growth of online money managers. Many financial advisors deny the threat of robo-advisors and view technology as a tool to complement their businesses. Advisors demonstrate their value by focusing on financial planning, wealth management and face-to-face interactions. Our May 2017 Asset Management Monitor – Advisor report on practice management resources discusses the importance of trust and transparency in the business. Financial professionals can build relationship foundations with clients in ways that robo-advisors cannot.