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10 Online Marketing Tips for Wealth Management Professionals

Jeremi Karnell
Oct 30, 2017

The financial services industry is changing fast, and industry professionals need to change with the times. These changes have particularly impacted wealth management firms, and they need to use their marketing prowess like never before.

In this world of passive investing and index funds, wealth management firms need to work harder than ever before. Business owners who did not previously do much marketing are taking another look at their strategies, and finding new ways to reach out to prospective clients and bring more assets under their management umbrellas.

There are many ways to market a wealth management firm, but more and more business owners are moving online to get the word out. Online marketing can be a powerful venue for the owners of wealth management firms, and you do not have to be a technical expert to succeed. Here are 10 smart online marketing tips designed specifically for the wealth management business.

  1. Engage on social media. Social media outlets can be extremely valuable for financial professionals, so take the time to create a robust profile and communicate with your clients. Set aside some time each day to update your social media sites, respond to inquiries, answer questions and engage with the public.
  2. Stress the valued-added nature of your services. A good wealth manager is more than an investment professional; they can provide advice and guidance on everything from tax law to small business formation. Use your online outlets to focus on the value you bring to potential clients, not just the investment advice you can provide.
  3. Be responsive, but not defensive, when dealing with negative reviews and comments.
  4. Respond to current news events, and do not shy away from negative perception and unfavorable news stories about the industry. Ignoring bad news about your chosen industry will not make it go away, so you must confront the issue head on. Instead of pretending there are no bad operators in the financial services sector, talk about these matters, and why your firm is so different.
  5. Invest in professional video equipment or lease time in a professional studio. Adding video tips and full videos to your website or blog will showcase your expertise, but you want the finished product to reflect the highest professional standards.
  6. Survey your top clients. Your clients have a lot to say, but they may not always be comfortable saying it. Sending out a short three- to five-question survey to your best customers can tell you what you are doing well, and where you can improve your operations.
  7. Translate industry articles into plain English. As a wealth manager, you read a lot of industry jargon, but your clients are not as well versed. Focus your content marketing efforts on sharing your favorite articles, and use your knowledge to translate those articles into a more readable format.
  8. Focus on the educational aspects of what you do. Your target clients are smart people, and they have managed to amass impressive portfolios. By focusing on the educational aspects of wealth management, you make yourself, and your services, more valuable to these successful investors.
  9. Talk about your team. You have spent years creating a great team of professionals, so use your online properties to show them off. From fun articles on the weekend activities of your advisors to congratulatory notices on their continuing education, focusing on your team is a smart thing to do for morale in the office and the trust of your clients.
  10. Make your services relatable. When people think about finances, they picture big Wall Street banks and huge rolls of ticker tape. It is no wonder so many people do not relate to arcane financial terms and investing jargon. Instead of focusing on the ins and outs of Wall Street and the Dow, talk about how finances relate to the everyday life of your clients. Relating to the needs of your customers is what wealth management is all about.

After decades of relative stability, the world of financial services and wealth management is now undergoing some enormous changes. The high net worth clients that have historically formed the base of a successful wealth management operation are increasingly moving toward lower cost index funds and other passive forms of investments. This low-cost approach may be a sound investing strategy, but it has created serious challenges for the men and women who provide investment and financial advice.

There is not a lot the owners of wealth management firms can do to reverse the trend toward passive investing, and there may be no reason to. If you are a savvy marketer as well as a great investor, you can attract new clients, bring in new assets from your existing client base and provide value added services your wealthy clients will appreciate. Even if you have never done online marketing before, focusing your efforts on social media, websites and blogs can be remarkably effective, and you can start with the 10 timely tips outlined above.

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