WHAT FINANCIAL ADVISORS THINK ABOUT YOUR MARKETING

On May 6th, FCS Philadelphia hosted a roundtable of financial advisors who shared their unfiltered feedback on what works – and what doesn’t work – when it comes to marketing to them as a key target audience for asset managers.  Sitting on the panel were Christopher Borden of Janney Montgomery Scott; Zahya Beall of Damefender Financial Partners; and Bill Dougherty of Main Street Financial Solutions. Matt Majewski, AVP of Marketing at Lincoln Financial Group, served as moderator for the session.

Among some of the key learnings from the session:

• The 2024 Client Mindset: The advisors on the panel discussed some of the top challenges they were facing in their practice. Most notable were managing client anxiety amid the election; helping clients stay focused on their financial plan despite a general “risk on” mindset stemming from the bull market; and wrestling with misinformation clients learned from social media.
• Trust is Where Effective Communications Start: Advisors mentioned two ways financial marketers could break through in their communications: First, by sending communications through a trusted wholesaler or key personality within the firm. Second, by building trust and likeability at a brand level. If advisors were engaging with a brand or a person within a firm they liked, they were more likely to engage with a given marketing material.
• Simplify the Complex for Clients: Advisors did not need client-facing materials for simple financial products like mutual funds. However, they did need educational materials surrounding complicated solutions like alternatives or direct indexing.
• More Podcasts, Less Email: Advisors mentioned a high regard for a wide variety of podcasts, from providers, thought leaders, or media properties. The convenience of listening to a podcast in the car or the sheer entertainment value were mentioned as reasons for engaging with podcasts. Meanwhile, email was discussed as being incredibly cluttered and difficult to focus on – advisors receive so many emails that they just don’t have the time to engage with them.
• Social Challenges: Advisors frequent LinkedIn and have found it to be a great way to follow many of the personalities they follow in the news and/or on podcasts. However, they discussed a more pressing issue with social media beyond LinkedIn – clients engaging with influencers on Reddit, TikTok, and elsewhere, and then bringing misinformation or preconceived ideas to client meetings. Advisors expressed a need for help combating the financial misinformation found on these platforms.