Five Trends That Will Define Success Over the Next Decade
For RIAs looking to grow their practice, the playing field has never been more open… or more level. The digital age makes it increasingly easy for advisers to find prospects, learn more about them, and engage with them in ways that are more personal and effective. A firm’s success in these endeavors will be determined less by the size of their budget, and more by their ability to stay at the forefront of change.
Here’s a look at the evolving marketing landscape, and the five trends advisory firms must command to optimize
growth in the next decade.
The New Age of RIA Marketing:
THE CUSTOMER JOURNEY
The Customer Journey: More Personalized and More Measurable
Wealth management marketing is poised for a defining moment, as both client and prospect engagement becomes hyper-personalized. Successful firms will be in sync with the special moments and milestones in clients’ lives – sending kids to college, retirement, anniversaries, buying a second home, etc. – and will leverage each event as a touchpoint to provide relevant, and informative, educational content.
Marketers will shape these customer journeys. CRM platforms that offer a unified view of the client and their engagements with the firm will enable marketers to garner insights on the client’s life and how the clients interacting with the firm’s content. Marketers can then create a tactical plan that speaks directly to each individual.
Data: Unification and Activation Take Center Stage
To ease complexity and effectively activate that data, marketers will need to consolidate customer data points into a single source of truth that can be shared across the organization to make informed, customer-focused decisions. Many financial advisory firms will need to build hybrid systems, utilizing CRM and data management platforms together to build more comprehensive, complex audience profiles based on that data.
Today, there is substantially more data available about customers than just a few years ago. That data – and the people it represents – will play a growing role in how marketing success is measured and met. But as the breadth of data grows, managing it will become increasingly complex.
Engagement: Real-Time Interaction Calls for Responsive Strategy
Real-time engagement and
in-the moment interactions are poised to become common practice, even at smaller advisory firms. As customers come to expect these real-time encounters, marketers must connect channels in a dynamic manner, in which messages and content in one channel are based on actions in another.
of financial services marketers say that their cross-channel marketing efforts
are either duplicated or siloed, not
dynamic and coordinated.
This is a challenge that the financial services industry must confront:
AI: A Critical Cog in Meeting Elevated Expectations
Meeting customers’ elevated expectations of personal, real-time interactions is no small task, and it is one that is beyond the capabilities of busy marketers. Artificial intelligence will be a key tool in meeting the higher standards advisory firms are being held to.
of financial services marketers already have a fully defined AI strategy. Nearly half say they rely on it more than in the previous year.
That reliance is
already well under way:
Technology: Navigating an Accelerating Adoption Curve
As digital experiences accelerate and the fintech landscape continues to evolve, advisory firms must stay dynamic, quickly adapting to new trends and technologies. While new technologies will prove beneficial, they also carry risk: creating new data silos. Advisory firms need to make sure they have a platform in place that will allow them to pull data across different sources so they can optimize customer journeys and experiences.
Centralized platforms aren’t just beneficial to marketers. They will play a key role in empowering individual advisors to create the personal, holistic experience that clients increasingly expect.
Want to learn more about the marketing trends
poised to define RIA success?
Request a Demo
Download White Paper