NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE: BR), a global Fintech leader,
today released its second-annual financial advisor marketing
survey, which revealed contrasts between effective and ineffective
advisor marketers. The survey found that that 77% of advisors have
no defined marketing strategy and that only 49% of advisors are
confident that they will meet their practice growth goals within
the next 12 months.
Seventy-five percent of advisors with a defined marketing
strategy are confident that they will meet their practice growth
goals over the next 12 months, compared to only 41% of advisors
without a defined marketing strategy.
Ninety-one percent of advisors report that developing a digital
marketing strategy is a challenge, and 86% of advisors report that
it is challenging to find the time for marketing efforts.
Additionally, 86% find it challenging to select the appropriate
marketing technology tools to leverage.
"As investors continue to look for more personalized services in
all aspects of their lives, it is important that financial advisors
create a defined marketing strategy to ensure they are connecting
with their prospects in a manner consistent with their preferences,
for example, which social media channel or the time of day," said
Michael Alexander, President, Wealth
Management, Broadridge Financial Solutions. "Those advisors that
are taking the time to define their target audience, understand
where they should share relevant content and how to nurture leads
through digital channels, have proven better equipped to engage
clients and drive a higher return on marketing investment."
Solo advisors and independent broker dealers report finding
various marketing elements more challenging than advisor teams and
RIAs do.
AS ADVISORS GO DIGITAL, CAPTURING LEADS BECOMES
PARAMOUNT
Marketing spend decreased from $19,194 in 2019 to $12,939 in 2020 due to the economic impact of the
pandemic. Twenty-three percent of financial advisors decreased
their marketing spend during the pandemic, and 22% of advisors
maintained the same marketing budget but reallocated their spend
during the pandemic.
Ninety-one percent of advisors agree that digital marketing has
taken on a greater importance as a result of the pandemic. While
marketing spend decreased year over year, advisors plan to shift
remaining future spend into digital channels to meet clients and
prospects wherever they may be.
As advisors turn to social media to connect with prospects, the
study finds that 37% of advisors have obtained a lead that became a
client through social media. Of advisors who obtained a lead
through social media, 68% reported obtaining a lead on LinkedIn,
followed by Facebook (58%). However, more than six in 10 advisors
have never obtained a lead that became a client through social
media.
Advisors are also struggling to convert leads to clients through
their websites and landing pages. Forty-one percent of advisors
report that they generate less than five leads per month through
their website, and 34% do not generate any leads through their
website.
"With so many advisors planning to put even more money behind
digital marketing strategies over the coming year, they need to
ensure that their digital presence, content and use of preferred
channels are optimized to engage their target audience," said
Alexander. "The increase in virtual engagement has also allowed
advisors to deepen and broaden relationships in a personalized
manner. The ability to personalize communications and service in a
digital manner is critical to engaging next generation investors
who stand to inherit trillions of dollars in the intergenerational
wealth transfer. Paired with the increased use of technology by
advisors, this opens doors to new clients who may be more receptive
to working remotely with an advisor."
METHODOLOGY
The Broadridge survey was conducted by 8
Acre Perspective Corp. A total of 400 U.S. financial advisors
across IBD and RIA channels completed the survey, which was fielded
in August 2020.
For further details on survey methodology, please contact a
Broadridge media representative.
ABOUT BROADRIDGE
Broadridge Financial Solutions, Inc.
(NYSE: BR), a $4 billion global
Fintech leader, is a leading provider of investor communications
and technology-driven solutions to banks, broker-dealers, asset and
wealth managers and corporate issuers. Broadridge's infrastructure
underpins proxy voting services for over 50 percent of public
companies and mutual funds globally, and processes on average more
than U.S. $8 trillion in fixed income
and equity securities trades per day. Broadridge is part of the
S&P 500® Index and employs over 12,000 associates in 17
countries.
For more information about Broadridge, please visit
www.broadridge.com
MEDIA CONTACTS:
Matthew
Luongo
Prosek Partners
+1 646.818.9279
mluongo@prosek.com
Tina Wadhwa
Broadridge Financial Solutions
+1 212-973-6164
tina.wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.