How committed are you to keeping your financial advisors?
A lot of thought goes into an advisor's decision to join a Broker-Dealer, and certainly, a lot of effort on the Broker-Dealer's part goes into attracting new firm representatives. But once a relationship is formed, what are you doing to make sure your advisors have the resources and continued support they need in order to excel - and stick around?
According to an Investment News study, the only marketing activity top performing firms engage in more frequently than all others is updating their websites. Since a website is the modern day calling card, and the Google search bar the first stop a prospect makes before reaching out to an advisor, even if they're referred by a trusted source, this finding comes as little surprise.
How current are you with the latest web technology?
An outdated website can be off-putting, costing advisors precious business. "The majority of sites we see out there from advisors are very outdated and they poorly reflect the firm and the advisor," says our director of sales and marketing, Loic Jeanjean. Since many reps rely on their Broker-Dealer for marketing support, they'll look elsewhere if they feel they're not getting it, especially in such an essential area as web technology.
And the number of unhappy advisors is staggering. Each year 9,500 investment professionals leave their Broker-Dealer relationships for greener grass with another. Advisors want help promoting their services, and a website is currently a key piece of marketing collateral to do this.
When the average life-span of an advisor-BD relationship lasts 6.4 years, consider the amount of technological progress that occur during that time. If you're not looking for better website solutions for your advisors during their time with you, you're in danger of losing them long before the six-year mark.
So what does a current website need?
Since advising is all about relationships, an integrated website that leverages its technology to create and maintain client relationships will set your RIAs up for success. With continually fresh content, automated content distribution, and an industry specific CRM in hand, maintaining a human connection is easier than ever.
Continually Fresh Content
Communication, particularly through educational articles, is essential in building strong advisor-client relationships. Keeping website visitors up to date and informed with fresh blog content maintains interest-levels and establishes your advisor as a trustworthy and knowledgeable source in the eyes of current and prospective clients.
As continuing to produce new written content is a daunting and time consuming task for financial advisors, integrating with MarketingPro’s periodical library offers just the solution. Updated with new content on a weekly basis, MarketingPro has hundreds of financial articles to choose from, many of which are pre-reviewed by your compliance department. Before publishing, content can be customized with your logo and branding, edited to fit readers' needs, or simply posted as-is.
Automated Content Distribution
For an advisor's blog content to be most effective, it needs a strong distribution channel. Despite the many modes of communication available today, email is still the most used and trusted, making email marketing an essential part of maintaining client relationships. A MailChimp integration is an excellent tool to help reps streamline the process.
MailChimp will automatically capture new blog content published on your advisors' website and send it to their subscribers in the form of an email newsletter on a daily, weekly, or monthly schedule. The newsletter can be designed around your Broker-Dealer's colours in order to match your firm's unique branding, so that staying connected with clients can be done effortlessly and aesthetically.
A CRM system, or Customer Relationship Management system, acts as a database of everything your advisors need to maintain happy, healthy client relationships. In a 2011 Financial Planning Tech Survey, 45% of advisors named their CRM system as the tech investment that yielded the most significant ROI.
Financial advisors use a CRM to store contact data, standardize company-wide processes, help with administrative tasks and marketing initiatives, and measure key firm metrics. This combination makes a CRM one of most important pieces of technology a Broker-Dealer can adopt for its reps to streamline client relationships and internal activity, and generate and support new leads.