Fifth Annual Broadridge Survey Reveals Time and Expertise Top Challenges in Advisor Marketing Strategies
Advisors with a defined marketing strategy falls to the lowest rate in five years (20% in
Less than half of
In its fifth year, this annual survey evaluates North American registered financial advisors' sentiment and activities around digital marketing strategies, shedding light on the successes and challenges that advisors are facing. According to this year's survey, advisors are now more than ever struggling with their marketing efforts due to a lack of time and expertise needed to build a successful strategy, yet many are finding success in building their practices through a personalized content approach and leveraging next-generation technologies such as AI to reach their prospective and current client base.
Frequent, Meaningful Communications Serve as Drivers for Advisor Growth
As investors demand a more high-touch experience from their advisors, financial advisors who communicate more frequently with their clients are found to be far more confident in meeting their practice goals. Sixty-eight percent of
Those who are personalizing their content are also more likely to:
- convert social media leads to clients (45% vs. 34%)
- use generative AI (50% vs. 38%)
- spend more time on marketing efforts (an average 2.5 vs. 1.9 hours a week)
- have a defined marketing strategy (32% vs. 10%)
- generate more website leads (an average of 3.3 leads person month vs. 1.9)
An important element in an advisor's growth strategy is personalized educational content that forges deeper relationships and helps clients achieve their unique goals, and yet many advisors find challenges in developing and sharing personalized education. The top reasons that
Advisor
The top use cases for AI among North American advisors include generating personalized content, developing personalized marketing campaigns, automating administrative tasks and communications and segmenting clients and prospects, highlighting how generative AI is a key tool in enabling advisors to engage with clients in more meaningful ways while lowering their operating costs.
Along with generative AI, advisors are also looking to ramp up their investments in social media for digital marketing, with 57% of Canadian currently or planning to invest in social media marketing compared to 43% of
"An advisor recently told me she no longer competes only with other advisors when building a sustainable practice with younger clients, she competes against TikTok influencers as well. 2023 was the year of generative AI, and tech-savvy advisors can break through the clutter as they develop use cases to better personalize their content and communications for multi-generational clients," says
The Number of Advisors with a Defined Marketing Strategy Reaches Lowest Level in Five Years
The number of advisors leveraging a defined marketing strategy has fallen due to the number of challenges that advisors face when it comes to marketing. Nearly all advisors (99% of
The number of
Despite a decline in advisors with a defined marketing strategy, those who leverage one are significantly more confident in meeting their practice goals over the next 12 months (83% and 89% of
Seventy percent of
"We conduct this survey annually to analyze how advisor behavior is evolving with the changing financial advice landscape. There is a direct correlation between advisors who spend more time on their marketing efforts, their levels of confidence, and the number of prospects they attract," adds Darlington. "It simply shows that devoting the right amount of time to create a defined strategy drives measurable results, helps advisors map out their time commitment and allocate the appropriate resources before they set out to engage in marketing. Advisors should leverage the right tools and technology that can save them time, resources and allow them to be intentional with their efforts to get the highest ROI."
Read the detailed insights from Broadridge's fifth-annual financial advisor marketing survey here.
Methodology
The Broadridge survey was conducted by 8 Acre Perspective, an independent marketing research firm. A total of 403 U.S. financial advisors across primarily IBD and RIA channels completed the survey, which was fielded from
For further details on survey methodology, please contact a Broadridge media representative.
About Broadridge
For more information about Broadridge, please visit www.broadridge.com.
Media Contact:
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