As more advisors realize how vital brand identity is for their growth strategy, marketing technology can make advisors more effective at reaching clients they really want.
Prospecting and converting leads into paying clients is one of the most crucial and exciting aspects of building a sustainable business as a financial advisor. But it’s not easy.
According to Morningstar, the average advisor offers six distinct services, from financial planning to investment management to banking, and it’s a menu that only expected to grow.1 In a market like that, how can advisors avoid commoditization and push beyond service saturation?
The answer rests in brand identity, said Doug Fritz, co-founder and CEO of F2 Strategy. Equipped with a range of tools that are blurring the lines between marketing and technology, savvy advisors are outpacing their competitors with engaging content, enlightening commentary, and an enjoyable, sharable experience that’s designed with a specific group of clients and prospects in mind.
On Episode 11 of the Synergize podcast, Fritz talks about the raw marketing potential buried in internet forums like Reddit, why high-quality content is so important to growth, and why advisors need to be thinking about technology and marketing as complementary forces.
It’s all part of a holistic professional vision that’s aligned with brand and business, says Fritz, in this lightly edited excerpt.
Doug Fritz, Co-founder and CEO of F2 Strategy
The real shift now is that marketing and technology aren't separate islands. There’s no longer a marketing department, with its own budget, and then the CTO, with their own technology budget.
Advisors used to have no idea when there would be an Instagram post going out, who it was being curated for, or how many of their clients have clicked on it and shared it, right? They didn’t know who logged into the corporate portal, or who read and shared content, commentary, or research content.
If you separate the worlds of marketing and technology, there is no bridge.
It's shocking. There are very large firms where the marketing team is so distinct from technology that they're not even capable of integrating different standards. They have their own marketing CTO, and it makes it really, really hard to become efficient at arming advisors with great actionable relationships…
The MarTech bridge is starting to bring those functions closer and closer to the point where marketing tech and advisor tech just becomes one single, seamless experience for advisors. It's an amplifier of branding, differentiation, and client prospect reach for growth-oriented advisors.
The Synergize podcast explores the evolving role of the financial advisor in an emerging AI-driven world. TradePMR Chief Client Growth Officer Bill Coppel and co-host Senior Editor Ryan Neal bring together thought leaders and industry experts across a range of disciplines, sharing insights designed to help registered investment advisors thrive in the industry of tomorrow. Listen and subscribe for free on Apple Music, Spotify, and YouTube.
About TradePMR
For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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1 https://www.morningstar.com/business/insights/blog/segments/are-financial-advisors-worth-it
Disclosures: This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR or its affiliates. Doug Fritz and F2 Strategy are not affiliates of TradePMR. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. TradePMR does not provide investment advice, tax advice, or legal advice. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
