By Stef Dolan on December 18, 2024December 18, 2024 Recently, the GVA Marketing team hosted a GVA ALPINE conference call with Lisa Graham, Co-Founder and CEO of Graham Media Partners. With a wealth of experience in marketing across the financial services industry, Lisa has worked with advisors of all sizes in every market in the US. Lisa shared insights on key marketing strategies, how much advisors should invest in their marketing budget, and the current trends she’s observing in the industry. The GVA Marketing team brought Lisa in to emphasize the importance of advisors understanding the difference investing in marketing can make in their firm’s growth. As macroeconomic volatility has led to an influx of investors seeking financial advice, advisors are increasingly looking to next-generation technology, such as generative AI, to address their marketing challenges and meet the increased personalization expectations of prospects and clients, according to global Fintech leader Broadridge Financial Solutions, Inc. annual financial advisor marketing survey. In its fifth year, this annual survey evaluates 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 struggling with their marketing efforts more than ever due to a lack of time and expertise to build a successful strategy. Yet, many successfully develop their practices through a personalized content approach and leveraging next-generation technology to reach their prospective and current client base. The Number of Advisors with a Defined Marketing Strategy is at the 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 regarding marketing. Nearly all advisors find marketing activities challenging. The top two challenges advisors face are finding time for marketing initiatives and sourcing the right expertise. However, having a defined marketing strategy can help ease these pressures. Only 20% of advisors in the US have a defined marketing strategy to grow their practices, the lowest level in more than 5 years. 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, with over 80% of advisors feeling they will hit their goals. Conversely, only 60% of the advisors with no overall marketing strategy feel good about achieving their growth goals. The results for advisors that embrace and invest in marketing are definitive. 70% of those with a defined marketing strategy saw an increase in inbound requests in the past 12 months compared to just 44% of advisors without a marketing plan. 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 far more confident in meeting their practice goals. 68% percent of those who communicate at least quarterly with their clients are confident in meeting their goals, compared to just 51% who communicate with clients annually or less frequently. Similarly, those who personalize their content marketing have almost double the rate of being very confident in reaching practice goals next year (30% vs. 18%). An important element in any 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 customized thought leadership. Often, advisors are unsure how to best go about it, don’t invest the time and resources, perceive a lack of client interest, or run into compliance issues. To overcome these challenges, many financial advisors are leveraging innovative technology solutions. More than 40% of advisors in the US are embracing generative AI and other technology to create bespoke content for their clients as part of a larger marketing strategy. Based on our discussions with thought leaders in technology, financial services, and marketing, the GVA leadership team knows how critical investing in a defined, customized marketing plan is to drive growth for our advisor firms. We’ve put extraordinary time, effort, and resources into our marketing and the marketing and technology infrastructure we provide to our advisor family. If you are a GVA Advisor interested in growing your practice or an advisor looking to go independent and join the GVA family, please don’t hesitate to contact us today. Securities offered through LPL Financial, member FINRA/SIPC. Investment Advice offered through Great Valley Advisor Group, a Registered Investment Advisor and separate entity from LPL Financial.