Accelerating Digital: 2020’s Impact on Financial Advisor Marketing

Results from Broadridge’s second-annual financial advisor marketing survey.

Financial advisor marketing plan template

What worked? What didn’t? What’s next?

We spoke with 400 financial advisors to uncover how 2020 impacted marketing – and what growth-oriented financial professionals do differently to thrive.

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Challenged by 2020? You were not alone. When in-person activities came to a halt, so did advisor confidence.

Advisors with a defined marketing strategy found ways to overcome.

Many advisors adapted – shifting their focus to digital engagement. Advisors with a defined marketing strategy:

Were twice as likely to have increased their marketing spend during the crisis
Allocated more of their resources to acquiring new clients – 69% of their marketing spend
Increased their reliance on technology, incorporating webinars, video content and digital advertising into the mix

These efforts paid in dividends:

Defined marketing strategy increases confidence in meeting goals, website leads, and new clients

In the face of marketing challenges, you can reinvent your strategy – and succeed.

Advisors increasing resources toward digital and virtual content set themselves up to respond more effectively to trends in the coming year.

Advisors expect to spend more on digital in the next 12 months.

In addition to reallocating budgets from in-person events, advisors indicate they’re also reallocating marketing dollars from printed materials, TV and radio ads, and the purchase of qualified leads.

86% plan to increase video content spend, 79% digital media ad spend and 77% webinar spend

Growth-focused advisors focus marketing efforts on digital and virtual experiences.

Higher percentage of growth-focused advisors pay for social media, webinars, and video content

Website optimization drives growth.

Advisors indicate that websites (34%) nearly match in-person events (35%) as the most effective marketing strategies. Since the future of in-person events is uncertain, advisors should remain flexible in adapting to the increasingly virtual environment.

Educational content is a marketing differentiator.

Consistent delivery of content that appeals to prospects and clients is only the first step. Ensuring that readers learn something of interest from your content raises the bar.

90% of study respondents indicate they share content regularly or occasionally

Having a marketing plan influences social media effectiveness.

Implement a defined digital marketing strategy to achieve higher rates of lead conversion. Prioritize LinkedIn and Facebook, the preferred social media channels of advisors – a trend likely to continue in 2021.

54% of advisors with a defined marketing strategy obtained a client through social media.

Boost client referral activity to accelerate your digital marketing strategy.

Deliver a superior client experience to drive referrals. Prospects from referrals convert much faster than those from marketing activities alone. In fact, 85% convert to a client in under 2 months.

46% of client referral prospects convert to clients in less than 1 month

The world has changed, and what you do next matters most.

The unprecedented challenges facing wealth management in 2020 revealed opportunities for all advisors to improve marketing efforts, especially data-driven digital activities. Broadridge delivers the tools and strategies advisors and clients need to bridge the gap between digital and in-person – and will remain your trusted partner every step of the way.

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Let’s talk about what’s next for you

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