The Business Case for Transforming Your Advisor Marketing Andrew Chung, Head of Product Management
Andrew Chung 10+ years of transformation experience 5 years of advisor marketing transformation Head of Product Management (Digital Agent) Fun fact: Personal transformation @AndrewTChung /in/AndrewChung andrew.chung@veriday.com
Agenda What is Advisor Marketing Transformation? What’s Driving this Transformation? 4 Forces of Transformation Common Pitfalls 4 keys to building solid advisor marketing transformation programs
What is Advisor Marketing Transformation? Advisor (digital) marketing transformation is the integration of digital marketing routines and techniques into all advisor business practices that fundamentally changes how the enterprise delivers value to clients and prospects through and with their advisors
What’s Driving this Transformation?
Technology Disruption $16.0T AUM (3x Blackrock)* *The expansion of Robo-Advisory in Wealth management https://www2.deloitte.com/content/dam/Deloitte/de/Documents/financial- services/Deloitte-Robo-safe.pdf
Fee Based Advice 86% see a positive impact on client trust* * Majority of Canadian financial advisors see shift to fee-based business model: Vanguard report , https://vanguardcanada.ca/advisors/articles/vanguard-news/news-from- vanguard/fee-based-model.htm
Wealth Transfer 70% of widows fire their advisor within a year* $30 Trillion In total assets in generational transfer * Don't treat wives like they're invisible - http://www.investmentnews.com/article/20120408/reg/304089997/dont-treat-wives-like- theyre-invisible
Practice Consolidation 30% Increase in RIA mergers in Q1 of 2017 compared to 2016* * FT300 analysis: advisers grow through consolidation: https://www.ft.com/content/14095a5c-2c30-11e7-bc4b-5528796fe35c
Transformation Drivers Technology disruption 1. Technology Disruption 2. Fee based advice Client Wealth Fee based 3. Wealth transfer transfer advice Value 4. Practice consolidation Practice consolidation
4 Forces of Transformation
Forces of transformation PUSH PULL Drivers Value & Meaning Transformational state Market forces • Client experience • Organization anxiety Current state • Competitive advantage • Technology impediments • Long term vision • INERTIA ANXIETY Removes value People Knowledge & Existing habits of your • • users awareness of your users Cost to transform Capabilities of support • • organization
Climate change PUSH PULL Drought Better future for • • Transformational state Floods our children • Forest fires Improved Current state • • quality of life INERTIA ANXIETY Skeptics at government levels Lots of countries still use coal • • (awareness) (habits) Support infrastructure (charging Critical mass of drivers • • stations) not pervasively (habits) available
Advisor marketing PUSH PULL Robo advisor Scale client • • Transformational state Practice engagement • Current state consolidation Improve digital • communication INERTIA ANXIETY Business card Compliance • • websites Support teams have no digital • Compliance natives • processes Egad! How will our advisors cope? •
The 5 Most Common Pitfalls
Pitfall #1 Not connecting the strategy to the transformation
Pitfall #2 The belief that technology solves marketing transformation problems
Pitfall #3 Departmental implementation of the transformation
Pitfall #4 Viewing transformation as a cost center (centre)
Pitfall #5 Selecting vendors and partners who do not have the “change” gene
4 keys to building solid advisor marketing transformation programs
Key #1: Connect strategy to transformation 1. Questions you will ask: a. What does the “end” look like? Can you visualize it? b. Is there a clear link between the transformation and a tangible business goal? c. Do you have a decision making framework to help determine when you will take on new initiatives?
Decision Category Key Questions Operational excellence ● Will this help us support our advisors more efficiently? ● How will this impact compliance? Client value ● Does this add value for our clients? ● Does this create more efficiency when adding said value? Advisor satisfaction ● How will this improve our relationship with our advisors? ● Can this be used as a selling point in our recruiting? Size of investment ● What are the financial implications of implementation? ● What are the ongoing human investments required to support the transformation? Scalability ● Can we expand this program to all of our advisors without substantially adding costs? Repeatability ● Can we replicate this across other departments? ● Is this just applicable to our department?
Key #2: Get your adoption in check 1. Document the most important user actions that you can equate to business value 2. Keep it simple to start and choose things you can measure immediately 3. Keep the list small - no less than 3 and no more than 5 4. Measure consistently over time and at the same frequency
Some actions we value (and measure!) 1. Objective <> Result a. Wrote a blog post <> 70% increase in organic traffic y/y b. Reviewed a piece of content <> <10% increase in review times c. Created a new lead form <> 60% forms are lead based d. Size of their email list <> 50-60% open rates
Key # 3 : Are you positioned to grow? 1. Questions to ask: a. How many different departments or groups are aware of your advisor marketing program? b. How many different departments or groups participate in your advisor marketing program? c. Are the conversations meaningful?
Key #4: Check your vendor surroundings 1. Critically examine your vendor ecosystem across strategic marketing areas 2. Key questions to ask a. Do your technology vendors have a roadmap? b. Have they shown you their roadmap? c. Have they aligned their roadmap to yours? d. Are your vendors adaptable to changes?
In Summary 1. Connect strategy to transformation 2. Get your adoption in check 3. Position for growth and scale 4. Check your vendor surroundings
Questions?
Transforming your advisor marketing This ebook is filled with insights about why traditional enterprise marketing is limited and how financial organizations can transform and become more agile to deliver more high-quality leads. http://www.veriday.com/business-case-transforming- advisor-marketing-ebook/
Local Search: A core marketing strategy for clients to find your advisors June 6th, 2018 @ 1PM EST / 10AM PST http://www.veriday.com/local-search-june-6-webinar/
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