Digital Marketing is Vital to the Marketing Efforts of Wealth Management Firms

In the past, wealth management firms have been hesitant to invest in digital wealth management marketing efforts, believing that their client base is older and more conservative and less likely to benefit from large scale digital marketing efforts. However, these days, more and more wealth managers have begun to take notice of the rising trend in digital media use and have begun shifting their wealth management marketing efforts in this direction in an effort to capitalize in this trend. Expanded Efforts A study published in 2014 indicated that younger investors often participated in collaborative communities in order to determine what their next financial move should be. During these exchanges, investors often outline their investment decisions and display the results, with other investors taking note and making their own decisions based on those results. Wealth management firms have slowly started recognizing this trend and have begun adding social media profiles to their wealth management marketing effort in order to encourage young investors to duplicate their trades and build trust. Direct Sales Savvy wealth managers have also begun to sell their wares online. Investment clients have become increasingly demanding when it comes to accessing information after normal business hours. Recognizing that the investors of today often look to the Internet to find out more about investment products rather than scheduling an appointment, wealth managers who are looking to build their clientele are working hard to provide valuable information as well as answer questions from potential investors both through branded websites and social media outlets, key components to any successful wealth management marketing effort. In addition, leading wealth management firms are collaborating with technology firms in order to take this direct sales initiative to a whole new level by allowing investors the opportunity to both seek financial guidance and make investment purchases 100% online. Feedback Mechanism One of the main benefits of online solutions is the ability to receive feedback. This feedback isn’t limited to “suggestion box” type responses from customers, however this type of feedback is certainly available. Marketing services online allow wealth managers the ability to receive instant feedback regarding the effectiveness of individual campaigns within specific demographics. Traditional marketing efforts take weeks if not months to produce measurable results that allows wealth managers the ability to make adjustments. However, digital marketing provides this feedback in hours. In addition, wealth managers can keep their thumbs on the pulse of their reputation by reviewing what clients are saying about them through social media and other online resources as well as providing them with a public platform for resolving issues. Wealth management firms, like other financial services companies, have traditionally been slow to adopt a digital approach to marketing. However, thanks to a shift in consumer demand, more and more firms are getting onboard with creating a virtual presence and marketing online. While it is important to maintain a certain level of traditional marketing efforts in order to cater to less tech-savvy clients, wealth managers who take the leap and launch an online marketing campaign will tap into an entirely new target audience and enjoy a rapid growth in clientele and revenues.