By Kasey Dean, Simplicity Lone Beacon’s Senior Director of Accounts.
In today’s digital age, marketing has become an indispensable tool for financial advisors to grow their client base and strengthen their brand presence against their competitors. There is a plethora of strategies and insights out there that can help you improve your marketing, however, if an internal marketing team is out of reach—like it is for many advisors—it can be difficult to decide which external firm will best suit their needs and deliver tangible results. While challenging, choosing the right marketing company is crucial for maximizing return on investment and achieving long-term success.
Here are some key factors financial advisors should consider when assessing a marketing partner:
- Industry Knowledge: One of the first things to look for in a marketing company is knowledge of the financial industry. While marketing experts are smart at what they do, the financial industry is complex, and your role in it as a financial advisor with specific strategies and products to offer is even more unique. Working with a firm that specializes in financial services ensures that they understand the intricacies of the industry, compliance regulations, and the unique challenges faced by financial advisors. An agency with a proven track record of success within the financial sector is more likely to deliver tailored strategies that resonate with your target audience.
- Track Record and Reputation: Before committing to any marketing company, research their track record and reputation in the industry. Look for case studies, client testimonials, and reviews to gauge their past performance and client satisfaction levels. A reputable marketing firm will be transparent about their successes and will readily provide references upon request.
- Marketing Strategies and Services: Assess the range of marketing strategies and services offered by the company. Do they specialize in digital marketing, traditional advertising, or both? Are they proficient in content marketing and production, social media management, and traditional media management? Depending on your specific goals and target audience, ensure that the marketing company offers services that align with your needs and objectives.
- Customization and Personalization: Every financial advisory firm is unique, with its own set of strengths, challenges, and target demographics. A one-size-fits-all approach to marketing rarely yields optimal results. Look for a marketing company that takes the time to understand your firm’s brand identity, values, and objectives, and offers both the turn-key solutions you need every week as well as customized marketing services tailored to your specific requirements.
- Communication and Collaboration: Effective communication is essential for a successful partnership between financial advisors and their marketing company. Choose a firm that values open communication, listens to your input, and keeps you informed about the progress of your marketing campaigns. A collaborative approach fosters trust and ensures that both parties are working towards common goals.
- Analytics, Measurable Results, and Data-Informed Strategy: A reputable marketing company will provide regular reports and analytics to track the performance of your campaigns and measure return on investment. Look for firms that use data-driven insights to optimize strategies and make informed decisions. Transparency in reporting demonstrates accountability and allows you to assess the effectiveness of your marketing efforts. However, a stellar marketing company will also know how to attribute that data to certain actions and translate analytics into actionable next steps for improvement—not just report numbers back to you.
- Compliance and Regulatory Knowledge: Compliance regulations are a critical consideration for financial advisors when implementing marketing strategies. In fact, it might be one of the most important aspects of marketing for financial advisors. A marketing company that doesn’t have a strong understanding of the regulatory environment you’re operating in may not even be able to get their ideas off the ground due to compliance hold-ups. So, ensure that the marketing company has a thorough understanding of regulatory requirements and adheres to industry standards to avoid any compliance issues or legal repercussions.
- Long-Term Partnership Potential: Building a successful marketing strategy takes time and ongoing effort. At the end of the day, you’re working with people. So, take the time to get to know the team you’re working with, try to understand their communication style and learn how they’ve structured their workflow. This takes time and effort to understand the qualitative side of the business you’re partnering with. The truth is that a firm that invests in building lasting relationships is more likely to prioritize your success and deliver sustainable results.
When it comes to the health of your financial business, choosing the right marketing partner is a pivotal decision. By considering the factors above, advisors like you can make informed decisions to select a marketing partner that aligns with their goals and values. But at the end of the day, don’t forget that a collaborative and results-driven approach is grounded in a strong partnership and effort from both parties. At Simplicity Lone Beacon, we take the time to make sure that you have the necessary foundations in place before deciding to partner together. There is no one-size-fits-all approach to marketing and business, which is why we help identify priorities to meet your specific needs regardless of if we have every single solution for you.
About the Author: Kasey joined Simplicity Lone Beacon from the sportswear industry where she was a marketing manager overseeing the strategy, content creation, execution and analysis for New Balance Athletics’ first-ever customer rewards program. She has also managed a million-dollar media budget, creating content and measuring performance for paid and organic marketing campaigns. Kasey graduated from Brandeis University with a double major in Business & American Studies, where she was also two-year captain of the Varsity Women’s Basketball team. In her free time, Kasey enjoys being active and traveling as much as possible.
