{"id":383912,"date":"2020-11-18T08:04:13","date_gmt":"2020-11-18T13:04:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=383912"},"modified":"2020-11-18T08:04:13","modified_gmt":"2020-11-18T13:04:13","slug":"only-23-of-financial-advisors-have-a-defined-marketing-strategy-according-to-broadridge-study","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/only-23-of-financial-advisors-have-a-defined-marketing-strategy-according-to-broadridge-study\/","title":{"rendered":"Only 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study"},"content":{"rendered":"
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75% of advisors generate less than five leads per month via their website<\/h2>\n

37% of advisors report sourcing new clients through social media<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, Nov. 18, 2020<\/span> \/PRNewswire\/ —\u00a0Broadridge Financial Solutions, Inc.<\/a> (NYSE: BR), a global Fintech leader, today released its second-annual financial advisor marketing survey, which revealed contrasts between effective and ineffective advisor marketers. The survey found that that 77% of advisors have no defined marketing strategy and that only 49% of advisors are confident that they will meet their practice growth goals within the next 12 months. <\/p>\n

Seventy-five percent of advisors with a defined marketing strategy are confident that they will meet their practice growth goals over the next 12 months, compared to only 41% of advisors without a defined marketing strategy. <\/p>\n

Ninety-one percent of advisors report that developing a digital marketing strategy is a challenge, and 86% of advisors report that it is challenging to find the time for marketing efforts. Additionally, 86% find it challenging to select the appropriate marketing technology tools to leverage. <\/p>\n

“As investors continue to look for more personalized services in all aspects of their lives, it is important that financial advisors create a defined marketing strategy to ensure they are connecting with their prospects in a manner consistent with their preferences, for example, which social media channel or the time of day,” said Michael Alexander<\/span>, President, Wealth Management, Broadridge Financial Solutions. “Those advisors that are taking the time to define their target audience, understand where they should share relevant content and how to nurture leads through digital channels, have proven better equipped to engage clients and drive a higher return on marketing investment.” <\/p>\n

Solo advisors and independent broker dealers report finding various marketing elements more challenging than advisor teams and RIAs do.<\/p>\n

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\n AS ADVISORS GO DIGITAL, CAPTURING LEADS BECOMES PARAMOUNT
<\/b>Marketing spend decreased from $19,194<\/span> in 2019 to $12,939<\/span> in 2020 due to the economic impact of the pandemic. Twenty-three percent of financial advisors decreased their marketing spend during the pandemic, and 22% of advisors maintained the same marketing budget but reallocated their spend during the pandemic. <\/p>\n

Ninety-one percent of advisors agree that digital marketing has taken on a greater importance as a result of the pandemic. While marketing spend decreased year over year, advisors plan to shift remaining future spend into digital channels to meet clients and prospects wherever they may be. <\/p>\n

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As advisors turn to social media to connect with prospects, the study finds that 37% of advisors have obtained a lead that became a client through social media. Of advisors who obtained a lead through social media, 68% reported obtaining a lead on LinkedIn, followed by Facebook (58%). However, more than six in 10 advisors have never obtained a lead that became a client through social media.<\/p>\n

Advisors are also struggling to convert leads to clients through their websites and landing pages. Forty-one percent of advisors report that they generate less than five leads per month through their website, and 34% do not generate any leads through their website. <\/p>\n

“With so many advisors planning to put even more money behind digital marketing strategies over the coming year, they need to ensure that their digital presence, content and use of preferred channels are optimized to engage their target audience,” said Alexander. “The increase in virtual engagement has also allowed advisors to deepen and broaden relationships in a personalized manner. The ability to personalize communications and service in a digital manner is critical to engaging next generation investors who stand to inherit trillions of dollars in the intergenerational wealth transfer. Paired with the increased use of technology by advisors, this opens doors to new clients who may be more receptive to working remotely with an advisor.”<\/p>\n

\n METHODOLOGY
<\/b>The Broadridge survey was conducted by 8 Acre Perspective Corp. A total of 400 U.S. financial advisors across IBD and RIA channels completed the survey, which was fielded in August 2020<\/span>. <\/p>\n

For further details on survey methodology, please contact a Broadridge media representative.<\/p>\n

\n ABOUT BROADRIDGE
<\/b>Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion<\/span> global Fintech leader, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. Broadridge’s infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than U.S. $8 trillion<\/span> in fixed income and equity securities trades per day. Broadridge is part of the S&P 500\u00ae Index and employs over 12,000 associates in 17 countries.<\/p>\n

For more information about Broadridge, please visit www.broadridge.com<\/a><\/p>\n

\n MEDIA CONTACTS:
<\/b>
\n Matthew Luongo<\/span>
\n
Prosek Partners
+1 646.818.9279
mluongo@prosek.com<\/a> \u00a0 <\/p>\n

\n Tina Wadhwa<\/span>
\n
Broadridge Financial Solutions
+1 212-973-6164
tina.wadhwa@broadridge.com<\/a><\/p>\n

\u00a0<\/p>\n

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\n
\n \"Broadridge
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/only-23-of-financial-advisors-have-a-defined-marketing-strategy-according-to-broadridge-study-301175712.html<\/a><\/p>\n

SOURCE Broadridge Financial Solutions, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

75% of advisors generate less than five leads per month via their website 37% of advisors report sourcing new clients through social media PR Newswire NEW YORK, Nov. 18, 2020 \/PRNewswire\/ —\u00a0Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today released its second-annual financial advisor marketing survey, which revealed contrasts between effective and ineffective advisor marketers. The survey found that that 77% of advisors have no defined marketing strategy and that only 49% of advisors are confident that they will meet their practice growth goals within the next 12 months. Seventy-five percent of advisors with a defined marketing strategy are confident that they will meet their practice growth goals over the next 12 months, compared to only 41% … <\/p>\n

Continue reading “Only 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-383912","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOnly 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/only-23-of-financial-advisors-have-a-defined-marketing-strategy-according-to-broadridge-study\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Only 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"75% of advisors generate less than five leads per month via their website 37% of advisors report sourcing new clients through social media PR Newswire NEW YORK, Nov. 18, 2020 \/PRNewswire\/ —\u00a0Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today released its second-annual financial advisor marketing survey, which revealed contrasts between effective and ineffective advisor marketers. The survey found that that 77% of advisors have no defined marketing strategy and that only 49% of advisors are confident that they will meet their practice growth goals within the next 12 months. 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