Digital Marketing Priorities For Wealth Managers – Part Three

Published: 23 April, 2020

This is the third and final post in a series of articles about the key issues that wealth managers must concentrate on in regards to digital marketing.

In this post, I’m going to look at how to use digital marketing to both retain clients and target new investment.

In the wealth management sector, digital marketing now gives you a powerful new weapon to use in this regard – automation. You can create marketing automations that give you vast amounts of data about who is interacting with your content – via email, social, website etc – and how they are doing it.

But the data that comes from this is not enough on its own. The key is how you actually use it.

The ultimate endgame when it comes to data is what you are able to present to a relationship manager. And this needs to be something that enables that person to do one of three things:

• Retain money within the firm, by speaking intelligently to existing clients about things that matter to them
• Stop money walking out of the door, by being able to intercede when it appears a client is about to leave
• Persuade highly engaged clients to invest more money

All this can be achieved by telling relationship managers about the key themes that are resonating with individual clients, as well as the information they ignore, and data such as where they are located. This type of information enables progressive and proactive conversations that protect existing assets and raises more.

But this information needs to be carefully collected and specifically targeted, rather than shoved into general dashboards, which are notorious for telling people a lot about nothing.

Instead, what relationship managers need is information about specific clients – both those that are disengaging from your content (thus could be at risk of leaving) and those who are engaging more (so could be ready to increase their investment).

And you must put all this information into your CRM, so that a relationship manager can bring up client management data with just one click – and see exactly what they need to know and how to handle that particular person.

Insights from data analysis also work on a wider basis for marketing, as they reveal the type of content that is resonating with your audience and what is not, so you can concentrate on the themes that are having the greatest effect.