Producing clients is one of the biggest challenges for advisors, and it’s an area where marketing support from their brokers can go a long way.
After all, the more well-known advisors and their companies are, the easier it is to get that first meeting with a potential client, especially when clients aren’t referrals.
JP MorganBrand awareness is often cited as an incentive by advisors who join the firm, according to Kevin Halemarketing manager for JPMorgan Advisors at JPMorgan Wealth Management.
“It opens a lot of doors with their existing customers as well as new prospects,” he said.
JPMorgan takes two approaches when developing a marketing and branding plan for its advisers, according to Hale.
“First, how do we enable our advisors to really capitalize on the JPMorgan brand and deliver that to their clients and all that that means? And then, second, help them create and grow their own personal brand and awareness of their team and their practice,” Hale said.
“For me, the ideal combination is the JPMorgan brand and the weight it carries, with the personal brands of our advisors, and so all of our websites are built around that marriage,” he added.
Rooted in Independence
AT Raymond Jamesthe marketing approach is rooted in the independence it promises to its advisers.
“One of our big values, especially when talking to our financial advisors, is independence,” said Maggie Kokemuller, Vice President of Advisor Marketing at Raymond James. “And so, our consultancy marketing operation has been structured to be a strong point of proof for that kind of philosophy.”
Raymond James has a full-service in-house marketing agency – staffed by writers, art directors and marketing – specifically for advisors. The marketing team consults with advisors to help identify their value proposition, then develops a comprehensive marketing plan and suite of materials, including custom websites, unique logos, and custom digital ads.
Accessible and customizable
Ameriprise Financialaccording to Mary O’NeillSenior Vice President of Corporate Marketing.
“We create ads for Ameriprise that can run nationally, and then we can provide customizable versions of those ads or digital ads that incorporate our advisors’ logos, and those can run in local markets” , O’Neill said.
Events and pandemic
Even though the industry has embraced the new virtual normal due to the Covid-19 pandemic, in-person events, as well as partnerships with stadiums and event venues across the country, remain key aspects of the JPMorgan’s marketing strategy, according to Hale.
“Part of what we offer our advisors is the ability to tap into that network and invite clients and prospects to exciting events, like a particular concert or show. And these events can help deepen relationships and build new ones,” he said.
The pandemic has caused many advisors to move away from the in-person meetings or events they were used to before.
“The seminars were a great opportunity for us to bring together existing and potential customers, gain information and get our name out there,” said Andy Esserfinancial advisor at Edward Jones. “The pandemic hasn’t changed the content of our approach to creating customers, it just changed where they received that content.”
Before the pandemic, Raymond James’ Kokemuller and his marketing team worked primarily with advisors by phone or email, “and it worked out really well.” But when the pandemic started, “Everyone was pretty immediately like, ‘Oh yeah, we’re video conferencing now.’ And that’s how we do everything now with our advisers.
However, customers may need more persuasion to attend a virtual webinar compared to an exclusive, catered event, according to JPMorgan’s Hale.
“To increase attendance at our webinars, we will attract big-name people,” he said. “We’ve had everyone from our internal thought leaders at JPMorgan to Secretaries of State.”
“It’s interesting,” adds Raymond James’ Kokemuller, “I think what the pandemic has really done is pushed a lot of advisors out of their comfort zone to do creative things like put video blogs on their websites or offer webinars and virtual events.”
Still room for the old school
However, even in a virtual or high-tech business world, there is still room for old-fashioned approaches.
“I’ll be honest, even in 2022 having a notebook with your brand logo on it still plays a role today, but things are definitely changing,” JPMorgan’s Hale said.
“Think about the purpose of a business card. It’s your business card, a way for people to get in touch with you. Maybe in a digital world I can’t physically hand you my business card, but I can always send you my personal advisor website, which has even more information.
Raymond James’ Kokemuller says the definition of stationery is evolving to include things like digital letterheads and personalized email signatures, but paper is still used.
“We hear from many advisors that their brand is their personal connection to clients, and we encourage them to produce letterhead so they can send handwritten notes. I think the appreciation for this personalized touch is not lost.
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