Earlier this month, RIAs and financial advisers from across the country gathered in Boston for the first in-person InvestmentNews RIA Summit. The event focused on highlighting opportunities and challenges for both individual advisers and firms looking to grow their businesses, with topics ranging from mergers and acquisitions to emerging technologies to help build a practice.
One panel, in particular, at the RIA Summit struck a chord with us by diving deeply into the evolving role of behavioral finance. The discussion was led by Dr. Daniel Crosby, chief behavioral officer at Orion Advisor Solutions, and Aaron Klein, co-founder and CEO of Riskalyze. They argued that in order to build lasting relationships, advisers need to develop skills to better understand their clients’ wants and needs.
Communication is a big part of that, with many clients looking for an adviser who understands them. If a client feels understood, Dr. Crosby and Klein believe both sides can have an honest and more informed discussion about what is needed to achieve that client’s investment goals.
This discussion led us to consider ways that financial advisers can utilize public relations and marketing to help build better relationships with clients:
- Digital marketing: Financial advisers operate a person-to-person business, so it is important for advisers to look for additional ways to communicate with their clients outside of scheduled meetings. Digital marketing is a great tool to keep that chain of communication open, giving advisers a platform to share thoughts on current market trends while simultaneously allowing clients to hear from advisers more often. This can help clients understand how their investments are being managed and provide context in the face of market volatility — which, in turn, helps to foster a stronger client-adviser relationship.
- Videos and podcasts: Advisers can also use videos and podcasts to better connect with clients. These media tools can be seamlessly integrated into a digital marketing campaign, adding visual appeal to newsletters or other email communications. Utilizing video or podcasts also offers an additional path to share market analysis in a longer format, with deeper explanation. This can be particularly helpful in times of volatility or during a market downturn, when clients may feel anxious about their investments and be looking for reassurance from advisers. We know communication is a critical factor for client retention, so it is in the adviser’s best interest to use all tools available to build and foster strong relationships. Several Gregory FCA clients utilize videos and podcasts in their marketing. Some examples from client The Wealth Alliance can be viewed here.
- Social media: Social media is another tool advisers can use to build better relationships. We live in a digital world, and many people turn to social media as a key source for news and information. Using these platforms to discuss relevant market trends and offer analysis is a great way for advisers to stay in front of clients in real time and reinforce their market positions. Additionally, social media offers an accessible forum where advisers can share any media coverage they’ve received. When a client sees an adviser on CNBC or quoted in The Wall Street Journal, it can go a long way toward cementing trust in their expertise and guidance.
In many ways, financial advisers are guardians of the well-being of the people they serve. A strong partnership and understanding from both sides is necessary to help a client achieve their financial goals, but it doesn’t work without communication. As the RIA Summit emphasized, these strategies put diverse communication methods at the forefront to help foster that relationship and provide clients with the context they need to feel understood and supported. Please contact us if you’d like to learn about how Gregory FCA can help!