The Business Case for Transforming Your Advisor Marketing Andrew - - PowerPoint PPT Presentation

The Business Case for Transforming Your Advisor Marketing

Andrew Chung, Head of Product Management

Andrew Chung

10+ years of transformation experience 5 years of advisor marketing transformation Head of Product Management (Digital Agent) Fun fact: Personal transformation

@AndrewTChung /in/AndrewChung andrew.chung@veriday.com

Agenda

What is Advisor Marketing Transformation? What’s Driving this Transformation? 4 Forces of Transformation Common Pitfalls 4 keys to building solid advisor marketing transformation programs

What is Advisor Marketing Transformation?

Advisor (digital) marketing transformation is the integration of digital marketing routines and techniques into all advisor business practices that fundamentally changes how the enterprise delivers value to clients and prospects through and with their advisors

What’s Driving this Transformation?

Technology Disruption

$16.0T

AUM (3x Blackrock)*

Fee Based Advice

86%

see a positive impact on client trust*

Wealth Transfer

70%

• f widows fire their advisor within a year*

$30 Trillion

In total assets in generational transfer

Practice Consolidation

30%

Increase in RIA mergers in Q1 of 2017 compared to 2016*

Transformation Drivers

• 1. Technology Disruption
• 2. Fee based advice
• 3. Wealth transfer
• 4. Practice consolidation

Client Value

Technology disruption Fee based advice Practice consolidation Wealth transfer

4 Forces of Transformation

Forces of transformation

Current state Transformational state PUSH INERTIA

Drivers

• Market forces
• Organization anxiety
• Technology impediments

PULL

Value & Meaning

• Client experience
• Competitive advantage
• Long term vision

ANXIETY

Removes value

• Existing habits of your

users

• Cost to transform

People

• Knowledge &

awareness of your users

• Capabilities of support
• rganization

Climate change

Current state Transformational state PUSH INERTIA

• Drought
• Floods
• Forest fires

PULL

• Better future for
• ur children
• Improved

quality of life

ANXIETY

• Lots of countries still use coal

(habits)

• Critical mass of drivers

(habits)

• Skeptics at government levels

(awareness)

• Support infrastructure (charging

stations) not pervasively available

Advisor marketing

Current state Transformational state PUSH INERTIA

• Robo advisor
• Practice

consolidation

PULL

• Scale client

engagement

• Improve digital

communication

ANXIETY

• Business card

websites

• Compliance

processes

• Compliance
• Support teams have no digital

natives

• Egad! How will our advisors cope?

The 5 Most Common Pitfalls

Pitfall #1 Not connecting the strategy to the transformation

Pitfall #2 The belief that technology solves marketing transformation problems

Pitfall #3 Departmental implementation of the transformation

Pitfall #4 Viewing transformation as a cost center (centre)

Pitfall #5 Selecting vendors and partners who do not have the “change” gene

4 keys to building solid advisor marketing transformation programs

Key #1: Connect strategy to transformation

• 1. Questions you will ask:
• a. What does the “end” look like? Can you visualize

it?

• b. Is there a clear link between the transformation

and a tangible business goal?

• c. Do you have a decision making framework to help

determine when you will take on new initiatives?

Decision Category Key Questions Operational excellence

• Will this help us support our advisors more efficiently?
• How will this impact compliance?

Client value

• Does this add value for our clients?
• Does this create more efficiency when adding said value?

Advisor satisfaction

• How will this improve our relationship with our advisors?
• Can this be used as a selling point in our recruiting?

Size of investment

• What are the financial implications of implementation?
• What are the ongoing human investments required to support the

transformation? Scalability

• Can we expand this program to all of our advisors without

substantially adding costs? Repeatability

• Can we replicate this across other departments?
• Is this just applicable to our department?

Key #2: Get your adoption in check

• 1. Document the most important user actions that you

can equate to business value

• 2. Keep it simple to start and choose things you can

measure immediately

• 3. Keep the list small - no less than 3 and no more than

5

• 4. Measure consistently over time and at the same

frequency

Some actions we value (and measure!)

• 1. Objective <> Result
• a. Wrote a blog post <> 70% increase in organic traffic y/y
• b. Reviewed a piece of content <> <10% increase in

review times

• c. Created a new lead form <> 60% forms are lead based
• d. Size of their email list <> 50-60% open rates

Key #3: Are you positioned to grow?

• 1. Questions to ask:
• a. How many different departments or groups are

aware of your advisor marketing program?

• b. How many different departments or groups

participate in your advisor marketing program?

• c. Are the conversations meaningful?

Key #4: Check your vendor surroundings

• 1. Critically examine your vendor ecosystem across

strategic marketing areas

• 2. Key questions to ask
• a. Do your technology vendors have a roadmap?
• b. Have they shown you their roadmap?
• c. Have they aligned their roadmap to yours?
• d. Are your vendors adaptable to changes?

In Summary

• 1. Connect strategy to transformation
• 2. Get your adoption in check
• 3. Position for growth and scale
• 4. Check your vendor surroundings

Questions?

Transforming your advisor marketing

This ebook is filled with insights about why traditional enterprise marketing is limited and how financial

• rganizations can transform and become more agile to

deliver more high-quality leads. http://www.veriday.com/business-case-transforming- advisor-marketing-ebook/

Local Search: A core marketing strategy for clients to find your advisors

http://www.veriday.com/local-search-june-6-webinar/ June 6th, 2018 @ 1PM EST / 10AM PST