What financial advisors and their firms don’t understand about digital marketing

6 min read
Aug 11, 2021

What financial advisors and their firms don’t understand about digital marketing

6 min read
November 5, 2021

How can advisors and financial firms improve their marketing? Digital marketing expert and Clout CEO Niharika Shah explains why the solution lies in personalizing relationships.

Originally from InvestmentNews.com (11/4/21)

For many advisors and their firms, the era of cold-calling and wholesaler-paid prospecting dinners were the good old days of advisor marketing. Truth be told, those techniques weren’t especially productive even in their heyday and would find even less success among current prospective clients. Today’s online world, however, offers far more effective ways for advisors and their firms to market themselves — if they truly understand the power of digital marketing. To find out more about best practices in advisor digital marketing today, InvestmentNews Create recently spoke with Niharika Shah, Chief Executive Officer of Clout and a partner at Clout’s parent company, The TIFIN Group. Edited excerpts of the conversation follow:

InvestmentNews Create: What are the key marketing challenges for financial firms and practices today?

Niharika Shah: The key marketing challenge for most financial firms is understanding the value of marketing as a strategic growth driver for the business. All too often, marketing is viewed as a cost center and as ancillary to sales. Even if marketing is thought of in the context of revenue growth, it is from a pure lead generation perspective. This is a business that traditionally has viewed securities and investments as being “sold, not bought,” and that mindset carries through even today. Unlocking the true value of marketing — and especially digital marketing — requires the thoughtful application of marketing tactics across the entire customer journey. That means from lead generation and prospecting through client conversion and then delighting existing customers. Success on all those fronts can then create a virtuous cycle of firm and advisor growth.

InvestmentNews Create: What makes digital marketing different from marketing in the past?

Niharika Shah: The online world brings incredible precision to targeting the right prospects, attracting their interest and turning them into satisfied customers. Good marketers were able to do this in the past with the tools available to them, such as direct mail. But digital marketing, when done correctly, brings with it incredible precision, economy and sophisticated means of measurement...

Read the full interview on Investment News here.

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