How to avoid the 7 deadly sins of Wealth Management Marketing

WEALTHENGINE.COM | [email protected] | 800.933.4446WEALTHENGINE.COM | [email protected] | 800.933.4446

Seven Deadly Sins of

Wealth Management Marketing

WEALTHENGINE.COM | [email protected] | 800.933.4446

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Speakers

April RudinFounder, The Rudin Group

Kellie KennySenior Vice President of Sales, Head of Luxury and Financial Services, WealthEngine


Goals

• Understanding Your Challenges• Recognizing What to Avoid —

Seven Deadly Sins of Wealth Management Marketing

• How to Bring it all Together• How to Partner with WE


We understand…… the challenges of wealth managers

Ability to find high potential prospects

How & when to engage them

How to close them effectively & quickly

What resources to use to maximize ROI


Recognizing What to Avoid

Seven Deadly Sins of

Wealth Management Marketing


Ask Yourself

Gluttony

Pride

Envy

Greed

Lust

Sloth

Wrath

Which sins do you think you are most guilty of in your advisory practice?


1. Aim at Everyone

• You can’t possibly be everything to everyone!

• Challenge is figuring out which clients are not just a good fit for you but with whom you have an edge

• It’s likely a group with whom you have some life or work expertise in common or with whom you share a passion

• Figuring out that sweet spot is essential, because once you understand what your ideal client cares about, what they need, how they communicate, learn, spend and invest, you will be able to speak directly to them with your marketing and branding

• If you don’t have a clear target, it will be impossible to create a clear message!

GLUTTONY


2. Do it Yourself?

• One person cannot be an expert in all things

• This is especially true for those skills that you do not count as strengths, that require some experience, and where mistakes could be costly

• Do you know how to write a successful email blast that hooks prospective clients without overwhelming them with information?

• Do you know how to create a clean, succinct message that will resonate with your target audience without offending or embarrassing them?

• If so, great. If not, try a professional

PRIDE


3. Copy the Competition?

• Maybe you think their marketing puts out exactly the message you have been wanting to get across to your own clients

• Maybe they offer a service or perk you’ve always wanted to provide

• Avoid the temptation to try to copy or one-up them

• Make yourself stand out by offering something different, something the competition can’t provide

ENVY


4. All Numbers, No Emotion

• Money is mathematical, and wealth needs to be managed without emotion

• Bombarding clients with numbers, charts and complex arguments will only alienatethem

• When they meet you, see your website, receive a message from you, they need to feel like they’ve just had a light bulb moment, that you will take care of their families and their financial fortunes

• This is about speaking their language,appealing to their sensibility, without faking it.

GREED


5. Taking Advice From Your Spouse

• You may think that the people closest to you are precisely the kinds of people you would want as your clients—if they like your marketing materials then you must be doing something right, right?

• While their approval is certainly better than disapproval, your spouse is not a good gauge of your marketing campaign’s success

• They are probably biased!

• The only way you can really know if you are achieving what you set out to achieve with your campaign is to measure the results

• Ask clients directly or create a survey

LUST


6. Confuse Marketing with Advertising

• In many ways, marketing is more important than advertising because it is far broader: it may shape the responses of potential customers long before and after they have seen any advertisement

• Wealth managers and financial advisors are saddled with compliance when it comes to advertising

• Whether you pay for a “media” spot or not, you still have to get your message out

• Marketing refers to every component of an integrated marketing strategy – direct mail, , mobile, email, digital, social, events

SLOTH


7. Promising Something you Can’t Deliver

• Every wealth manager would like to be able to offer Ritz Carlton Services, the latest mobile technology, concierge service, a monthly checkup and quarterly rollover, a thought-provoking and inspiring newsletter, etc. etc. etc.

• If you aren’t absolutely positive you can give your client all these things, don’t promise!

• It’s always better to exceed expectations by a little than to fall short!

• You may win clients with your promises but you will lose them when you fail to deliver and they may even discourage others from seeking you out

• Exceeding expectations, on the other hand, can win you loyalty for life and endless referrals.

WRATH


How to Bring it All Together

• Define your own personal and firm-wide value props

• Define your best target prospects to match

• Review your existing prospects against this

• Partner with a source of sustainable leads to fill your pipeline


WE has unique data that takes the guesswork out of sales, marketing and fundraising. And that means you can engage with people most likely to invest, buy or donate, so you don’t waste time on the ones who won’t.

That’s Where WE Comes In


Data Coverage 2015 We have more data andstronger matching capabilities that deliver:

• Highest match rates• More accurate wealth and

giving scores• Enhanced consumer profiles• More interconnected

relationships• Greater insight per individual

125M

240MIndividual Profiles

65+Data Sources

89% WE Prospect Coverage of the Adult US population

Ho

use

ho

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=million


Investments in Insightful Data

Behavioral DataCharitable giving, political donations, board members, purchasing behaviors

Business DataBusiness executives, ownership, company, title, industry, compensation, contacts

Demographic Data

Age, gender, presence of children, marital status, nationality, interests, passions

RelationshipsBusiness, philanthropic and family connections

Assets & WealthIntelligence

Net worth, real estate, investment propensity, income, non-financial assets


WE Enhanced Consumer Profiles


FindWealth8 Individual Profile Summary

Drill down from profile summary into research details for detailed wealth, business, philanthropic and political giving history, real estate and additional insight into the individual.


What WE Delivers


Why WE

INFLUENCE: Generate ultra-targeted leads ― high potential prospects

INSIGHT: Enhance existing client and prospect records with wealth, philanthropic, business and lifestyle insights

ACCESS: Powerful real-time access to the WE database

RESULTS: Generate a higher ROI on your market strategy


Questions

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Stay Connected

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April RudinFounder, The Rudin [email protected]

Kellie KennySenior Vice President of Sales, Head of Luxury and Financial Services, [email protected]