Updated: Mar 31
The experts have voted.
Email is #1 tool for Advisor revenue growth in 2021.
In December 2020 WealthManagement.com surveyed 36 marketing leaders to ask what their top “must-do’s” were for Advisor revenue growth in 2021.
Email (90%) and Marketing Automation (86%) topped the list.
Why did 36 experts vote Email #1 Advisor growth tool?
These experts are highlighting that a modern email program can quickly addresses 3 hot topics for Advisors and their Firm's in 2021:
Changing client expectations for more proactive, personalized interactions
Firm's want digital tools that quickly scale for higher impact and ROI
Advisors want more operational support instead of more “do-it-yourself” tools
In the sections below we cover each of these 3 areas in a more detail.
Reason #1 - Client communication expectations changed in 2020
The uncertainty and chaos of 2020 changed the expectations Clients have around the frequency, proactivity, and level of personalized communication they want from their advisor. They want more information on what's happening with their money, and reassurance their advisor is taking care of them and has a plan for success.
Advisors who only connect with clients 2-3 times a year, are leaving too much opportunity for savvy competitors to steal nervous clients by providing the larger volume of information, insight and advice they are searching for. Competitors aren’t just local anymore, as clients comfortable with digital meetings and virtual relationships look across the US for best advice possible.
To grow in 2021, Advisors need to quickly satisfy their client’s new expectations for more personalized, timely, and frequent interactions with them. Couple of interesting facts here:
91% of Advisors say more interactions with clients vital to growth
Advisors providing +3 proactive 1-1 interactions with clients and prospects a year, demonstrate more value and increase satisfaction and referrals by 44%
Key takeaway – Using email to quickly increasing number of proactive, personalized interactions with each client drives Revenue growth through referrals and faster prospect conversion.
Reason #2 - Email Marketing Automation is best tool for proactive, personalization at scale
The need for firms to quickly help their Advisors efficiently deliver more proactive, personalized interactions to each of their clients, has lead them to embrace modern enterprise level email marketing automation over other content distribution and communication options.
For many firms, modernizing their email platform in 2021 is now a top digital Client Experience priority for several reasons:
Clients demand personalized Email: 86% of Clients say email is their preferred digital communication channel with their Advisor due to privacy, record-keeping and personalization. 76% of Client want more proactive personalized communications. Email is the only communication channel that allows you to easily assemble and deliver personalized content experiences directly to a client from their specific Advisor.
Reach, Frequency & Cost: 90% of Clients check email everyday and it cost pennies to send, making email the most cost effective way to increase reach & frequency of interactions with clients. Its also highly trackable allow firms to measure ROI by connecting client email activity directly to their CRM /BI systems
Provides Actionable Client-level Interest Data: Personalization requires interest data on every client. Email is the only 1-1 digital channel that allows you to track exactly who is interacting with all your content, collect and analyze what each client is specifically interested in, then push that information into your CRM for easy actioning by an Advisor (book meeting), or a centralized marketing team with automation engine (send more info)
Reason #3 - Advisors want more operational support not more tools
The #1 concern for Advisors in 2021 is demonstrating value to clients and prospects. Increasing Client interactions by delivering more personalized emails is easiest way to do it, but given all the things on their plate 69% of Advisors said they need the firm's support to make it happen.
<10% of Advisors adopt the "do-it-yourself" digital marketing tools provided by their firm
Advisors grow when they spend more time with clients, and less time messing about with on-line tools and low value tasks. Unfortunately the growth solutions provided to Advisors for the last few years have been a variety of "do-it-yourself" digital and social marketing tools. While the top 10% of advisors have the resources to use these tools, 90% of Advisors do not have the time, skills or appetite and therefore aren't getting the benefit and potential impact on their business and the firm.
As the execution of these activities become more complex, there's an opportunity for firms to leverage modern enterprise technology platforms like ReachStack to efficiently provide more personalized Client communication services and operational support to Advisors at scale. Trick is to deliver the benefits of these new technology tools to Advisors in a cost efficient and collaborative way, ensuring Advisors still have control of the Client experience, but get the heavy lifting done for them.
As a platform that lets firms efficiently provide a new prospecting and communication service to their Advisors, we are excited to see many wealth management firms expanding their Practice Management areas to include the technology and services required to help their advisors deliver on these new client communication expectations.
We look forward to continuing to work with our Wealth Management customers to use our unique technology platform to roll out and drive results for more of these high impact, high ROI advisor growth services.
ReachStack is an enterprise level personalization & automation platform for Advisor-Client communications. Our "do-it-for-me" approach results in 70% advisor adoption vs 10% for most "do-it-yourself" tools. Make it easy for your Advisors to increase visibility, satisfaction & referrals by ensuring they are part of each client's daily financial conversations and information feeds. Easily scale Advisor-Client interactions across your firm from 4 to 100x a year, by helping Advisors deliver up to 20 personalized, sharable Client interactions a month in only 5 minutes a day. Increase Advisor prospecting efficiency by profiling each Client's interests and needs, then providing a weekly "hot list" for easy Advisor follow up.
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