In the increasingly competitive environment of wealth management, advisors are always looking for ways to increase client stickiness and prove their worth to clients. At Doxim, we make it our business to help them do this, which is why a recent article at Advisor IQ caught our eyes. It has to do with what kind of third party content is most prized by elite advisors and their clients.
The advisors surveyed talk about what sort of content resonates with their clients, and they seem to agree that content from trusted third parties, with a broad scope and a good historic background, is of the most use to them and their clients. They go out of their way to find this sort of valuable material and share it, and they feel this results in increased client loyalty.
Why might you want to provide curated third-party content to your clients? There are two simple reasons. The first, as one advisor in this piece points out, is that clients are going to ask how the macro-economic climate will influence their investments, so it’s best to be prepared to answer that question thoughtfully. The second is that in the realm of wealth management, the advisor’s expertise is of paramount importance – and sharing really good third party content is an easy way to remind your clients of your value to them.
Once you’ve found the right content for your client base, or a segment of your client base, how do you get it to them? One way is through social media, of course, if your firm permits you to share content that way. Another, more expensive route might be to put on a networking event for your high net worth clients, and invite a third party expert to speak on a topic of general interest. But chances are good that the increasing digital capacities of your firm can offer you other ways to share interesting content as well.
One possible route to sharing value added content is to use your CRM and business intelligence solutions to segment your client base, and determine which articles will resonate most with each segment. Then, if you have an enhanced statement solution you can place links right into the e-statement’s marketing message zones, or at the end of the statement in a newsletter. This means that John Smith, who has lots of stock with exposure to rapidly changing Chinese markets, gets information related to this topic, while Mary Jones, nearing retirement, can read about the future of interest rates and how that might impact her retirement funds. Since you are required to send out statements anyhow, why send out impersonal statements without value-added content when you can take the opportunity to remind your clients that their advisors care about them and want to keep them informed?