We are within the final 100 days of another presidential election cycle, and it goes without saying that politics has captured the attention – and often the worries – of clients. Elections can affect marketing and communications in ways that are both obvious and inconspicuous. While advisors must proceed with caution to avoid missteps, they may find ways to benefit from messaging that addresses their clients’ focus on politics.
To learn strategies to adapt advisors’ marcoms during an election cycle, we spoke with Rob Farmer, Senior Vice President at StreetCred PR; Joe Anthony, President at Gregory FCA; and Sean Neary, Co-Head of Financial Services at Edelman Smithfield.
We asked each of them: How should advisors adjust marcoms strategies for their clients as we go through the peak of the election cycle over the next few months?
Their responses follow.
Sean Neary, Co-Head Of Financial Services, Edelman Smithfield
While there is no one-size-fits-all approach, financial advisors must pay close attention to their marketing and communication strategies as we head into the closing months of the presidential election. When crafting a message, the safest path – for most financial advisors – is to be apolitical. Don’t let personal politics or ideology seep into your marketing. Remember, taking a stance on a topic – practically any topic these days – risks alienating an audience. Instead, steer messaging away from divisive political issues and stay focused on your client’s financial goals.
Smart advisors are utilizing a variety of platforms to connect with different audiences. However, in any election season, it’s critical to review those platforms to ensure they have policies in place to protect your brand and ensure your content is keeping the right company. The last thing you want is for your brand to pop up on the same page as extreme, hateful ideology.
Election season also brings a wave of political advertising, resulting in a spike in costs. As you explore different channels, do your homework, and ensure the platform aligns with your brand. Now’s also the time to do a quick review of your website and social media to ensure it is balanced, based on facts, and relatable to as large a target audience as possible.
There’s a lot on the line this election season. Financial advisors must be sensitive to what is sure to be a stressful time and adjust their marketing appropriately.
Joe Anthony, President, Gregory FCA
It’s worth taking a step back and remembering the first rule of marketing and communications: Know your audience. The people that hire a financial advisor are paying them to be pragmatic, to think about issues that impact their money and be a voice of reason and a calm hand managing their financial affairs.
With political tensions the highest they've been in our recent history, it does not serve the advisor-client relationship well to wade deep into the “who should win” discussion. Rather, advisors with a pulse on their clients’ needs who want to stay relevant during the election cycle can share content that contemplates issues from the perspective of “if this candidate wins, then” to help their clients understand the financial planning and investment implications.
At the same time, advisors should be prepared to have clients consider certain planning moves to account for any potential change in policy or economic direction that might come about as a result of the elections. Four years ago, we built a communications sequence for an East Coast RIA firm that explored some key issues like tax policy, the markets and international trade ahead of the elections accounting for what approach Biden or Trump might take. The goal was to be thoughtful and assure clients and prospects that their advisory team was on top of the issues, without choosing sides.
This is a model that other firms could and should apply as more people than ever are plugged in to this election and its impact.
Rob Farmer, Senior Vice President, StreetCred PR
Having worked through more presidential election cycles than I care to remember, I have learned that adapting a marketing and communications strategy mid-cycle usually appears in retrospect to be an overreaction. The best strategy is to avoid making large changes to your ongoing plan.
If your plan is well thought out, with built-in assumptions for macro-events – including those that are clearly foreseeable (like a presidential election!) there shouldn’t be much need to make changes. These cycles do, however, offer the chance for advisors to demonstrate their value to clients.
We know investors don’t like uncertainty, and the weeks running up to an election are rife with it. Advisors can help ease concerns with education. For example, insight on historical market behaviors during election cycles helps them understand risks and opportunities.
Advisors should be careful to stay neutral in their communications – whether client-facing or in public channels, including in media interviews or in their social media content. All presidential elections are polarizing, but 2024 is especially fraught with communication risk. I always recommend maintaining a neutral stance on political issues, but especially now avoid touching the third rail.
Election periods can be stressful for investors and advisors should keep that in mind in all forms of their communication. Personalized emails and check-in calls can go a long way in maintaining client confidence. And, above all, remind clients not to make rash decisions or let external noise interfere with their focus on their long-term financial goals.
Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.
