When a small team or solo advisor leaves a larger organization that provided much of the business support, that team or advisor is thrust into managing their full business, building the support system that their employer previously supplied. Marketing and communications are crucial functions the advisors must develop.
Whether the advisors are building their capabilities from scratch or seeking external help, they must gain an understanding of what quality marketing and communications programs and strategies look like.
To bring this knowledge to advisors who have recently gone independent or are contemplating that move, we spoke to experts April Rudin, Founder and CEO of The Rudin Group; Alana Kohl, Founder of AdvisorPR, a division of JConnelly; and Chris Sullivan, President of Craft & Capital.
We asked each of them: What marketing and communications strategies work best for a small, newly independent team that is trying to establish itself in the public eye?
Their responses are below.
Chris Sullivan, President, Craft & Capital
Leveraging opportunities to engage with the media can be a great way for a smaller, newly independent team to get more attention for its people, services and points of differentiation. While everyone loves to see their insights in the pages of Barron’s or The Wall Street Journal, for firms such as these there are other parts of the media universe that often make more sense and which can be far more fruitful.
Local media can be a great place to start. Is there a local business journal or a local “lifestyle” magazine that speaks to affluent readers? Is there a “Good Day”-type morning show that books finance experts to provide advice? Are there opportunities to engage with local radio stations? We have seen firms reap outstanding coverage by engaging with just a handful of such outlets, so while it’s fine to keep the WSJ as a goal, it’s not essential at this stage of a firm’s growth.
So, if those types of outlets are out there, how do you engage with them? Start by reading, watching and listening. Pay attention to who is hosting, writing or producing. Comment on their articles and engage with their LinkedIn posts. Connect with them on social media. Politely offer your expertise for any future relevant coverage, and work to build a long-term mutually beneficial relationship that will ideally see you be called upon repeatedly in the future to add your insights to a range of pieces. Local media loves local voices, and this can be a great way to get yours heard.
Alana Kohl, Founder Of AdvisorPR, A Division Of JConnelly
Your communication strategy should align with your core objectives. Whether establishing your brand, building credibility or engaging clients – each goal necessitates a distinct approach.
First, establish strong fundamentals with a clear brand identity, professional website and database to begin to build and organize contacts.
From there, for those focused on establishing a brand presence, invest in owned content. This could be a blog, podcast or video series where you share your vision as an advisor and the mission of your new firm. Articulating what sets you apart, the problems you solve and how you address clients’ needs establishes your voice and brand personality.
If building credibility is your objective, harness the power of earned media. By lending your financial expertise to relevant news stories, you become the go-to expert in the areas in which you serve your clients. It’s essential to focus on areas you know well, particularly in the beginning, to maintain brand consistency and trustworthiness.
Lastly, if attracting and engaging new clients is your primary goal, consider direct to consumer strategies. Utilize platforms where your target audience is already active, such as email and social media, and deliver content that resonates with their financial situations. Consistently sharing your earned and owned content is an effective method to fuel this outreach to attract, nurture and drive action with prospective clients.
April Rudin, Founder And CEO, The Rudin Group
While it may sound expensive and out of reach, we recommend hiring a professional firm to help establish a new brand in a local market. Just as advisors rail against “do it yourself” investors, the very same theory applies to marketing. You want to establish a unique brand message and position that is not the “same old, same old.”
Hiring a marketing firm can help professionalize your brand and message in a way that is more appealing to both B2B and B2C clients. It can be more valuable than lunches, country club memberships or other activities that some advisors count as “marketing” activities.
Similarly, it is important to establish a marketing plan of activities that happen each month. Just like advisors work with clients to establish a financial plan – especially one based on their investment goals – small (and larger) firms should establish marketing goals as well. Once you have established your goals and metrics, it makes it easier and more productive to track progress and activities that produce results!
Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.
