Develop an effective marketing and branding message

Who are you? More to the point, how do your clients think of you? This is the identity associated with your practice and the services you provide — also known as your brand. Existing offerings and newer national platform offerings have made the landscape more competitive for financial professionals. Branding, and the marketing behind it, may help potential clients tell companies apart. We believe wealth managers need a defined and actionable marketing strategy to grow their practices. One with a clear, consistent, and compelling message can potentially attract prospects that turn into clients.

Craft a consistent marketing message

To maximize growth opportunities, wealth managers should, in our view, consider differentiating themselves from competitors. That means narrowing down a value proposition and then branding and messaging it effectively. We have seen that communication is key. According to insights from the Practice Innovation Index (PII), only 10% of wealth managers have a clear, compelling, and consistent market message. Meanwhile, 42% lack a consistent marketing message.¹

A strong message may highlight the niche client segments you serve, the communities you belong to, or the unique services you offer. Whatever the message, we believe it should differentiate you from competitors and resonate with prospects.

Developing brand messaging, while time-consuming, in our view, is a worthwhile exercise. Not only might it help clients understand your value proposition, but it may also help you better understand clients and the marketplace. How? Looking at existing relationships may reveal why clients have remained clients. It could shed light on the dynamics that’ve made those relationships successful. Building personas or client types based on financial goals, attributes, or pain points may unearth new avenues of communication and help you maximize their value in the client’s journey. At the very least, you’ll likely better understand what you want your practice to become. Setting forth values may chart a path to success.

Use effective marketing strategies

A consistent marketing message has the potential to attract the right kind of attention, but it is on our view, only one component of a broader outreach strategy.

In our experience, a strong message must be delivered — and received — to work. Many wealth managers engage with clients through emailed newsletters at least annually, and a few still reach out by mail.² These channels offer a way to get through to clients outside of regular meetings, we believe, but they have their limits.

For wealth managers, other communication channels have the potential to break through in different ways and at different times. Social media is a less common tool for staying in touch with clients.² A medium mostly built on relationships between friends and family has long since become a useful business tool. Various social media platforms offer a chance to stay top of mind and spur discussion with content that reinforces your value proposition. But each platform has its own tone and audience, and each carries its own expectations and norms. Facebook isn’t LinkedIn; LinkedIn isn’t X (formerly Twitter). Wealth managers should, in our view, treat social media as another resource in a broader client engagement strategy.

Traditional forms of engagement like client social events allow for a more personal marketing message. A wine tasting, for example, may be a more comfortable occasion where a personalized touch is expected. Cerulli research found that 73% of wealth management professionals saw intimate social events for top clients and prospects as a very effective marketing strategy. Another 20% saw them as somewhat effective.²

We have seen that leading practices already look to centers of influence and strategic alliances (with attorneys and accountants, for example) to find high-value referrals. Arming them with tools that reflect your practice’s brand and values may help them amplify your marketing message as well. Conducting joint social and educational events may help to humanize you in their clients’ eyes. Extending your reach further into their client base may lead to growth in yours.

Take the next step

We believe effective marketing starts with strong messaging and branding. Wealth managers who use messaging and branding to build on client engagement strategies may create avenues for additional growth. Asking for referrals is hard. An attractive value proposition, presented in a clear, consistent, and compelling message, may make it easier, both for you and those who might refer you.

Invesco Global Consulting can help.

Our “’Build Your Brand with Powerful Marketing’ Toolkit” brochure³ draws on years of research and hands-on coaching and is built to help you craft a compelling marketing strategy. We have seen that financial professionals who embrace marketing tend to grow faster than those who don’t. We show you how to develop a brand story that may appeal to potential clients.