The case for differentiation and personalized client engagement has been made many times. Firms are making investments to scale personalized service to clients as noted by Vijay Raghavan of Forrester in his report on “Hot Technologies like Analytics and Personalization Drive Better Digital Wealth Management Experiences” (may require a client subscription) as noted below:
“Firms are capturing more data on customers to drive better insights and experiences”
“Merrill Lynch And Morgan Stanley Use Personalization To Provide Advice To Clients At Scale”
So if personalization is viewed as a strategic imperative for existing clients shouldn’t it be more important during client acquisition? This is after all one of the primary growth activities an advisor or firm can implement.
So if personalization and customization are a requirement why are organizations so slow to adopt? Well, in simple terms firms are not yet recognizing the value of lead generation in the financial advisor marketing space. While the brand presence and listings type services have been recognized for years the need for market differentiation hasn’t been a priority. In the digital age, the advent of research-based decision-making is changing the formula. All businesses understand the value of communicating with a unique segment and positioning themselves as such. Organizations and market leaders like RBC are investing in differentiation for their advisors and reaping the market share benefits. It’s only a matter of time until the rest of the market catches up to this strategy.
The time is now to continue to extend these investments into marketing. Client engagement and content builds relationships and matures client insights at the advisor/client level, typically where most critical business is at risk or growing.
Technology and current processes should not stand in the way of transforming your marketing approach to attract clients at an advisor or enterprise level. Both entities have the skills and reasons to change. Many supplier firms, like us at Veriday but also others, have proven platforms designed to manage customization and personalization at scale without a massive disruption to existing teams or budgets. If you would like to explore with us how to achieve personalization at scale here are a couple of upcoming opportunities and my email is below feel free to reach out to start a conversation.