RIA Majors Talk Marketing Best Practice – and Worst

RIA Majors Talk Marketing Best Practice – and Worst

At TD Ameritrade’s National LINC conference, marketing specialists from four major registered investment advisories (RIAs) held a discussion entitled, Proven Marketing Strategies to Grow Your Business.

They identified key marketing mistakes seen across the industry and revealed the ways and means of the most successful industry practitioners.

Karen Lee of Mercer Advisors thinks firms can become obsessed with doing too much. The result is familiar: nothing is done properly and projects languish. Prioritization of a few major initiatives works best, she says. Curiously, many firms fail to develop clear goals for their marketing. Lee says she insists that every campaign have a concrete, well-defined target at its heart.

Advice was heard from Allison Hillgren, marketing director at Beacon Pointe Advisors. Firms need to have a crystal-clear marketing strategy and adhere to it through any storms, she said. Companies often fail at marketing because they’re opportunistic, flitting from objective to objective as market whims dictate. Develop a true course and stick to it, Hillgren counsels.

Some advice applied to small RIAs, as well as the majors. Companies of all sizes are eager to embrace automation and digital platforms to enhance their marketing efforts, but care is needed. Small firms in particular are vulnerable spending too much on tech solutions that don’t return the investment.

Jud Mackrill of the The Carson Group says that marketing automation software is the “linchpin” of his company’s marketing efforts. However, small players should beware spending thousands per month on elaborate marketing software when “a free version of MailChimp” would suit their purposes fine, he says. Keep a good eye on the sticker price, he cautions.

For more information, please read:
Large RIAs Share Marketing Advice For The Little Guys | Financial Advisor Magazine

 

Federal AI Support a Boon for Financial Services Tech Imagine Canada Becoming a Tax Haven for Americans