The financial advice and investment management industry is going through a pivotal moment where differentiation is becoming harder to achieve. With fiduciary duty becoming more common, clients are looking for something more than just investment advice. That's where marketing expert Samantha Russell comes in. In episode 44 of the Rethink. Financial Advice Podcast, Russell Chief Evangelist at FMG, joins hosts Adam Holt, CFP®, ChFC® and Derek Notman, CFP® to discuss the importance of marketing data and the unique opportunities advisors have to differentiate themselves.
Russell notes that the data is proving a difference between what clients are looking for and what they are actually getting from their advisors. To bridge this gap, advisors need to understand what makes their value proposition attractive and focus on delivering that message to their clients. Some areas that Russell suggests focusing on include fee transparency, ChatGPT impact to SEO, and Health & Wealth content, which is more interesting and consumable for clients than just market updates.
In addition to focusing on content, advisors can also bring a more sensory experience to their clients when it comes to their money. Rather than just talking about numbers and investments, advisors can help clients connect emotionally with their money by focusing on their goals and aspirations. By doing so, advisors can become the "Canyon Ranch of financial wellness" for their clients.
The conversation also touches on the importance of listening to marketing data and using it to inform business decisions. Russell notes that many advisors are so busy running their practice that they don't always pay attention to the data that's out there. But, by ignoring marketing data, advisors are doing so at their own peril.
Ultimately, the episode emphasizes the importance of differentiation and finding unique ways to stand out in a crowded industry. By understanding what clients are looking for and using marketing data to inform business decisions, advisors can create a compelling message that resonates with clients and sets them apart from the competition.
As the financial advice industry continues to evolve, it's becoming increasingly clear that differentiation is key. By taking a proactive approach to marketing and using data to inform business decisions, advisors can position themselves for long-term success. As Samantha Russell notes, ignoring marketing data is simply not an option if advisors want to thrive in today's competitive landscape.
Listen to the full episode here: Rethink. The Financial Advisor Podcast - Episode 44: Ignore Marketing Data at Your Own Peril featuring Samantha Russell — Asset-Map
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H. Adam Holt, CFP®️, ChFC®️
H. Adam Holt has been a financial advisor for over 25 years, during which he has helped build and manage his wealth management firm to over $1.2B in assets under management. Adam is known for his early adoption of technology to build trend-setting client experiences. This mindset led him to found Asset-Map, a financial technology firm dedicated to creating engaging visual communication tools used throughout the customer and advisor journey and now used by thousands of advisors worldwide and over 1M consumers.
Adam obtained his Bachelor of Science in Economics and Environmental Planning from Rutgers University in New Brunswick, an Executive MBA from Drexel University, a Certificate in Retirement Planning from Wharton School of Business at the University of Pennsylvania and is a Certified Holistic Financial Coach through Columbia University. Adam is a CERTIFIED FINANCIAL PLANNER® Practitioner and attended the American College where he earned his Chartered Financial Consultant® designation.