"When stocks go down, communication from your financial advisor should go up"

However, many financial advisors don't know what exactly to say to clients during times of extreme market volatility.

4 Communication Strategies I've seen advisors use that work really well 👇 1. No one fires their advisor for communicating too much

But they might for not communicating ENOUGH

@ycharts: 85% of investors said that an advisors' frequency and style of communication impacts whether or not to retain them

47.1% wish their advisor would contact them MORE!

Between August 2021 and August 2022, 12% of those who receive financial advice hired an advisor for the first time or switched advisors.

39% of them were Gen Y or Gen Z*

Yet most financial advisors don't focus on serving young investors.

Here's why that's a problem👇 For the average advisory firm, 57% of existing client assets are expected to pass to the next generation by 2045...

Yet advisors have reached out to only 13% of clients’ children

*all data/images via @Fidelity 2022 Investor Insights Study unless noted otherwise

Have you ever gotten a new client because the last financial advisor the client worked with was HORRIBLE at communicating?

My aunt and uncle are in their 60s and have $250K invested with a financial advisor that they've used for the last 10 years

Story 👇 Recently we were on a family vacation and got to talking about my work, and my aunt said

"What's normal when it comes to what advisors are doing for their clients? Because we NEVER hear from our financial advisor."

I said "You mean like you don't get proactive communication?"

94% of financial advisors use social media, but most of them don't see any ROI from it.

Because frankly, they are doing it wrong

Top 5 Reasons You're Not Getting Any Results on Social Media + How to Fix It

Read thread👇

OR

Watch the full video👉
1️⃣ You are Boring

It's harsh, I know.

But most financial services content is a SNOOZE fest

Why do people use social?

To be entertained
To take a mental break
To kill boredom
To connect with friends and family
To find inspiration.

NOT To read your investment commentary

What additional services do clients find MOST valuable from their financial advisor?

1. 👉Estate Planning (legal services)

2. 👉Tax prep/planning

Source: @McKinsey Jan 2024 Emerging Trends Report

👇 Here are 5 more Top Take-Aways from this year's McKinsey Wealth MGT report 1. From 2018-2024, there was a 60% jump in clients saying they want a "one stop shop"

Approx 30% of clients w/ $1 - $25 Mil in investable assets want to consolidate banking &wealth relationships (250% increase!)

73 % of those 25- 44 want to combine wealth +banking relationships

70% of women change financial advisors w/in 1 yr of their baby boomer husband passing away 🤯

By 2030, US women may control much of the $30 trillion in assets that baby boomers possess

via @McKinsey

Do you have a marketing & comms strategy to engage women?

No?

Start here👇 "We’ve heard through field interviews w/ RIAs that many of their new female clients came to them from other firms, where they didn’t feel they could ask basic financial-literacy questions or spend enough time w/advisers to find the right fin plan to meet their goals" - @McKinsey

❌ 10 Biggest Website Mistakes Financial Advisors Make

1:05 👉🏽 Not Writing Homepage Correctly
2:41 👉🏽 Not Having TWO Calls To Action
3:33 👉🏽 Not Making Your Calls To Action Compelling Enough
4:40 👉🏽 Not Including A Meeting Scheduler On EVERY Page

(numbers are video timesamps👇) 5:10 👉🏽 Having More Than 5-7 Main Pages In Your Navigation
5:39 👉🏽 Having TOO MUCH Text
6:10 👉🏽 Choosing The Wrong Photos
7:00 👉🏽 Not Having a 30-90 Second Intro Video
7:41 👉🏽 Not Regularly Updating Your Website 2x A Month
8:14 👉🏽 Not Paying Attention To The Technical Basics

6 Must-Do items to update your financial advisory firm's website and SEO at the start of 2024:

1️⃣ Get Google Reviews

💠Often 1st thing people see when Googling you
💠They impact how high you rank for SEO
💠Consumers READ them - and compare you to other firms who have them 2️⃣ Tell stories

Financial services can be BORING (& seem complicated)

To cut through noise & connect:

💠Write like people talk
💠Connect the abstract to the tangible
💠Facts and figures should supplement what you share, not be the main show

@morganhousel is great at this

🚀 What do financial advisory firms who are growing FAST do differently than other firms? Well it turns out... a lot actually.

@nitrogenwealth surveyed thousands of advisors in May and found some stark differences 👇👇 👇HIGH GROWTH FIRMS👇

1. Spend more money on Marketing💵

🔷 30% of hyper-growth firms are spending $30k+ on marketing; compare this with the fact that 47% of no-growth firms spend less than 1% of their firm’s gross revenue on marketing

It’s been 2 weeks since you left us.

I know intellectually that you’re gone, yet I constantly have moments throughout the day where I think “I gotta tell Ryan this” or I’ll see someone driving your model car in town and wonder if it’s you.

Teddy keeps asking “Where Dada Go?” And even though we believe in the afterlife, and the kids talk all the time about seeing you in heaven again some day… I find myself wondering the same thing as Teddy.

Where are you?

Is your soul nearby?

Can you hear us celebrating you, talking to you, crying for you?

In the coming months, what you see when you 🔍search for something on Google might be VERY different.

Here's what's happening... and why it matters for how you market your business 👇 Last week, Google announced that its revamping traditional search to allow users to more naturally explore information, similar to the experience on Instagram or TikTok.

When the hero text on the home page of your website says

"We always put clients first"...

🤔that is a very confusing Value Prop

Think about from the prospects' perspective

They are thinking "Of course...what else would you do - put us 2nd?"

So what should it say? 👇 The hero text on the home page of your financial advisory firm website should quickly articulate:

1. What you do
and
2. Who you do it for

Here are 10 Great Examples of Websites That Get This Right:

"When stocks go down, communication from your financial advisor should go up"

However, many financial advisors don't know what exactly to say to clients during times of extreme market volatility.

Here are 4 Communication Strategies I've seen advisors use that work really well🧵 1. Remember - No one fires their advisor for communicating too much. But they do for not communicating ENOUGH.

"When stocks go down, communication from your financial advisor should go up"

See data from @ycharts 2019 Study:

Comments are the 💸 Currency of Social Media

Here's how to give and get more 👇 1. On most social platforms, for every ONE thing you post, leave comments on at least FIVE other people's posts.

On Twitter, the ratio should be even higher - leave comments on 10 posts for every 1 thing you share.

Data supports this:

https://twitter.com/ayushtweetshere/status/1554440627026157568?s=20&t=3rClTPQ8lfdljK6MLXHvvQ

❓What’s the best advice you’ve heard for how to create or post more content?

Here’s My Top ✋Five: 1️⃣ Forget the word “Perfect”

- Ship it when you're 70% ready
- Done is better than perfect (and perfect never gets done)
- Analyze results & improve next time

1/ If I owned a financial planning business, here's what I would be doing right now when it comes to client communications and Marketing: 1. Write one article per week (to be posted on my blog + emailed out to clients and prospects) summarizing the week’s events and give my thoughts/provide historical perspectives

#DigitalMarketing #WealthManagement #financialplanning #fintwit