For advisors who have recently left broker-dealer or wirehouse firms to pursue an independent career, we know the transition can be challenging.
Suddenly, your focus is not only on delivering a top-notch experience for your clients, but also on being a successful entrepreneur.
Helping advisors propel growth within their firm is a big focus for us here at Integrated Partners. We offer the support and robust resources advisors need to seamlessly transition toward independent advising while offering a superior client experience and attracting new prospects.
To help advisors kickstart their growth goals, we recently held a free webinar featuring some of the industry’s top marketing experts.
During “Unlocking Independent Growth: Marketing and PR Strategies for Transitioning Firms,” Chief Content Officer Matt Ackermann asked Kelly Waltrich (Intention.ly), Matt Halloran (ProudMouth), and Jason Lahita (StreetCred PR) to share their biggest insights into what independent advisors can do to achieve growth through marketing.
Let’s take a look at what they had to say.
Takeaway #1: You Can’t Set It and Forget It
For years, there’s been a common misconception within the advisor community that you can simply pass your marketing efforts to someone else and maintain a hands-off approach. Unfortunately, this couldn’t be farther from the truth. In reality, you need to be invested in your marketing efforts and create intention around what you’re trying to do.
Effective, growth-focused marketing doesn’t come from canned content or overused templates. Who you are, what makes you different, your personality—these all need to be deeply ingrained in your marketing strategy and reflected in every piece of marketing collateral you (or your marketing partner) produce.
A marketing strategy is most impactful when it reflects your real self, your business, who you serve, and what you’re able to bring to the table better than anyone else. In other words, allow your marketing to shine a spotlight on your personality and unique value.
While implementing a marketing strategy that’s unique and personalized may sound overwhelming, don’t forget that there are many marketing agencies and PR firms to help you accomplish this. They have the extensive experience and expertise needed to do the heavy lifting and behind-the-scenes work to execute a strategy, but it’s important for you to still be involved in the process.
Takeaway #2: When the going gets tough, keep going
During this webinar, Matt Ackerman challenged advisors to reexamine Warren Buffett’s famous quote, “Be fearful when others are greedy and greedy when others are fearful,” in a new light. While, of course, Buffett is referring to investing, Matt and his fellow panelists urge advisors to approach marketing the same way.
When the markets go down or the economy takes a turn for the worse, one of the first things advisory firms tend to pull back on is their marketing. Matt said one of the primary reasons this happens is because advisors don’t have a marketing plan that’s fully integrated into their broader business plan.
Advisors aren’t placing enough value on marketing, and that makes it easier for them to justify getting rid of it as a way to protect their bottom line.
But Kelly suggested that instead of approaching marketing as a “nice to have” add-on for their firm, advisors should be treating it with the same intention and intensity as they would their technology or sales department. Marketing should be just as engrained in the firm’s core business as these other important aspects.
When the markets go south, it’s time to double down on your marketing efforts—not give them up entirely.
Takeaway #3: Prepare to play the long game
All our guest experts agreed: Advisors should expect it to take 18-24 months before they start to see momentum building from their marketing plan. They acknowledged that this is a hard truth for many advisors to swallow, but marketing is about playing the long game and building enough momentum over time to grow an audience.
Like working out or learning a new sport, the key is consistency and accountability. You can’t flip a switch and suddenly become a pro football player. You need to slowly build your skills, try new things, and most importantly, show up every day with a commitment to keep doing better.
Takeaway #4: Do your research and don’t neglect compliance
PR is great for sending a shot of adrenaline to your marketing strategy, but approach interviews, speaking engagements, and guest contributions thoughtfully. For example, Jason recommends that advisors take 20-30 minutes to do their research before any interview.
“Prepare the right way. Go and read articles of the reporter that you’re going to have an interview with. Get familiar with the publication. Do your homework.
You’re putting yourself out there in the public realm, you’re putting your reputation on the line,” he explained.
And don’t forget: Compliance is still important for independent advisors, but it can be challenging to navigate your regulatory requirements when it comes to marketing.
Always talk to your compliance team before agreeing to any type of public speaking engagement or interview. They can help you prepare your talking points and ensure you remain compliant throughout the process.
Takeaway #5: Consider How You’ll Handle Success
So it’s been a year or so since you began seriously marketing your firm. All that hard work is finally paying off! Qualified leads are reaching out to you regularly, and there’s no sign of things slowing down anytime soon. Now what?
“We’ve seen a lot of firms that once they get what they want, they don’t know what to do with it,” said Kelly. “They get the leads, they get investors reaching out to them, and then they freeze. They don’t have a process in place, and they don’t know where to go from there.”
Having growth goals is important, but you also need to create a growth game plan. Know how you’re going to keep up with the challenges of scaling your firm so you’re able to create a genuine connection with new leads while maintaining your current client relationships.
Bottom Line? Set Clear Intentions and Stick To Them (We Can Help!)
At Integrated Partners, we believe that being independent doesn’t mean you have to go it alone. We help advisors who are transitioning to an RIA manage all aspects of the process from communicating the change with their current clients to implementing new operational systems.
Want to learn more about building and executing a marketing strategy that supports your growth goals? Get in touch with our team today.
Don’t forget! You can still catch the full webinar replay here.
