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Financial Planning Research Roundup: February 2021

Cara Woodland March 2, 2021

financial planning research roundup february 2021

It’s shaping up to be a big year for marketing—the SEC recently overhauled the regulations surrounding marketing for financial professionals. Plus, new research shows fast-growing firms are investing heavily in digital marketing tactics. In other news, Kitces argues against the value of goals-based planning and eMoney offers new insight into how to deliver an exceptional client experience.

1. SEC Adopts New Marketing Rules for Financial Professionals – Financial Planning

The new ruling could substantially reshape the marketing and advertising landscape for financial professionals. The SEC’s rule change was primarily in response to how people were using social media and now allows financial professionals to use client testimonials in their marketing. Read more about the update here.

2. The Case for Digital Marketing – Fidelity Investments A recent study into the use of digital marketing tactics among financial professionals shows that digital strategies are commonly used but receive low budget allocation, likely due to perceived ineffectiveness. However, the study also shows that by investing more heavily in digital marketing, the fastest-growing firms are seeing strong returns.

3. Kitces Questions the Value of Goals-based Planning – Financial Planning

Michael Kitces, co-founder of the XY Planning Network, says that clients aren’t always sure what they want when they begin the financial planning process. On top of that, what they can potentially achieve is changing all the time. Kitces calls for a planning experience based around a “possibilities exploration mechanism.” Read more about Kitces on goals-based planning here.

4. Building Your Client Experience: A Look at Why the Experience Matters and How You Can Stay Competitive by Creating an Exceptional One – eMoney

Financial professionals today compete primarily based on the experiences they deliver. Those delivering exceptional experiences see remarkable growth in AUM, revenue, client retention, and client acquisition. To learn more about why the client experience is more important than ever, and how you can start building yours, read our latest eBook Building Your Client Experience.

Be sure to stay tuned for next month’s research roundup for the latest financial planning insights!

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About the Author

Cara Woodland is the Director of User Experience Research at eMoney. She helps the organization understand the wealth, financial advisor and financial technology marketplace in order help them be more customer centric in their decision making. She focuses on research related to customer experience, marketing, branding, new products and competitive intelligence. Prior to joining eMoney Advisor, Cara spent over 10 years consulting with Fortune 500 companies in market research, innovation and product development. In addition, she also has practical client-side experience within the finance and banking industry in developing marketing, front-end innovation and customer engagement programs. Cara graduated with a degree in Marketing Management from Virginia Tech and is a Certified Financial Marketing Professional. In addition, she is a frequent speaker and author on the topics of innovation, market research, creativity, communication and marketing strategy for colleges, professional associations and corporations.

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