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Financial Advisors Need to Amp Up Their Digital Marketing Efforts – New Research Shows

A survey of 2,000 adults investigated how people interact with marketing tactics conducted by financial advisors. Key takeaways include:

  • Almost two-thirds (63%) of respondents said insightful and educational content, as well personalization, would make an advisor’s marketing stand out
  • 84% of Americans said personalized content is very important when working with an advisor
  • The importance of social media in the financial advice industry is growing with more than one-third of respondents saying they are more likely to choose an advisor who is active on social media
  • Amidst the pandemic, individuals are starting to rely less on referrals from friends/family and are turning to online search engines more, with 42% of respondents saying they start the process of finding a financial advisor online

RADNOR, Pa.— Nov. 19, 2020 — The majority of Americans (84%) feel personalized content is very important when working with a financial advisor, according to a recent survey carried out by eMoney Advisor (eMoney), a leading provider of technology solutions and services that help people talk about money. Moreover, 63% of respondents said insightful and educational content, as well as personalization, would make an advisor’s marketing stand out amongst competitors.

Polling 2,000 U.S. adults who have worked with a financial advisor, eMoney launched this survey to highlight industry trends and help advisors understand the impact various marketing tactics have on prospective and existing clients. The findings show Americans are noticeably more receptive to digital marketing that is customized for their needs.

“Our commitment to our clients is not only to help them become better planners through our technology and training, but also to help them solve business challenges and adapt to industry changes. Our latest survey findings reinforce the role marketing plays in today’s landscape,” said Valerie Rivera, senior product marketing manager at eMoney Advisor.

The desire for personalized marketing comes at a time when advisors are largely unable to meet with clients in-person. In-person activities and events that have traditionally produced word-of-mouth referrals have dramatically decreased. As a result, the way in which consumers search for an advisor is changing. Individuals are relying less on referrals from family and friends and are turning to search engines instead, with 42% of respondents saying they start the process of finding an advisor online.

Since the next step after searching online is usually visiting a website, the power of a professional-looking website is evident, with 98% of respondents saying a financial advisor’s website is important to them, while a third say that it is extremely important.

The importance of social media is also growing with 37% of respondents saying they are more likely to choose an advisor who is active on social media.

“At eMoney, we have long believed that marketing and planning go hand-in-hand. These past nine months have accelerated the need to embrace digital marketing and communications,” said Rivera. “We want to help advisors understand the best way to boost their marketing efforts and provide them with automated tools and resources — such as eMoney’s marketing solution — to streamline the process.”

The study was conducted by online research company Pollfish. Respondents were composed of a nationally representative sample of 2,000 American adults aged 18 and above who have worked with a financial advisor at some point. The survey was fielded during the week of Sept. 14, 2020.

To learn more and test your knowledge on prospective clients’ communication preferences, visit: plan.emoneyadvisor.com.

About eMoney
eMoney Advisor provides technology solutions and services that help people talk about money. Rooted in holistic financial planning, eMoney solutions strengthen client relationships, streamline business operations, enhance business development and drive overall growth. More than 70,000 financial professionals across firms of all sizes use the eMoney platform to serve 4 million households throughout the U.S.

eMoney Contact
Joanna Armandi
Director, Corporate Communications
jarmandi@emoneyadvisor.com
215-990-1469

Media Contact
Nicholas Koulermos
Vice President, 5W Public Relations
nkoulermos@5wpr.com
646-843-1812