- On June 12, 2017
There is an interesting whitepaper recently created by fmgsuite that can be found at InvestmentNews.
What does the DOL ruling mean for advisor’s marketing? With the industry changes advisors need to re-evaluate their marketing methodology. According to the whitepaperthere are 6 ways to stay on top of your marketing.
- Record keeping. It’s important to evaluate your process in light of the fiduciary rule. Many CRMs like Redtail and Salesforce Shield are making changes directly because of the DOL’s ruling.
- Fact-Finding Process. Avoid the headache of the “Case of the missing client data” which in a post-fiduciary world can be a penalty not just a fear. Is your current technology and software up to date? Consider incorporating financial software into your website. Check out eMoney, Riskalyze and Nest Egg Guru. Fmgsuite offers website integration with programs like these.
- Transparancy. Maybe one of the most important changes because it requires operating in full-disclosure and to be transparent in offerings. From a marketing perspective this will translate into writing transparent content on your website, laying out what clients can expect, and keeping up communication.
- Content shift. Content is the fuel that drives inbound marketing strategies. You should audit your content library and make sure it is in accordance with DOL’s ruling. Fmgsuite offers content ideas that are more general and packaged products focused. such as: Goals-Based Strategies; Risk and Return; Benefits of Passive Money Management; and more. See their Whitepaper.
- Educational marketing. Educating your clients helps you emphasize your knowledge and further establish legitimacy and experience, both crucial in light of the fiduciary rule. Consider social media through videos and articles that link back to your website. Consider also maintaining a resource center with a library of videos, articles, and other educational and entertaining content.
- Communication. Advisors know that communication is the key to nurturing the client-advisor relationship. Email campaigns, market updates and portfolio reviews all provide opportunities to promote your industry knowledge and help you act as a fiduciary and trusted advisor.
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