The Financial Planning Association of Maryland’s Fall Symposium brought together professionals in the financial services industry for education and networking. As a new partner, we were excited to meet FPA of MD members to learn how we can be a valuable resource for digital marketing. We’d like to extend our immense gratitude to Patrick Kelly, Lyn Phelps, and the rest of the FPA of MD board for hosting a thought-provoking event and inviting us to be part of it.

It was clear from start to finish that the financial services industry is evolving, and technology is the driving force of change. Technology impacts every aspect of how financial services companies operate – including how they market their brands, care for aging clients, and safeguard private customer data.

Missed the Fall Symposium and curious what is driving the financial services industry forward? Dive into four insights financial professionals need to think about as they prepare for 2024.

Financial advisors face a crisis of differentiation. In fact, during his keynote address on trends impacting the financial advice industry, Michael Kitces, financial planner and former practitioner editor of the Journal of Financial Planning, shared that 72% of financial advisors believe their service is above average. Financial advisors often differentiate themselves by their high-quality customer service. 

However, when every company offers five-star service, clients struggle to see what makes them different. That’s why the number one differentiating factor clients use when hiring a financial advisor is simply location. When clients can’t pinpoint the difference between competitors, they choose the most convenient option. 

What this means for financial advisors

Kitces declared that search engine optimization (SEO) offers the single largest return on investment that financial advisors can get. Most people shopping for financial advisors choose the option closest to their home. Company websites, social media profiles, and business directory listings must contain detailed and accurate information about all the locations served. Without a robust, optimized online presence, financial advisors risk losing clients to more SEO-savvy competitors. 

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The Boomer generation is a target market for financial advisors. However, they’re increasingly pursuing the same limited group of potential customers. To set the stage for long-term success, companies must build inroads with young professionals and their families. This will require financial advisors to embrace digital marketing as a strategy to differentiate themselves from their competitors.

Young audiences have different financial needs from their parents. Whereas Boomers often appreciate a hands-off approach, the younger generations prefer to seek out consistent guidance and support. They value the expertise and guidance of financial advisors, but they don’t just want to hand over the reins.

What this means for financial advisors

It’s not uncommon for financial advisors to be knowledgeable about a wide range of services and products. However, in an increasingly saturated market – where many competitors are vying for the same clients – financial advisors can enhance their credibility by showcasing their unique expertise. Content marketing enables financial advisors to share their insights directly with potential customers.

In addition to maintaining a detailed and accurate online presence, financial advisors should use social media and video content to showcase their unique expertise. Becoming a leading authority on a unique topic empowers advisors to build a pipeline of customers for long-term growth – and has the added benefit of strengthening customer loyalty.

Engaging social media videos helped a financial planner based in Columbia, Maryland, land 3 new clients. See how Janoskie Financial collaborates with other thought leaders to increase brand awareness, share expertise, and build customer loyalty. Watch the video. Or dive into our full video marketing strategy to see how we bring videos like this to life. 

In this session, Marguerita Cheng, CFP, RICP shed light on the significance of compassionate and empathetic financial services for aging clients. When the elderly seek assistance from financial advisors, they still desire control over their financial freedom. This lesson applies beyond serving the elderly—it resonates with all clients, highlighting the necessity of empathetic marketing in the financial sector.

Empathy is the cornerstone of financial services marketing. This approach cultivates trust and lasting relationships with clients of all ages. Understanding the needs and desires of aging clients empowers financial advisors to better serve young audiences with empathy. By emphasizing financial wellness, guidance, and freedom, financial service providers can connect with younger generations who are seeking financial stability and control over their futures. 

What this means for financial advisors

Young audiences want to see the human side of financial firms. It’s not just important to have credentials and expertise. These clients want to trust and develop an emotional connection to the people behind the brand. Short-form video content enables financial advisors to build relationships with potential clients, engendering trust and loyalty.

Cybersecurity expert, PJ Piccone of Piccone IT Consulting highlighted the necessity of consistently prioritizing cybersecurity due to its ever-evolving nature. Implementing security measures, such as password managers and multi-factor authentication, are simple and efficient ways to mitigate risk exposure. For financial advisors, cybersecurity – like digital marketing – often isn’t top of mind because they’re busy keeping up their own industry transformation.

That’s why it’s essential for financial advisors to partner with knowledgeable experts. Piccone stressed that financial firms need adaptive and knowledgeable leadership in the form of a trusted IT partner. Just as cybersecurity demands constant vigilance and adaptation, successful marketing demands leaders who have a pulse on consumer trends. 

What this means for financial advisors

Marketing leadership should not only understand the importance of adapting strategies but also swiftly harness new tools and methods. Just as cybersecurity safeguards financial information, these leaders must shield marketing strategies from potential risks while embracing cutting-edge approaches in a constantly evolving digital landscape.

Financial advisors have been confronting technological transformation for the past few years, and the changes keep coming. Technology empowers financial advisors to enhance client care and strengthen brand awareness. Didn’t get a chance to meet us at the Fall Symposium? Set up a discovery call today.

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