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Wealth Management Marketing: A Comprehensive Guide

All categories
Digital Marketing
August 30, 2023
10 mins

Marketing drives growth. It's that simple. 

For wealth management firms, it's no different. In fact, 61% of people own stocks in the US. Imagine how many are waiting to be your clients! A powerful marketing plan will set you apart. So potential clients find you... and not your competitors.

In this blog, we are going to discuss how to perform Wealth Management marketing the best way possible and best ways to implement digital marketing strategies for wealth management. Let’s start!

Understanding the Target Audience

In wealth management, understanding your target audience is pivotal. If you know the factors that impact your potential clients' lives, you are better equipped to provide solutions that meet their specific needs. Curious how to learn what your client wants? Here’s an article breaking down the best practices of Promodo’s strategists. In the meanwhile, here are a few things to focus on.

Identify Their Demographics

Demographics are the first piece of the puzzle. It's a broad view of your audience. Your audience's age, gender, location, and income can tell you a lot about how you should build your wealth management marketing plan.

  • Age: Different age groups have different financial priorities. A 25-year-old's investment needs will be different from a 60-year-old's.
  • Gender: Each gender generally has specific financial concerns. For example, it’s a well-known fact that women around the globe live longer than men. This means that they will have to rely on their savings for a longer time.
  • Location: A city-dweller’s investment needs might differ from a countryside resident's.
  • Income: This can determine your clients' investment capacity.

Go for demographics. Then start to paint the portrait of your audience's needs.

Discover Their Financial Goals

Next, you discover their financial goals. 

  • What do they aim for? 
  • Do they desire early retirement? 
  • Do they want to send their kids to an esteemed college? 

As stats show, 49% of American parents save for their kids' education. Discovering their objectives helps you make the perfect financial roadmap for them.

Learn About Their Challenges

Lastly, get familiar with their challenges. What keeps them awake at night? Are they struggling to make enough savings? Or perhaps they're trying to navigate the tax maze? Interestingly, 80% of people have financial stress! By identifying their hurdles, you provide a solution they can't refuse, and, which is even more rewarding, you learn how to help bring clarity and order in your clients’ lives.

It’s all about understanding the audience’s situations. That's the magic trick to creating services that hit home runs. Once you go down this path, you gain a clear direction for your further marketing strategy

Based on what you might have learned from your analysis, let’s see some examples of who might be the perfect target of marketing for wealth management firms:


Remember, these portraits are broad generalizations, and within each category, there can be a wide range of preferences, behaviors, and circumstances. Effective targeting involves understanding the nuances of your specific target audience within these broader categories. 

Building an Effective Brand Identity

A strong brand identity leaves an unforgettable imprint and differentiates your company among a myriad of others. A great company image is the core of all wealth management marketing strategies.

Your brand identity should:

  • Reflect your core values
  • Make your service stand out
  • Provide a sense of trust

A solid, professional identity also highlights your expertise and translates that you take each aspect of your business seriously and will handle clients’ finances as precisely as your own image.

Developing a Comprehensive Content Strategy

Nothing educates like content. Content is king in the 21st-century digital era and digital marketing for wealth management.

As a wealth management institution, your goal is more than building wealth. It is to educate your audience, earn their trust, and convince them of your services' utility. 

Imagine content as the compass of your marketing strategy. It points the direction - where to go and how to get there. A well-planned content strategy includes the following components.

Decide on Relevant Topics

Let's start with topics that matter. They are the bread and butter of your content strategy. The aim is to address your target audience's queries, concerns, and interests. In finance terms, around 63% of Americans say they’re bad with money. 

This gives you a panorama of topics to explore - from basic budgeting to managing loans. Creating content that directly addresses these concerns will automatically lead to engagement.

Determine the Formats

Next, formats. Articles, videos, podcasts, live chats– there are many content types, and their success rates differ. Engaging content is no longer one-size-fits-all. Take some time to study what type of content your target audience consumes to understand how to market wealth management services.

For example, including a video on a landing page can increase conversion rates by 80%. 

When it comes to podcasts, they are often overlooked by the companies as a marketing opportunity, ignoring the fact that, based on the most recent data, the global count of podcast listeners stands at 464.7 million. Among podcast listeners, nearly half (47%) belong to the 12-34 age group, 33% are in the 35-54 range, and the remaining 20% are 55 years or older. Your audience listens to podcasts, so grab the chance to offer them valuable insights and tell more about your services. 

Assess your audience's preferences and select formats accordingly. Variety spices up your content strategy!

Select Effective Channels

Then comes the choice of delivery platforms. Websites, blogs, emails, social media platforms, podcasts, webinars - the options are manifold. 

Each channel has its unique reach and user demographics. For instance, over 2 billion monthly active users are on Facebook. Can you afford to miss that audience? Analyze your target market and get active where they hang out online.

Stick to Consistent Schedules

Lastly and importantly, consistency. Consistency delivers the promise of your brand to the audience and should be the cornerstone of online marketing strategy for wealth managers.

A constant content release schedule spoils your audience with valuable insights and keeps your brand at top of their mind. 

By utilizing a comprehensive content strategy, knowledge becomes a beacon that enlightens your audience, transitioning them from skeptics to admirers. Engage the audience, build trust, and sail your wealth management business towards unfathomable success!

Implementing Thought Leadership

Thought leadership. It's a lot more than a buzzword for Linkedin influencers. 

It’s your opportunity to shine, exhibit your wisdom, and drive impactful conversations in the wealth management industry. Imagine your expertise sparking debates, steering decisions, and inspiring financial success stories. That’s thought leadership in action.

Let's see how you can turn this feat into reality.

Writing Articles on Industry Trends

It all begins with writing articles on current trends and future projections. 

Why is it vital? Well, 82% of business decision-makers consider thought leadership as a way to gauge the caliber of potential partners.

Dive into these trends:

  • Investment strategies in market booms and busts
  • The impact of world events on global wealth
  • Malaysia's Personal Data Protection Act on client confidentiality

By offering cutting-edge insights, you ensure that your audience stays ahead of the game.

Sharing Valuable Advice on Social Media

A whopping 4.89 billion people are on social media. You definitely want to tap into that! Share your valuable advice there and consider adding social media activity to your wealth management digital strategy.

  • Simplify finance complexities
  • Present different investment approaches
  • Respond to enquiries

With these, you don't just provide info - you educate. You don't merely post - you engage.

Speaking at Conferences

Speaking publicly at conferences asserts your authority. When you share your original insights and experiences with a larger audience, it's a signal you're among the industry's top echelons. This is even more critical given that 45% of decision-makers have invited organizations to bid on a project based on their thought leadership content.

Leveraging Referral Marketing

Do you know what beats a flashy advertisement or an immaculate sales pitch? A happy, satisfied client vouching for your services. This powerful force drives the engine of referral marketing, propelling your brand to new heights in the wealth management industry. It's word-of-mouth multiplied! 

So, how do you unleash this potential for wealth manager marketing?

Requesting Clients to Recommend Your Services

Don't be shy. Request your clients to recommend you. According to a study, 83% of satisfied clients are willing to refer, but just 29% actually do. Why? Because they're rarely asked! Invite loyal clients to share their positive experiences with friends, family, and social media connections. This not only builds trust but attracts new business.

Rewarding Referrals with Incentives

Design an appealing referral incentive program. Cash back? Service discounts? Exclusive gifts? You decide. When clients see tangible benefits from spreading the word, they strive to bring in referrals.

Keeping Clients Informed About Referral Programs

Last but not least, communication. A well-informed client is a confident referral-generator. Brief your clients about your referral program. Regular email updates can increase customer retention by 51%. By consistently informing them of the program's details and benefits, you empower your clients to become your brand ambassadors.

When your clients passionately promote your wealth management services, it's like striking gold. Without spending a fortune on advertisements or marketing campaigns, referrals become the rocket fuel for your business' exponential growth. Happy clients, happy business!

Embracing Digital Marketing Channels

The world is digital. You should be too! It's time to make the switch and digitalize marketing for wealth management. Offer your service online. Embrace digital marketing channels. They bring success! Consider:

  • Optimizing your website
  • Utilizing social media
  • Running online ads

Digital channels give you wider reach. Customers? They're within your grasp.

Hosting Educational Webinars and Events

The wealth management industry is great for webinars and educational events. Instead of selling, start teaching. By providing valuable, easily digestible and unique information, you adhere to people's essential need to understand their finances better. You become their financial educator.

So, what do these educational ventures achieve? 

Raising Awareness About Wealth Management

Webinars and events can help demystify wealth management for your potential clients. Topics can include understanding investment risks, long-term financial planning, or reading a portfolio statement. With every shared nugget of wisdom, you raise financial literacy and brand awareness.

Attracting New Prospects

Next up, lead generation. An incredible 73% of marketing and sales leaders swear by webinars as one of the most efficient methods to attract quality leads. With gripping titles, expert panels, or shownotes packed with value, you can lure potential clients. Webinars, live Q&As, and discussion panels work great in pulling the audience towards your firm's offerings.

Building Trust and Loyalty

Do you know what trust sounds like? It's the sound of attendees signing up for your webinar, again and again.

Prove your firm's credibility not just by what you claim, but by the knowledge you share. It helps your audience see you as an authentic ally in their wealth management journey.

Webinars and events offer a golden opportunity to unlock the clients' trust, loyalty, and new business. Sharing your financial wisdom through these platforms is not just about educating an audience. 

It's about transforming their financial lives, and who do you think they'll turn to when it's time to manage their wealth? You, of course!

Nurturing Client Relationships

Clients are loyal when they feel valued. Nurturing relationships is still a priority. Keep the connection alive. How?

  • Regularly check in with clients
  • Listen actively to their concerns
  • Solve their issues timely

Always prioritize your clients and consider paying extra attention building your customer care and sales teams. Read our recent article where we delve deeper into the importance of customer centricity.

Finally, take charge of your wealth management marketing. Implement these proven strategies. Remember, success lies within reach. Our team of digital marketing professional is here to offer you hand and help unleash the potential.

Get a Free Strategy Session
We create a winning plan for your business growth based on market insights and original ideas.

Written by
Anastasia Marchyshak

Content Marketing Manager at Promodo

Immersing myself fully in any topic I explore and my appreciation for simplicity are the driving forces behind my work.

August 30, 2023
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