15 Wealth Management Marketing Ideas for 2023

Marketing wealth management has never been an easy task. Many wealth managers and financial advisors quit after a year of work because they don’t have enough clients. In this article, you’ll learn 15 marketing ideas that are proven to help you increase brand visibility, attract new clients, and build strong relationships with existing clients in 2023.

Why is it important to have a wealth management marketing strategy?

A marketing strategy is a comprehensive plan that outlines how a wealth manager can advertise and market their services to potential clients. It provides a framework that defines your marketing objectives, describes your target audience, and helps you estimate the budget and tactics necessary for your business to grow.

Developing a marketing strategy is essential for wealth managers. Having a marketing strategy results in:

  • increased brand visibility and trustworthiness
  • easier client acquisition
  • gaining a competitive edge
  • higher customer loyalty
  • increased ROI

However, this is only true if you put thought into how you market your services, ensuring the methods you choose to accomplish your business goals benefit your business and prove their effectiveness.

the ROI of their marketing activities

That’s why it’s important to check that the methods you’ve chosen for your wealth management marketing strategy are effective and bring you the expected results.

Let’s learn about the most effective methods for marketing wealth management and how to evaluate the results they produce.

Effective methods for marketing wealth management

The past year saw a variety of businesses utilizing a variety of marketing channels, with social media, website content, and email marketing at the forefront.

Top marketing channels

Different marketing channels traditionally show different results depending on the business goals behind the marketing efforts. That’s why it makes sense to separate marketing channels into three goal-based categories: branding, client acquisition, and client retention.

Effective marketing methods for branding

Creating a personal brand is key to gaining trust and establishing a good reputation as a financial advisor or wealth manager. Branding is all about showcasing your uniqueness and demonstrating how you're different from other advisors. What’s even more important is that a strong brand helps you win over clients — that’s why investing in marketing tools for branding is essential.

There are lots of approaches to creating and strengthening a personal brand. We’ve chosen the five marketing strategies that often turn out to be the most effective.

#1 Influencer marketing

Influencer marketing is one of the hottest trends of the last few years. It’s a great way to gain credibility when nobody knows you yet. Influencers can give you the boost you need, and as a result, you can get recognized by your target audience.

What do you need to do to make influencer marketing work?

1. Choose influencers with active audiences

Ask influencers to share their engagement metrics — it’s a common practice that will help you learn if subscribers are active.

2. Learn more about the quality and consistency of content

To determine if an influencer’s audience may be interested in your services, you need to evaluate the quality of the content the influencer creates. First of all, you should look for relevant topics that match the interests of your target audience and consider the engagement rates for specific content types.

Also, you should check if the influencer you’ve chosen is consistent in their choice of topics. If they had a blog dedicated to something other than financial services some time ago, you can’t expect their audience to be consistent in their interests either.

3. Use platforms that provide influencer lists with caution

There are plenty of platforms where you can find influencers ready to collaborate with you. However, we advise you against rushing into accepting any terms because some influencers might have multiple clients, some of which are your competitors. If that is the case, you have to make sure you offer better services than your competitors and are able to capture the attention of your potential clients.

4. Learn about an influencer’s reputation

If an influencer was involved in any kind of scandal or was accused of scamming or misleading their audience, it’s best to avoid collaborating with them.

5. Create a brief

The brief should contain your goal and be specific in what you want the influencer to mention. However, you should avoid any attempts to limit the influencer in their methods of presenting you to their audience, as the influencer knows their followers best.

6. Track the results

Make sure you have provided referral links to monitor campaign effectiveness. We also recommend you don’t expect an influencer’s followers to become your clients at once — you should give them time to learn about your services.

#2 Social media marketing

Recent HubSpot research says that, depending on the sector, social media marketing can be a great way to boost your brand’s visibility. While people don't tend to seek out financial consulting services immediately after seeing an ad on social media, marketing your services on social media platforms is still effective for building your brand.

According to HubSpot, in 2022, the most effective types of social media content used by businesses were live streams and short-form videos.

Social media marketing trends

As an expert, you have expertise and success stories to share with the audience. Use it to your advantage to build your personal brand. Other goals you might achieve by investing in social media marketing are getting a source of quality traffic to your website and increasing client loyalty.

However, you have to remember that social media channels are the widest part of your funnel with the highest bounce rate (45%), so it’s vital for you to engage the audience and slowly bring them to other stages, from knowing who you are and what services you provide to becoming your clients. Do not try to sell to your followers directly.

bounce rates on social media

Instead of focusing on closed deals, pay attention to the following metrics:

  • Reach
  • Impressions
  • Audience growth rate
  • Engagement Rate

Do not expect to get clients instantly — instead, grow awareness.

Here are some social media content examples to inspire you:

social media content examples

As you can see, you don’t have to be fancy in 2023 to win over your audience. Instead, go for content forms that bring value to your audience and fit their interests. Be simple and relatable, educating your followers about financial independence and passive income.

#3 Outreach marketing

A successful content marketing strategy goes far beyond your website when it comes to building your brand. While your website content is the tool you use for client acquisition, outreach is unequaled for personal branding.

Outreach as part of your wealth management marketing strategy has many similarities with influencer marketing. After all, your goal is to reach out to authoritative sources and ask for a chance to create content for them. However, it is still different from influencer marketing because outreach marketing lets you contribute content, sharing your values and expertise with a broader audience than you can reach with your website.

To conduct outreach marketing, you should do your own research to define which news digests and podcasts your potential clients trust — and which of them accept submissions from readers and listeners.

After that, you have to determine which content you can offer. We strongly advise you to avoid direct advertising and go for forms of content that highlight your expertise and are valuable for the audience at the same time.

Next, contact the platforms you’ve chosen and offer to contribute your content. Most likely, you will have to create an article or participate in a podcast according to certain guidelines. Either way, outreach marketing is always a win-win because even though you might not close deals right away as a result, your potential clients will see your contributions after googling your name.

#4 Webinars

Organizing a webinar can be a great way to show your expertise, snag some fresh leads, and grow your email list. And while a webinar helps with client acquisition, it is also one of the best tools to build your brand — in fact, it is one of the best ways to show off your expertise.

Here are some tips to hold a successful webinar dedicated to wealth management.

How to hold a webinar
1. Choose a fitting platform for holding the webinar

The idea of holding a webinar is to share with your audience knowledge that otherwise isn’t available to them. That is why you have to ensure that you don’t share your expertise for nothing.

Pick a platform that will encourage your audience to register before joining a webinar with you or make participants give their email address to get additional materials. Your choice of platform will depend a lot on your chosen marketing strategy.

2. Pick a topic of interest

When choosing a webinar topic, it’s important to make sure it’s specific to your niche. The title of the webinar should act like a filter that interests only people who may be your potential clients.

3. Talk about your own experience

Your webinar can’t be 100% theoretical — otherwise, you should probably communicate using another form of content. Share your experience with the audience and tell them success stories — people tend to respond more when experts share relatable experiences.

4. Be transparent in your motives

People understand that no one holds webinars unless they want to sell something. You don’t have to hide this fact, so don’t beat around the bush and feel free to mention your services and the advantages your clients get, balancing valuable content with being transparent about your major goal.

5. Monitor the attendance rate and audience growth

These are the main metrics you have to monitor to determine how effective your webinars:

  • Attendance rate
  • Email list growth rate

Most likely, it will take some time to convert your webinar attendees into clients, but at least you can check the above-mentioned metrics to measure performance.

Webinar attendance

#5 Collaborations

When professionals collaborate, they’re likely to come up with better solutions. Moreover, such collaborations contribute to building your personal brand because you can team up with others and give a shout-out to each other.

You can easily team up with an accountant or an attorney to effectively work together.

Effective marketing methods for client acquisition

Client acquisition is the process of generating leads and leading them to the decision-making stage. This is one of the most costly stages of any marketing strategy for wealth managers because it requires investments of both time and money.

Below, you can see the aggregate client acquisition cost across all advisors in the financial industry, including both financial and time investments.

Aggregate client acquisition cost

Let’s overview the five client acquisition methods that are the least costly and time-consuming.

#1 Building a referral network

Building a referral network is important for wealth managers as it provides them with a direct way to source new clients and build their client base. In addition, referral networks can be beneficial in fostering relationships between advisors and clients, as they help to build trust.

You probably know experts your clients work with that aren’t directly connected to financial advice and wealth management. Naturally, you might assume that other clients of those experts may be interested in your services as well — and this is exactly how a referral network works in wealth management! Moreover, don’t forget to include your loyal clients in your referral network — they can also recommend you to their circles.

Let’s learn how to build a referral network step by step.

1. Select the referral sources you want to target

For this purpose, you can ask your clients which services they use, or you can join the communities your clients frequent. Another good starting point is participating in a professional conference where you can get to know other wealth managers.

2. Think of how your network can benefit from helping you

You might offer an incentive for recommending your services, a mutual shout-out, or a valuable contribution to your professional community. In any case, networking is all about giving something for free and getting what you want in return.

3. Respect your referrals

People who recommend you to their acquaintances trust you, so you should do your best to strengthen this trust. Otherwise, your network will stop working.

4. Prefer quality over quantity

To analyze which referrals work best for you, check not only the number of leads you get but also the number of closed deals. This will help you invest more resources in referrals that get you more deals in the future.

#2 Paid web listings

Paid web listing portals are effective for promoting wealth management services. Through listings on portals, you can promote your services and reach a wider audience. However, you must invest money and time into building a positive reputation and accumulating reviews.

Here are some examples of portals where you can showcase your services:

Some of these resources require you to prove Certified Financial Planner, or CFP, certification to confirm that you can work as a wealth manager.

#3 Search engine optimization

Search engine optimization is a highly effective way of acquiring clients that requires time but is less costly compared to other strategies.

SEO optimization goes hand in hand with your content creation strategy, but with a focus on long-form content and educational content that helps the audience understand the extent of your services and naturally leads them to become your clients.

If you have a website and are ready to invest time and effort into creating SEO-optimized content, you can use this strategy to grow your client base.

1. Think of topics of interest that bring value to your readers

Continually providing advice and ideas can become repetitive and ineffective over time. It is essential to remain ahead of the current market and discuss the potential impact of market trends on clients. Also, make sure you create content that is worth sharing. Research Quora, Reddit, and Facebook communities where your potential clients discuss their concerns and use insights you have gained when creating a content plan.

2. Research fitting keywords

With Semrush, Ahrefs, or Ubersuggest, you can generate keywords that cover the topics you’ve chosen for your content plan. We advise you to go for keywords that have low competition and high search volumes that grow with time.

3. Think through the steps your readers should take to become clients

Develop a user flow that will lead your website visitors to you. Place forms and add chat options, and embed subscription forms where appropriate to ensure you aren’t going to lose your visitors. Make sure you monitor your mailing list and can tell what content has interested your prospects the most. This will eventually help you win them over.

4. Set up tracking

You should know the sources of traffic to your site and which keywords lead website visitors to you. This is why you need to set up a tag manager and analytics to learn more about the user flow from day one. These tools will also assist you in analyzing your content strategy when you want to check the results to determine which type of content generates more leads.

#4 Automated lead generation

Automated lead generation systems can help you move prospects along the conversion funnel, sending them automated emails, invitations to events, and special offers. While you might think that this marketing method is aggressive, it still works, and you are the only one who can determine what steps should be automated and to what extent. You still can send personalized messages to keep your communication with prospects as effective as possible.

Yet another benefit of using automated lead generation tools is that they often provide you with statistics on email opening and engagement so you can clearly see what methods are effective and what isn’t working as well as expected.

Effective lead generation automation tools include:

  • HubSpot
  • MailChimp
  • SendPulse

These tools are intuitive, so you don’t have to worry that you won’t be able to create an automation with them.

#5 Educational content: books and infographics

Educational content can help you not only build your brand but also acquire more prospects and clients. However, these two are the most effective when it comes to being downloaded and shared.

You can use self-publishing tools like Amazon Kindle Direct Publishing or offer your book as a download and advertise it on social media. No matter which option you choose, being an author can give you credibility in the field and help you generate leads.

Here are some examples of books by financial advisors:

examples of books by financial advisors

Becoming an author helps you scale professionally and become widely recognized.

Effective marketing methods for building client relationships

Building strong client relationships is essential in wealth management, as it’s always easier to work with existing clients than to get new ones. And the longer your clients stay with you, the higher your return on investment.

Return on investment formula

On the contrary, if you don’t pay attention to client relationships, you will get lower ROI.

So what are the most effective methods for building client relationships?

#1 Email marketing

While email marketing is also effective for lead generation, its true power lies in client relationship management.

With an email sequence, you can provide valuable insights to your clients by delivering content digests as well as inform clients of additional services that could be beneficial to them. Also, emails are your go-to option to inform clients of any updates to your terms of service, pricing, or schedule.

Here are some tips for a successful email campaign:

  • Segment your subscribers
  • Personalize your communication with each segment
  • Ensure compatibility with mobile devices
  • Reconnect in person with those who haven’t interacted with your emails recently
  • Automated the sending of emails with regard for clients’ time zones
  • Personalize your email content
  • Employ storytelling techniques to engage your audience
  • Choose simple text-only emails over predesigned templates

To track the effectiveness of email marketing when you work with existing clients, track the following metrics:

Email metrics to track

Keep monitoring your email effectiveness to create an email marketing strategy that works for you and keeps your clients engaged.

#2 Remarketing

Remarketing is one of the ways to remind your existing clients about yourself if it’s been a while since you communicated. Compared to paid ads, Facebook remarketing is less costly because you can show ads to visitors that have already frequented certain pages on your website. Facebook remarketing also often shows a higher conversion rate.

Think about an offer that will make clients who have lost interest in your services want to contact you again. Then, prepare a set of banners and text ads to display and set the custom audience you want to address.

#3 Community marketing strategy

Community marketing is an effective tactic to drive brand growth, as it provides a platform for clients to connect around topics of interest. This strategy is tailored to your clients’ needs and is implemented in a way that places your clients’ interests at the forefront.

The content you share with your community

You can use Facebook communities, create a channel in a messenger where you will communicate with your clients and let them discuss their experiences and concerns, or host live streams exclusively for your clients.

#4 Personalized approach (one-on-one marketing tactic)

According to an Evergage survey, 98% of marketers feel that personalization helps them advance client relationships, so this method shouldn’t be overlooked. Check out the following easy steps to personalize your communication:

Get to know your clients on a personal level. This will let you better understand their concerns and address them on time as well as provide services while keeping in mind your clients’ goals.

Invest in quality communication. Automated emails, though effective, provide little personalization. Once you work with your client, make sure to remember important events in their life. You should also think about ways that your clients can speak with you directly.

Pay attention to the client experience. You can use a built-in form that automatically collects feedback after a video consultation, like what ExpertBox provides, or create a survey with questions that will help you define areas for improvement.

Learn how ExpertBox practice management software can assist financial advisors in building excellent client relationships!

Tailor your services. You can offer special discounts as part of your client loyalty program, or you can create a special plan that will include everything your client needs for success.

#5 Product marketing (service as a product)

Wealth managers looking to increase their paychecks should try using a product marketing approach to build offers. It’s important to design solutions that include sets of services that are commonly used as well as options that have extended value and might fit your clients.

Feel free to experiment with pricing models — if you use the service as a product model, you can create different price lists and test them.

Want to learn more about pricing models used in financial advice and wealth management? Check out the financial advisor pricing guide!

Final thoughts

Having a successful wealth management marketing strategy is essential for staying ahead of the competition in 2023. From branding to client acquisition, there are a variety of effective methods wealth managers can use to increase visibility and build relationships with their clients. Subscribe to our newsletter for more tips on client relationship management and automation.

  • A marketing strategy is a comprehensive plan that outlines how a wealth manager can advertise and market their services to potential clients. It provides a framework that defines your marketing objectives, describes your target audience, and helps you estimate the budget and tactics necessary for your business to grow.

  • There are lots of approaches to creating and strengthening a personal brand. We’ve chosen the five marketing strategies that often turn out to be the most effective:
    • Influencer marketing
    • Social media marketing
    • Outreach marketing
    • Webinars
    • Collaborations
  • The top five client acquisition methods that are the least costly and time-consuming for wealth managers are

    • Building a referral network
    • Paid web listings
    • Automated lead generation
    • Outreach marketing
    • Educational content: books and infographics
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