Marketing Effectively to Advisors Report

  • ID: 3819635
  • Report
  • Region: Global
  • 75 Pages
  • Practical Perspectives
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The Sources and Forms of Outreach that Advisors Receive and the Types of Approaches Most Likely to Gain Attention and Generate Action in a Crowded Marketplace
The marketing organizations of asset managers, insurance providers, broker-dealers, custodians, and other sources devote considerable resources to gain the attention and influence the attitudes and behaviors of financial advisors. This 75 page, 59 exhibit report offers a detailed, data-driven analysis of how to develop effective marketing outreach to advisors.

Among the topics explored are the impact of marketing outreach, the characteristics of the most useful and attention grabbing communications, and how to overcome key barriers to increase the value and impact of these marketing initiatives.

Introduction and Methodology:

Asset managers, insurance companies, broker-dealers, custodians, and other providers spend countless resources each year connecting with advisors. The intent of these outreach efforts is to capture the attention of advisors, build awareness, establish and enhance relationships, and generate new business. The types of marketing and sales communications actively directed to advisors vary widely ranging from more established formats such as email, direct mail, and personal contact to newer approaches such as social media. Our goal in this report is to provide a data driven view that examines marketing and sales communications from the singular perspective of financial advisors. This in-depth report combines distinct research insights with practical, consulting oriented analysis. The report follows up on similar research conducted in 2013 and 2014. It is designed and written to provide relevant and actionable information for a number of key constituents including asset managers, insurance companies, broker-dealers, distribution platforms, and other service firms interested in how to be more effective when reaching out to advisors.

“Marketing Effectively to Financial Advisors - Insights and Opportunities 2016” examines the sources and forms of outreach that advisors receive and the types of approaches most likely to gain attention and generate action in a crowded marketplace. The analysis looks in detail at specific elements of marketing and sales outreach to advisors, including the volume of these outreach activities, the degree to which advisors engage with the contact they receive, and the characteristics and firms associated with the most useful communications. The report also provides a detailed analysis by key channels to help product providers and distributors develop and execute more targeted and effective communications oriented to advisor needs.

Among the key questions addressed in this report are:

- Which sources and formats of outreach are most likely to attract the attention of advisors?
- How much consideration do advisors typically give to marketing/sales communications and contacts?
- What are the key barriers to gaining advisors attention?
- Which factors distinguish the communications and contacts most likely to attract advisors attention?
- What changes can providers make to increase the likelihood advisors will pay attention to their outreach?
- What actions do advisors take as a result of marketing and sales outreach?
- Which formats of marketing and sales outreach are advisors most likely to respond to?
- Which new formats for communications or contact are advisors likely to consider?
- What firms have the most useful marketing communications and contacts?
- What impact do marketing communications and contacts have on advisor attitudes and behavior?
- How have these factors and advisor behaviors changed over time?

This report is based on input from a broad cross-section of advisors across key channels including Wirehouse, Regional, Independent, and RIA. In March 2016, advisors were asked to participate in an on-line survey regarding marketing/sales communications and contacts they receive in running their practice. Advisors were randomly solicited across all delivery channels. More than 750 advisor responses were used as the basis for this report. Advisors did not receive any compensation for participation in the survey.

In addition to the on-line quantitative survey, data was gathered through interactions with advisors and industry experts. These meetings provided the opportunity to learn more about issues and concerns and helped inform the development of the on-line survey.

As appropriate, findings are shared for the overall research sample as well as for major distribution channels - Wirehouse, Regional, Independent, and RIA. Results are also compared to previous research to identify trends or changes in behavior or perceptions.

In reviewing this report, note that all data presented is sourced through proprietary research unless otherwise noted. Given the confidential nature of the input, none of the respondents is identified by name or firm.
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Section I: Executive Summary

Section II: Introduction and Methodology

Section III: Connecting with Financial Advisors

A. How many marketing/sales communications and contacts do advisors receive?
B. What are the key sources of marketing/sales outreach directed to advisors?
C. How much consideration do advisors give to marketing/sales outreach?
D. What forms of marketing/sales outreach do advisors typically receive?
E. How likely are advisors to pay attention to marketing/sales outreach from key sources?
F. How likely are advisors to pay attention to marketing/sales outreach in various formats?
G. What advisor actions are driven by marketing/sales outreach?
H. How has advisor exposure to marketing/sales outreach changed in the past year?
I. What mediums do advisors use to access marketing/sales outreach?

Section IV: Enhancing the Effectiveness of Marketing/Sales Outreach

A. What are the most significant barriers to advisors paying attention to marketing/sales outreach?
B. What factors distinguish effective marketing/sales outreach?
C. Which firms are associated with the most useful marketing/sales outreach?
D. What changes can increase the likelihood advisors will pay attention to marketing/sales outreach?
E. What formats of marketing/sales outreach are advisors likely to use in the next 12 to 24 months?
F. Which topics for marketing/sales outreach are of most interest to advisors?

Section V: The Benefits of Marketing/Sales Outreach to Advisors

A. How useful is marketing/sales outreach directed to advisors?
B. How much impact does marketing/sales outreach have on advisors?
C. To what extent does marketing/sales outreach influence advisor attitudes and behaviors?

Section VI: Characteristics of Advisors

Section VII: Implications and Outlook

List of Exhibits:
Exhibit 1: Volume of Marketing/Sales Communications and Contacts Received Each Day
Exhibit 2: Volume of Marketing/Sales Communications and Contacts Received Daily by Channel
Exhibit 3: Volume of Marketing/Sales Communications and Contacts from Key Sources Received Daily
Exhibit 4: Volume of Marketing/Sales Communications and Contacts from Key Sources Received Daily - Wirehouse Advisors
Exhibit 5: Volume of Marketing/Sales Communications and Contacts from Key Sources Received Daily - Regional Advisors
Exhibit 6: Volume of Marketing/Sales Communications and Contacts from Key Sources Received Daily - Independent Advisors
Exhibit 7: Volume of Marketing/Sales Communications and Contacts from Key Sources Received Daily - RIAs
Exhibit 8: Percent of Marketing Communications Advisors Spend Time Reviewing
Exhibit 9: Percent of Marketing Communications Advisors Spend Time Reviewing by Channel
Exhibit 10: Time Spent Each Day on Marketing/Sales Outreach
Exhibit 11: Time Spent Each Day on Marketing/Sales Outreach by Channel
Exhibit 12: Percent of Marketing/Sales Outreach Received by Format
Exhibit 13: Percent of Marketing/Sales Outreach Received by Format by Channel
Exhibit 14: Likelihood of Paying Attention to Marketing/Sales Outreach from Key Sources
Exhibit 15: Likelihood of Paying Attention to Marketing/Sales Outreach from Key Sources by Channel
Exhibit 16: Likelihood of Paying Attention to Marketing/Sales Outreach by Key Formats
Exhibit 17: Likelihood of Paying Attention to Marketing/Sales Outreach by Key Formats by Channel
Exhibit 18: Most Likely Format of Marketing/Sales Outreach to Get Advisors Attention
Exhibit 19: Most Likely Format of Marketing/Sales Outreach to Get Advisors Attention by Channel
Exhibit 20: Actions Taken in Past 30 Days from Marketing/Sales Outreach
Exhibit 21: Actions Taken in Past 30 Days from Marketing/Sales Outreach by Channel
Exhibit 22: Methods of Marketing/Sales Outreach Most Likely to Drive Advisors to Take Action
Exhibit 23: Methods of Marketing/Sales Outreach Most Likely to Drive Advisors to Take Action by Channel
Exhibit 24: Change in Marketing/Sales Outreach during Past 12 Months
Exhibit 25: Change in Marketing/Sales Outreach during Past 12 Months by Channel
Exhibit 26: Medium Used to Receive or Respond to Marketing/Sales Outreach
Exhibit 27: Medium Used to Receive or Respond to Marketing/Sales Outreach by Channel
Exhibit 28: Key Barriers to Paying Attention to Marketing/Sales Outreach
Exhibit 29: Key Barriers to Paying Attention to Marketing/Sales Outreach by Channel
Exhibit 30: Characteristics of Effective Marketing/Sales Outreach
Exhibit 31: Characteristics of Less Effective Marketing/Sales Outreach
Exhibit 32: Characteristics of Effective Marketing/Sales Outreach by Channel
Exhibit 33: Characteristics of Less Effective Marketing/Sales Outreach by Channel
Exhibit 34: Outreach Likely to Consider - Random vs. Specific Provider or Source
Exhibit 35: Outreach Likely to Consider - Random vs. Specific Provider or Source by Channel
Exhibit 36: Value of Product Specific Outreach vs. General Topics
Exhibit 37: Value of Product Specific Outreach vs. General Topics by Channel
Exhibit 38: Value of Investment Topics vs. Broader Topics
Exhibit 39: Value of Investment Topics vs. Broader Topics by Channel
Exhibit 40: Firms with Most Useful Marketing/Sales Outreach
Exhibit 41: Firms with Most Useful Marketing/Sales Outreach by Channel
Exhibit 42: Suggested Changes to Improve Marketing/Sales Outreach
Exhibit 43: Suggested Changes to Improve Marketing/Sales Outreach by Channel
Exhibit 44: Likelihood of Using Marketing/Sales Outreach Formats Next Year
Exhibit 45: Likelihood of Using Marketing/Sales Outreach Formats Next Year by Channel
Exhibit 46: Topics for Marketing/Sales Communications and Contacts in Next 12 to 24 Months
Exhibit 47: Topics for Marketing/Sales Communications and Contacts in Next 12 to 24 Months by Channel
Exhibit 48: Overall Usefulness of Marketing/Sales Communications and Contacts
Exhibit 49: Overall Usefulness of Marketing/Sales Communications and Contacts by Channel
Exhibit 50: Overall Impact of Marketing/Sales Outreach
Exhibit 51: Overall Impact of Marketing/Sales Outreach by Channel
Exhibit 52: Impact of Marketing/Sales Outreach on Advisor Attitudes and Behaviors
Exhibit 53: Influence on Willingness to Learn More About Products/Solutions from a Provider by Channel
Exhibit 54: Influence on Overall Impression of Product or Service Provider by Channel
Exhibit 55: Influence on Willingness to Meet with Wholesalers from a Provider by Channel
Exhibit 56: Influence on Continuing Use of Products/Solutions from a Provider by Channel
Exhibit 57: Influence on Loyalty to a Particular Provider by Channel
Exhibit 58: Influence on Initial Decision to Use Products/Solutions from a Provider by Channel
Exhibit 59: Influence on Likelihood of Visiting Website from a Product Provider by Channel
Exhibit 60: Profile of Advisors by Key Characteristics
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