Understanding Social+Digital Strategies For Your HNW Wealth Management Practice
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Transcript of Understanding Social+Digital Strategies For Your HNW Wealth Management Practice
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Using Digital/Social Mediain Your Wealth
Management Marketing Strategy
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A Day in the Life of April Rudin
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About The Rudin Group
• Integrated marketing, branding and communications strategies for the financial services industry.
• Helping UHNW / HNW community create client acquisition plans that take advantage of next generation digital platforms and communications.
Challenging “Business as Usual” Practices
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April Rudin
• Financial Services Industry Marketing Consultant
• Ultra-High-Net Worth / High-Net Worth Sector Specialist
• Digital and Social Media Engagement and Client Acquisition Expert
• Multi-Generational Communications and Media Relations Strategist
• Frequent contributor to national media outlets including The Huffington Post, BusinessWeek, Bloomberg, Reuters, Fundfire, Family Wealth Report and AssetTV
• High-Net Worth Advisory Board Chair for The Hedge Fund Association (HFA)
CONSULTANT TO THE STARSOF THE FINANCIAL SERVICES INDUSTRY
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Our Agenda
• Why You Can’t Wait
• The Risks and Causes of Inaction
• Allocating Resources
• Best Practices in Social Media
• What’s Next?
Social Media Strategies For CFAs:
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Targeting & Messaging
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Most Financial Services Marketing Campaigns Are Targeted Specifically to “Boomers”
• 80 million baby-boomers in 2004 worth an estimated $59 trillion • Estimated $46 million by 2018 and continue to trend downward• Gen-X (estimated 45 million) and Gen-Y (estimated 60 million) worth $10
trillion in 2004 and their combined wealth is predicted to be at least $28 trillion in 2018
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How Did CFA Find April Rudin?
• Thanks to @LaurenFosterNYC
• @LenCosta3rd
• @TheRudinGroup7
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Get a “FaceLift”
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Don’t be invisible to Next Gen prospects:
Change the style, method and tone you use to present yourself and your firm online.
Baby boomers ask friends for referrals and then act on the advice. Gen-X/Gen-Y will ask for the same types of referrals from friends, but do their own research on the Internet as well!
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Characteristics of the Young and Wealthy
Value transparency, community and mobile convenience
Trust friends more than their parentsEager to rate their advisors and others
Don’t trust the “suits”Ready to take advantage of affinity investment opportunities
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Findings on Gen D
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Source: “Accenture Wealth and Asset Management Services Market Research: Understanding the Generation D Investor and Advisor (Jan. 2013)”
75 MM people in the US belong to “Generation D”, a behaviorally defined group with higher income, assets, and education who:
–Are deeply “digital”, integrating online & social tech into their lives
–Are active investors
–Are striving to cultivate, maintain and pass along wealth
•Unsurprisingly, Gen D is somewhat distrustful of the financial community, banks, and advisors given the state of the economy and, most importantly, their inability to understand how the crash happened in the first place.
–Many have come to believe that Financial Advisors (FAs) are simply salespeople pushing the products that make their employers the most money, as opposed to the products that would most help their clients
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More on Gen D
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•Nevertheless, they realize that investing is the “only game in town” – there is no other means to create, maintain and pass along wealth
•Gen D consists of Boomers, Gen Xers and Millennials. This provides a mechanism for projecting towards future need states of Gen D (Cohort Analysis), as a the differences in age groups are clues to both how cohorts are likely to change over time, and how population wants, needs and goals are likely to change as younger cohorts become more dominant
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And They’re Ready to Take Control
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Baby-boomers(your clients) are transferring over $40 trillion to younger generations over next several decadesWealth is being transferred to young people earlier than it was to previous generations. They are richer AND younger
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A Sector in Denial
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Recently, I polled an audience of wealth managers and asked their opinion on whether next-gen wealth will abandon their parents’ advisors….
Over 90% said “No!”
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All Evidence to the Contrary
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98% Of New Wealth Inheritors Change Advisors
According to:
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Where’s The Failure???
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Boomers Talking to Boomers
Baby Boomers (ages 55 +) remain the largest group of wealth holders.
Established baby boomer wealth professionals are typically the ones with the biggest book of business
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Boomers Have Different Values
• They value trust, loyalty and long-standing relationships
• Represent 70 percent ($7 trillion) of total U.S. household net-worth
• Watch more TV than any other demographics
• Boomers value experience over product, need to know functional outcomes
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The Same, But Different…
• Boomers are apt to rely on personal referrals rather than perform actual research (conversation, email, or traditional print media)
• If friends “like” it they will, not inclined to seek outside opinions
• Boomers value experience over product, need to know functional outcomes
• Boomers lag in mobile 25% own smart phones or tablets in 2011
• Expected to grow to 39.8% in 2015
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Most “Baby Boomer” Iconography is Dated
♫ Go where you want ♪
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So Are Its Platforms
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So What’s the Hold Up?
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Are you a Flintstone or a Jetson?
Capture the Attention of “Generation D”
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Help Me To Understand?
• Amplification of targeted messages/measurement and refine
• Brand Differentiation both firm/personal
• Enhanced Visibility/Name Recognition and Value Props
• Targeted Client acquisition and leveraging the “Money In Motion”
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How Allocations of Marketing Resources Have Changed
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Source: www.therudingroup.com
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Today’s Fads Are Tomorrow’s Trash
• Keep pace with innovation
• Focus on how technology changes how people communicate
• Technology bridges generations emergence of “Gen D”
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The Social Media Imperative
Source: Copyright Spectrem Group 2013UHNW = Net worth of between $5 million and $25 millionHNW = Net worth of between $1million and $5 million
Blog
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47% of UHNW56% of HNW
32% of UHNW31% of HNW
8% of UHNW8% of HNW
Regularly read blogs that pertain to financial topics19 % UHNW 16% HNW
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How is Social Media Used?
Source: Spectrem Group 2013
Younger UHNW investors are more inclined to use social media as a communication tool and read their advisors’ blogs
• More than 25% of those under age 44 would follow an advisor on Twitter.
• More than 40% would read corporate blogs
• Over 30% rely more on social media for information than on traditional channels
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Generational Use of Social Networks
Source: Pew Research Center/American Life Project
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86% of 18-29 year-olds use social media
Over 70% of 30-49 year-olds use social media
50% of 50-64 year-olds use social media
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What Platforms Are Musts?
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Platform Unique Factors Strategies and Best Practices
LinkedIn Business networking and relationship building, introductions
Structuring your profile and joining groups
Facebook Small Business/Personal branding/Consumer brands B to C, Business pages
Twitter Opportunistic, newswire, short burst in real-time Aggregating and curating content to attract
YouTube Most AuthenticTeach and LearnLook + Listen
In five years, all websites will be video
Google+ Feasting on SEO and Adword content Struggling to be all things
Blogging Thought-Leadership + POV, Complex ideas Content + opinion;Commenting and engaging with others
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Primary Challenges to Social Media Marketing
• Industry / Organizational Inertia
• Available Resources
• Compliance Culture
• Reputational Risks
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Social Media Excuses are Actually Motivations
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“I don’t understand the benefits”
“We don’t have the resources”
“Our clients don’t use social media”
“We don’t have established policies and procedures in place”
“It exposes firm to undue reputational risk”
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The Risks of Inaction
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Diminished or no brand visibility “Who were you again?”
Outmoded approaches to client acquisition
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More Risks of Inaction
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Inadequate distribution of promotional and thought leadership materials:
Reduced market share – possibly all the way down to none
Business attrition:
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Financial Advisors ≠Business Dev
• How can you effectively use strategies and tactics to get inbound relevant leads? What is the best way to gain referrals and create a prospect pipeline?
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Has the Ship Sailed?
Yes. Sort of. Many firms should pivot toward attracting new clients rather than focus on developing Next Gen relationships with existing ones.
Now is the ideal time to revamp your overall marketing to capture market share during a period of unprecedented generational wealth transfer.
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Strategic Client Acquisition1. Look at your brand, its elements
and your own firm’s differentiators2. Determine your own unique
differentiators = messaging3. Target messages and activities by
client type or persona 4. Design a social media strategy
and detailed plan with accountability and timing
5. Execute the plan and monitor its progress. Make changes where necessary.
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Active Engagement vs. Passive Profiles
• Integrate with offerings and focus on firm activities
• Share successes via amplified social media platforms
• Lather…rinse…repeat.
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Creating a Referral Network For UHNW / HNW Client Acquisition
Non-profits
T&E Attorneys
Real Estate Attorneys
Matrimonial Attorneys
CPA Firms
CFA
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Where it Can Go Wrong – HNW Social Media Miscues
• Abandoned attempts at social media
• No plan in messaging – not niche-oriented
• Inconsistent posting or blogging
• Too much original content and not enough curated material
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Have I Made my Case?
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Eat your Peas!
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Q & A Discussion
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