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Effective Marketing Strategies for RIAs to Boost Growth and Client Acquisition

Chris Abelt 29 May 2024

For many Registered Investment Advisory (RIA) firms, finding the keys to long-term profitable growth can be difficult. Facing many formidable competitors – ranging from boutique investment managers to robo-advisors and money center banks – it can be hard to stand out from the crowd, so to speak, in meaningful and relevant ways.

The good news is there are many marketing strategies and tactics that can be an effective and efficient way to increase your referral stream and attract new clients.

Consider the following:

1. Personal branding to build awareness and credibility

  1. Thought leadership: Position key team members (CEO, Chief Investment Officer) as thought leaders by having them speak at industry events, write monthly columns for your website or newsletter, participate in podcasts and contribute articles to financial publications.
  2. Media appearances: Seek opportunities for media appearances on financial news channels, radio shows, and podcasts to increase credibility and reach a broader audience

2. Client-centric events to effectively engage current clients and prospects

  1. Webinars and workshops: Produce your own webinars and in-person workshops on relevant topics like retirement planning, tax strategies, generational wealth transference and sustainable investing. Promote these events via e-mail campaigns and social media.
  2. Exclusive events: Organize exclusive events for high-net-worth clients and prospects, such as private dinners, golf outings, professional sporting events or wine tastings. These events can help build personal relationships and encourage referrals.

3. Utilize technology to broaden your appeal and improve the client experience

  1. Robo-advisors: Integrate robo-advisory services where appropriate for your business model to help attract tech-savvy clients seeking automated, lower-cost investment management solutions. Highlight the blend of technology and personalized expertise and advice you can offer.
  2. Mobile apps: Develop a mobile app that provides clients with easy access to their portfolios, financial planning tools and educational content. Promote the app as a value-added service.

4. Focus on niche markets to tap new business

  1. Specialized services: Identify and target niche markets such as ESG-minded investors, retirement planning for educators, medical professionals or financial planning for tech sector executives. Develop tailored marketing messages, offerings and content for these niches.
  2. Community involvement: Engage with local communities by sponsoring events, participating in community service projects and supporting local causes. This can build brand recognition and trust.

5. Utilize data analytics to make your marketing more relevant and effective

  1. Client insights: Use data analytics from your CRM (customer relationship management) platform to gain insights into your clients’ behavior and preferences. Tailor marketing efforts to address the specific needs, wants and interests of different client segments – like generational wealth transference for older clients with adult children.
  2. Performance metrics: Track the performance of marketing campaigns using metrics such as open rates, click-through rates, whitepaper downloads and conversion rates. Use this data to refine and optimize your marketing programs.

Again – don’t resist the idea of getting outside help to manage your marketing efforts. Many RIAs we’ve worked with over the years readily admit that while they know lots about investment management, they are not equally adept at marketing. Getting outside help is more affordable than you might think, and you can use data-driven marketing effectiveness metrics to help make marketing an investment that pays returns versus an expense line item.

For more information on how Copylab might be able to help – please get in touch.