To Advisors, You May Want to Sit Down for This
I’ve been talking about the Penton’s WealthManagement.com surveys of advisors and their service providers. If you’re a vendor who provides value-added marketing services to advisors—or if you’re an advisor who uses those services—here’s some data you definitely need to see.
Let’s start with questions from the survey of service providers.
Sounds terrific, doesn’t it? Nearly 90% of vendors are providing the kind of marketing help that advisors so desperately need—and nearly half of them have hired dedicated full-time staff to implement their programs. It’s wonderful to see.
Now, let’s try to get at the exact same question from the other side. We’ll look at the companion survey of advisors to see how ecstatic they are with all of this wonderful marketing support.
Yikes. It doesn’t really say that, does it?
Yeah. Ninety percent of providers are spending big bucks to provide services that almost 75% of advisors say they aren’t even using.
All those education platforms that you’ve invested a fortune in? Your fifty-page white papers? Day-long symposia, interactive workshops, training courses, education platforms, and coaching sessions? They are all really terrific resources.
Advisors don’t want any, though. Thanks.
They do like some things, according to the survey. Eighty-four percent say they like wholesalers’ support. Which, in my experience, includes things like brochures and golf balls.
Now, there’s nothing wrong with advisor education. It’s wonderful. But there are only so many half-day symposia advisors can attend, only so many dissertations they can read. That’s not what they need right now. You’re only making them feel frustrated by constantly adding to their to-do list.
Don’t panic. Take action.
I know what you’re thinking. Right now, you want to close your browser, forget about this blog and never come back. And you certainly don’t want to let your boss read it.
Well, you should let your boss read it. Because you’re spending an enormous pile of money and staff time on developing differentiators that your clients don’t even care about. Unless you have infinite resources, why not make sure your investment is worthwhile?
I’m going to let you digest this news for a bit. Next time, I’ll talk about the kind of value-added marketing support that is absolutely killing it with advisors right—and how you can copy their success.