Asset managers small and large, start up and centennial, have made significant progress in building broad and deep digital relationships with their long-term advisors, and to a certain extent, with potential rainmaker advisors. A key is driving more traffic to their website.

A recent Kasina study, “What Advisors Do Online: Implications of Segmentation on Digital Engagement,” may provide some clues. [Kasina, a wholly-owned subsidiary of DST Systems, helps leading companies in the financial services industry manage data, gain insight, and ignite change in their business.]

Be Different

Advisors aren’t one-size-fits-all,” said Julia Binder, Head of Strategic Marketing Research at Kasina, “so neither are the ways in which they do online research, use social networks and mobile devices.”

Kasina segments financial advisors based on key behaviors. Differences among the five segments “have important implications for how sales managers and marketers can adapt digital engagement strategies to provide appropriate sales and support for each type of advisor.”  The report found some key differences:

Rainmakers – Of this critical advisor segment, 67.4% “wanted direct contact with their sales person to be enabled on the website, compared to 57.5% of all advisors.” Why are rainmakers critical to large and small firms? “Rainmakers represent 10% of all advisors, but manage nearly 45% of assets.”

Support Hogs – 61.6% “would use advisor sites more if content were recommended for them compared to 52.4% of all advisors.” Support Hogs, as their name implies, preferred “costly in-person and phone support, and represent one in six advisors, yet they manage just 7% of assets. How to deal with the hogs? “Because they are receptive to online content recommendations, asset managers can reduce costs by migrating these advisors to personalized digital support.”

Technophiles – 40.2% “preferred virtual to physical conferences compared to 25.4% of all advisors.” These advisors may be prime candidates for additional online content.

Self-Sufficients – 32.5% “used social media for business compared to 42.5% of all advisors.”

Order Takers – 30.1% “primarily listened to podcasts on mobile devices compared to 23.7% of all advisors.”

Be Analytical

Many investment management firms have begun to value analytics in their marketing. “Firms are generally focused on not only capturing data,’ said Kasina, “but in finding the most effective ways to apply it to digital marketing and customer service efforts.”

Be Social

“Digitally-focused executives are trying to take better advantage of social media by moving away from the all-too-common billboard approaches,” the report also said.  “Most agreed that they are working on engaging more meaningfully with advisors and institutional level clients.”

Be Personal

“Although we know that lots of firms are working to personalize their website content, for instance, it was great to see the depth with which some are approaching personalization,” said Ms. Binder. “There is a keen focus on getting data connections right – marrying sales and web analytics – and thinking through strategies to link interactions across channels and devices.”

Be Even More of a Content Machine

“Asset management firms are generally churning out lots of content, overwhelming amounts of content in many cases,” said the report. The long-term trend of producing value-added and problem solving content rather than fund-specific content continued. Some additional content trends:

  • Delivering more “snackable” content: infographics and video clips.

  • Commenting and sharing on LinkedIn, Facebook, and Twitter (compliance approved, of course).

  • Hypertargeting advisors by location, sales, and seniority.

  • Creating partnerships with 3rd parties such as Barron’s and The Economist.

Be a Blogger

Blogging, however, had not been trending to the more. “Unfortunately, still less than half of firms host blogs,” the report noted. 

How can you drive more traffic to your website, and how then can your site potentially help rainmakers, technophiles, self-sufficients, and other advisors be more amenable to investing with you? Download the free ebook below: