The pandemic has suddenly brought your clients home, giving them more free time to spend on digital presence. Amplified with panic and fear, they have now turned to surf the internet for answers to concerning questions. Financial well-being is one such question, for sure. That’s why your marketing efforts these days will have a significant impact on their decisions.
In this publication, I’ve gathered information about the top digital communication tools for the wealth management space to stay productive and open up opportunities during the virus outbreak. The options are listed in the order from the biggest market share to the lowest, according to the T3 2020 report. Look carefully at these options because they can be included in the list for your next integration.
The advisor marketing tools overview starts with FMG Suite because it may be the largest player in the market today. According to the T3 2020 software survey report from Inside Information, FMG Suite has been ranked No. 1 in market share for its second consecutive year. FMG Suite takes almost 10 percent market share in the category.
FMG Suite provides an integrated marketing suite that includes websites; email marketing; social media; content marketing; and lead-generating, gated content. MarketingPro, an FMG Suite subsidiary, is a marketing automation tool for financial professionals; it provides an online library of thousands of professionally prewritten marketing materials that save time and increase client satisfaction.
“With the automated campaigns, our marketing does not stop, even when we’re out of the office.” – Elizabeth Leventis, President and Wealth Advisor at Arrow & Bow Wealth Advisors.
Integrated with: Redtail Tailwag, Riskalyze, Avizr Nest Egg Guru, Hidden Levers, Google Analytics, Appointy, SumoMe, Schedulicity, JotFrom, ScheduleOnce.
According to Lee Delahoussay, chief consultant at Mindtap, FMG Suite’s services are mostly centered on onboarding and initial setup and design—things most financial advisors need help with. But there seems to be a gap between what the average advisor or wealth management firm can do itself and what FMG Suite delivers.
Pricing starts at $179/month.
Just like MarketingPro, Forefield is a library of preapproved marketing materials. Forefield provides access to 3,000 preapproved educational and sales resources, including client presentations and seminars, concept pieces, newsletters, market commentaries, and more. In addition, Forefield provides CE credits and real-time email alerts. Broadridge clients can access the library via its advisor portal: a sales, education, and client communications solution that lets you deliver current, concise, and FINRA-reviewed resources to your clients and prospects.
The accumulated reviews shows these tools provide valuable and relevant content, although some design pieces may look a bit outdated.
Pricing is provided in a custom quote only. Broadridge Advisor Portal users can access Forefield content without any additional fees.
Emerald is a website design from Broadridge Advisor services. With Forefield, they take second and third places, respectively, in the T3 report’s digital marketing tools category. Emerald includes login to access Advisor/P&C Websites and Seminars, including Comprehensives, FocusOn, and Dining, Newsletters, and Print Marketing.
Broadridge Advisor Solutions tries to help its clients adapt their marketing strategies to survive the crisis. It partners with other companies to provide webinars on virtual practice management.
Pricing is provided in a custom quote only.
According to the T3 2020 report, Snappy Kraken is the relative newcomer to the group, with the fourth-highest market share and a high 7.68 average user rating. Looking at the programs the survey respondents are considering, Snappy Kraken—which provides a highly automated marketing solution—has gotten the advisor marketplace’s attention, with FMG Suite in second place.
Snappy Kraken provides marketing automation, online advertising, and bold, unique marketing for financial advisors. It’s focused on achieving specific and trackable goals that grow business. Snappy Kraken’s members are granted exclusive rights to their own territory to ensure they never end up using the same marketing as their competition.
Recently Snappy Kraken announced extensive advisor fee shrinking as well as cutting some other costs to support the industry and clients during the time of the pandemic.
“Although I am optimistic, I am also realistic — and I realize that this is not “business as usual” for financial advisers. That’s why we’re making major changes at Snappy Kraken to serve advisers in special ways during this crisis.” – Robert Sofia, CEO at Snappy Kraken
It published an open letter to financial advisors that outlined the changes the company implemented to serve advisors’ needs. For example, it is waiving all setup fees for financial advisors willing to join while quarantine is in place, and it is offering lower prices on marketing because traditional marketing events like seminars and networking events are currently useless.
Concerning pricing, advisors now pay $182 to join the Snappy Kraken platform. The changes will remain indefinitely. The original price was $227, and the company charged a $489 setup fee for new members before the pandemic.
AdvisorStream is an automated marketing platform for advisors that aims to improve client engagement and capture new leads. It creates a flow of relevant content to provide to clients, which in turn strengthens relationships and brand loyalty. According to the T3 2020 report, it takes fifth place with nearly 1 percent of market share and a relatively high average rating (7.37).
When I interviewed Kevin Mulhern, CEO and cofounder of AdvisorStream last year, he described the content of marketing and communications platforms as “very canned,” which is often not as effective as it could be. AdvisorStream supports advisor- and firm-created content with credible sources that people trust such as The Wall Street Journal, Barron’s, Bloomberg, Fortune, Money, and The Economist. The news is available in real-time and distributed across all of the advisor’s or firm’s branded communication channels.
Reviews for the tool are predominantly positive, and the number of advisors who are considering trying it confirms this. Most users claim they love how it operates on autopilot; the tool allows you to schedule multichannel communications at whatever frequency you want.
“AdvisorStream has been instrumental in generating new business. The ability to see the clients interests and concerns has allowed me to convert that insight into two new accounts in the first two months.” – Eric Stroehle, Partner At Boundless Financial
Pricing is provided in a custom quote only.
Vestorly is an AI-driven content marketing platform that helps customize the publications for your audience. Vestorly aggregates content across the web and from sources users connected themselves. It then discovers the content that is most relevant to an advisor’s audience and goals by applying an AI algorithm that automatically learns about the business audience and helps enhance engagement. The platform can streamline your search and cast of the best content as well as automate its sharing across multiple channels. Thus, the overall engagement of an advisor’s blogs is likely to increase alongside the clients’ loyalty and trust.
“Vestorly gives us a way to expand our reach and allows clients to refer us to their friends and colleagues in a way that adds value to everyone.” – Charles Sizemore, Sizemore Capital Management
The top-rated content is the most viral, so Vestorly will match the needs best of those advisors who bring in clients via friend referrals. The platform also does its best to keep the information it provides trending and relevant, which is why it introduced a new Trending News category to share information about the pandemic faster.
“Vestorly is leveling the playing field for businesses to compete in today’s evolving internet world with it’s AI content marketing technology. This means using data to provide 1 to 1 touchpoints for each step of the user’s journey by recommending the right content at the right time.” – Ralph Pahlmeyer, CEO, Vestorly
Pricing starts at $49.00 per month. There is a free version of Vestorly.
Financial Media Exchange
Financial Media Exchange (or FMeX) presents itself as a content-as-a-service platform that helps brands manage the entire content marketing process on one platform with a content library built exclusively for the financial services industry. It shrinks the expenses of searching for marketing content and ensuring it’s aligned with compliance norms.
Just like Vestorly, it shares the content provided by top-trusted publishers on advisors’ websites, although it doesn’t use AI as much as the Vestorly. FMeX’s solution automatically identifies and suggests articles from thousands of sources relevant to the interests listed on contacts’ social media profiles.
Pricing starts with a free plan and a $395/year paid plan.
Clearnomics is an easy-to-use software platform that arms wealth advisors with the market and economic insights that help clients stay invested. It empowers investment teams to deliver valuable insights quickly and easily, saving significant time and resources and boosting client engagement. In the recent T3 report it takes only eighth place, but because the type of content the company provides is rather different, it has great prospects in the market—especially during these bear market fluctuations.
“We’ve got a lot of use out of the Clearnomics charts. We use the both internally and with clients, as well as blog posts. It’s great to have a visual to back up the data you are presenting.” – Mike Minter, CFP, CFS, Portfolio Manager
In addition, Clearnomics offers $10 off the monthly subscription fee for the Clearnomics advisor plan to FPAs (more info here).
Zoe Financial is one more solution that stands out from a mass of wealth management services and tech tools. Rather than educating investors via articles and charts, it empowers investors to match with a vetted, fiduciary advisor right for their needs and financial goals. For advisors, not only does Zoe provide high-quality vetted potential clients, as opposed to traditional lead generation services, their platform also seamlessly integrates the advisor tech stack by driving insights that allow Network Advisors to scale their business uniformly.
“Identifying and connecting with an advisor who you not only trust, but who also meets your expectations, can feel like a nearly impossible task. […] Zoe’s mission is simple. We want to empower individuals with the right information and the right experts so they can live the life they’ve always wanted.” – Andres Garcia-Amaya, CEO and Founder at Zoe Financial
Pricing is provided in a custom quote.
Other Options Worth Mentioning
The T3 report also lists Twenty Over Ten, Advisor Websites, OutboundEngine, and ActiveCampaign for email marketing as solutions that wealth management professionals mention as promising options for content marketing and digital communication. These options provide outstanding services, but they have a lesser market share for now when compared with the other solutions in this list. We hope the tools we have shared will prove useful for your communication strategy and help you find the best option to integrate with your platform.