Many advisors have an aging client base. Investors in their 60’s through 90’s may not care about technology, while their children and grandchildren do. The next generations are people who have grown up with the internet, playing video games and generally getting their information in a fast-paced, more interactive manner. While investment information doesn’t necessary lend itself as easily to game playing, advisors can find new and different ways to tell their story using some of the new media available.
What is new media? In many ways, it’s not that new. It involves taking information and delivering it through something other than the static email or newsletter. It is video, audio, webinars or slideshows that can be posted to an easily accessible place, such as your website, and accessed by clients and prospects.
New media can make your information come alive. If trust is a basis for relationship and selection in the investment advisory business, wouldn’t it help to see the person you might give your money to rather than just reading about them? Or would hearing an advisor give a talk about their philosophy on investing make it easier for a prospect to understand that philosophy? Would having a clip on YouTube replaying a speech that had been given, or an educational workshop for clients to pass along, help with referrals?
The answer to all of these questions is “yes.” Adult learners need to access information in a variety of manners to have it stick and make it understandable. Defaulting to the written word for all communication leaves a number of people without a way to truly comprehend why an advisor might be right for them. It is intuitive to think that many people learn and engage much more effectively through audio and video than by reading alone.
In addition, with clients and prospects busier and more preoccupied than ever, fewer and fewer are taking the time to read material on screen – let alone in hardcopy. And with the ever-increasing power of mobile devices, all media forms are available for these busy people to access regardless of where they are. Giving people choices and different access points increases your availability to them. Think of the number of places now where there is a live person to talk to you 24/7. Many firms know that data on a screen isn’t sufficient. People need to engage more actively to learn and understand.
What are some advisors doing now in this area? Many are providing audio- and video-based newsletters or commentary, firm or service overviews, and interviews with firm leaders telling the firm’s story or advisors explaining the markets (among many other examples). Some are creating a YouTube channel and posting quick snippets of their perspective on the market, or updates on trends. If an advisor lacks the time to do some of these things, there are vendors available to write copy or interview questions, record remotely or in person, and then complete all production work.
Using new media can help with marketing. Video sales letters – animated overviews sent in email blasts – are eye-catching and help increase “open rates.” Posting audio and video forms on your website, YouTube, SlideShare, iTunes and other free posting sites enhances search engine ratings and allows your existing clients or centers of influence a place to direct friends, family or clients to see what you can do.
Of course, the compliance issues are the same as with any client-oriented or marketing material. An advisor needs to consult with their internal compliance, or broker/dealer, to find out what’s acceptable and what’s not. The rules around testimonials, guarantees and making broad claims are the same. But this doesn’t mean an advisor cannot tell stories about the kinds of clients they have helped, give insight into their philosophy and approach, or talk generally about market trends and the impact on investors.
The beauty of new media is that it can be taken a step at a time. Start with an audio, or a video of a speech or educational workshop. Ask clients what kind of media they enjoy. View what others are doing to see the variety of options available. New media is going to continue to grow. See if there is a way to learn more about how it could work for you.