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Digital Marketing to Grow Your Practice

When you breakaway to start a new, independent wealth management practice, your primary initial focus will be on managing administrative logistics. At the same time, you will want to develop a digital marketing communications strategy to ensure that on day one you are able to spread the word to your target audiences, quickly and effectively.

Ideally, you will want to create and implement a simple, cost-effective digital marketing plan that is tailored to your existing clients, prospects, centers of influence (CPAs, attorneys, etc.) and the media. This will help ensure that you hit the ground running in transitioning your existing clients to your new firm and grow both your target client base and AUM.

Naturally, you will want to have an effective website that includes descriptive content about your firm and what you offer. Before you can implement any marketing effort, you should first address these fundamental questions…

  • Measurable Goals: What do you want to achieve? (e.g. # of transitioned clients, # of new clients/quarter, % growth in AUM, # of leads/month, % of click-throughs on HTML e-mails, # new visitors to your website, etc.)
  • Target Audience(s): Who are they (demographics), what are their mindsets toward you and what do they need and expect from you? What are their communication preferences (e.g. email, phone, US mail, webcasts, in person, Tweets, LinkedIn)?
  • Competitors: Who are they and how do their services compare with yours? How will you differentiate your firm from theirs?
  • Mission: Why does your firm exist?
  • Vision: What does your firm intend to become or offer to clients?
  • Values: What values shape the actions your firm will take?
  • Authentic Value Proposition: What makes you special and different from your key competitors?
  • 2-3 Key Messages: What should clients, prospects and/or the media know about your firm and your brand that will be persuasive in achieving the action you wish for them to take?
  • S.W.O.T.: Your Strengths, Weaknesses, Opportunities and Threats relative to achieving your Measurable Goals.

A marketing professional can help you to answer these questions and devise a strategy to connect effectively with your target audiences. We have leveraged experienced consultants who have helped us to enhance our unified sales and marketing strategies.

A critical key factor affecting marketing methods is that today, people access information first and foremost on their mobile devices. According to Pew Internet Research, of American Adults, 91% have a cell phone, 63% use their cell phones to go online, and 35% own a tablet computer. This tells us that we must ensure that the e-mails and web content are readable and appealing on all types of mobile devices and computers.

The benefits of digital delivery are that it is more measurable, easier to modify, and less expensive than traditional printed marketing content. If you want to change digital content, it can be done immediately. When you send an email with a link to a website, you can monitor whether the recipient clicked the link to view the content. This is not possible when you send an e-mail with an attachment. Even if you do produce printed material (e.g. sales brochure or seminar invitation), you will probably include the content in electronic form on your website, as well.

While creating your marketing plan may seem daunting at first, we at PPS Advisors and Premier RIA Network have discovered that it makes sense to start small. Rather than try to tackle your marketing ambitions all at once, start with your most important deliverables and grow from there.

Ideally, you should have a one-year Marketing Calendar that will help guide your efforts to improve your marketing program. It is a good practice to include a specific quarterly and annual marketing budget to help keep you on track. You may later choose to increase the budget as you achieve your specific growth goals.

When we launched PPS Advisors, we created a good website; added a significant amount of high-quality educational content and videos to the site; created a blog site (; created another blog site (; and now leverage Twitter and LinkedIn, to stay top of mind with our target audiences. Our goal is to continue to improve our marketing approaches by benchmarking the success of each effort and using analytics to measure our impact.

Click here to learn about our Time Management, Public Speaking & Networking, and Social Web Marketing tips for your practice.

Click here to learn about the Premier RIA Network Power Toolkit (leading-edge technology platform and transition team).


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