New Research Uncovers a Misalignment Between Financial Advisors' Marketing Tactics and Consumer Preferences
Ficomm Partners expands on their consumer marketing research with The Great Marketing
Mismatch: 2024 Financial Advisor Growth Marketing Study
IRVINE, Calif., Jan. 15, 2025 /PRNewswire/ -- Ficomm Partners (Ficomm) has unveiled The Great Marketing Mismatch: 2024 Financial Advisor Growth Marketing Study, exposing a critical disconnect between how financial advisory firms market themselves and how consumers choose their advisors. This new study, surveying 437 financial advisory firms, builds on Ficomm's July 2024 consumer research, which highlighted shifts in what most influences how investors choose advisors.
The findings underscore a stark misalignment: while 45% of investors in the consumer study selected their advisor through digital marketing, only 29% of firms prioritize digital marketing as a client acquisition strategy. Conversely, 47% of firms rely primarily on referrals, despite only 29% of consumers requiring a referral when hiring an advisor.
"Referrals will always be an important channel for growth," said Ficomm CEO and Co-founder Meg Carpenter, "but as the consumer's buying practices change, financial advisory firms must adapt by integrating strategies that meet consumers where they are."
Key Findings Include:
Consumer Insights (July 2024 Study) | Advisory Firm Insights (December 2024 Study) |
Only 29% of consumers required a referral to | 47% of advisory firms are reliant on referrals for |
45% of consumers selected their advisor based | Only 29% of advisory firms rely on digital |
"Advisory firms can continue to maximize their referrals from clients and COIs while also diversifying their lead sources to focus on their future ideal client," said Carpenter. "The key is a documented marketing strategy that allocates tactics and resources appropriately for your growth goals."
The report outlines a roadmap for organic growth, emphasizing actionable steps such as elevating digital presence, diversifying lead sources, and empowering advisors to align their marketing efforts to the prospect journey. Download the full findings of The Great Marketing Mismatch: 2024 Financial Advisor Growth Marketing Study here.
About the Study
The study surveyed 437 financial advisory firms at the end of 2024, examining their marketing strategies and practices. Findings were contextualized with consumer data from Ficomm's 2024 Consumer Insights Study: Digital Marketing in Wealth Management and Schwab's 2024 RIA Benchmarking Study.
About Ficomm Partners:
Founded in 2012, Ficomm Partners is an embedded growth partner for RIAs and wealth management platforms. Ficomm drives meaningful business results through an aligned marketing strategy and scalable advisor marketing services, leveraging decades of industry expertise, multiple disciplines, and our human approach to extend the meaningful impact of financial advice. For more information about Ficomm, please visit www.ficommpartners.com or follow us on Twitter, LinkedIn, TikTok and Instagram.
Media Contact:
Kelsey Woodbridge
[email protected]
SOURCE FICOMM PARTNERS
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