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Laxman Pai, Opalesque Asia: Two-thirds of advisors have scaled back on prospecting for new clients during the first few months of COVID-19. Technology has become a vital tool for investment firms to conduct business, which includes prospecting and marketing activities.
A recent survey by Fidelity Investments reveals majority leveraging digital marketing, but held back by lack of skills and resources. "The research points to a 50% increase in digital marketing strategies since pandemic hit," it said.
51% of advisors surveyed reported below average results from the prospecting they have done as they adjusted to a fully remote environment. Advisors reporting the most success with prospecting leveraged a multi-channel approach, using email, phone, and video, with 74% reporting average or above-average results. Three-quarters of those who used email alone reported below average results.
With an average age in the late 50s, nobody expects financial advisers to live on the bleeding edge of technology, but Fidelity's research shows that when forced, advisers will embrace the digital world.
Advisors under the age of 35 are using more digital prospecting tools and were more likely to use a combination of video, social media, and email. Among these advisors, 41% reported using social media.
According to Fidelity research, although 90% of advisors surveyed are leveraging at least one digital marketing tactic, many indicated that lack of skills and resources is a barrier...................... To view our full article Click here
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