Ficomm Partners expands on their consumer marketing research with The Great Marketing Mismatch: 2024 Financial Advisor Growth Marketing Study
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.”
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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.
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