Finance Fintech News

New Research Uncovers a Misalignment Between Financial Advisors’ Marketing Tactics and Consumer Preferences

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

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.”

Read More: Keeping up with AI in Accounting: 5 Crucial Skills to Learn

Key Findings Include:

Consumer Insights (July 2024 Study)

Advisory Firm Insights (December 2024 Study)

Only 29% of consumers required a referral to
choose an advisor

47% of advisory firms are reliant on referrals for
new clients

45% of consumers selected their advisor based
on digital marketing

Only 29% of advisory firms rely on digital
marketing

“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.

Read MoreGlobal Fintech Series Interview with Frank Pagano, Executive Sales Director at VizyPay

[To share your insights with us, please write to psen@itechseries.com ]

Related posts

Brazil’s Largest Domestic Airline, GOL Selects Worldpay from FIS as Preferred Payments Partner for International Growth

Fintech News Desk

StoneX Offers Clients Access to Coinbase Derivatives Exchange Contracts Cleared by Nodal Clear

Business Wire

The Change Company Closes First Ever Residential Mortgage Backed Securitization Comprised Entirely of CDFI Originated Loans

Fintech News Desk
1