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Only 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study

Broadridge Creates New AI-Driven Digital Execution Platform to Bring Next-Generation Liquidity to Corporate Bonds

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today released its second-annual financial advisor marketing survey, which revealed contrasts between effective and ineffective advisor marketers. The survey found that that 77% of advisors have no defined marketing strategy and that only 49% of advisors are confident that they will meet their practice growth goals within the next 12 months.

Seventy-five percent of advisors with a defined marketing strategy are confident that they will meet their practice growth goals over the next 12 months, compared to only 41% of advisors without a defined marketing strategy.

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Ninety-one percent of advisors report that developing a digital marketing strategy is a challenge, and 86% of advisors report that it is challenging to find the time for marketing efforts. Additionally, 86% find it challenging to select the appropriate marketing technology tools to leverage.

“As investors continue to look for more personalized services in all aspects of their lives, it is important that financial advisors create a defined marketing strategy to ensure they are connecting with their prospects in a manner consistent with their preferences, for example, which social media channel or the time of day,” said Michael Alexander, President, Wealth Management, Broadridge Financial Solutions. “Those advisors that are taking the time to define their target audience, understand where they should share relevant content and how to nurture leads through digital channels, have proven better equipped to engage clients and drive a higher return on marketing investment.”

Solo advisors and independent broker dealers report finding various marketing elements more challenging than advisor teams and RIAs do.

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AS ADVISORS GO DIGITAL, CAPTURING LEADS BECOMES PARAMOUNT

Marketing spend decreased from $19,194 in 2019 to $12,939 in 2020 due to the economic impact of the pandemic. Twenty-three percent of financial advisors decreased their marketing spend during the pandemic, and 22% of advisors maintained the same marketing budget but reallocated their spend during the pandemic.

Ninety-one percent of advisors agree that digital marketing has taken on a greater importance as a result of the pandemic. While marketing spend decreased year over year, advisors plan to shift remaining future spend into digital channels to meet clients and prospects wherever they may be.

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