An unprecedented shift in generational wealth that experts have been predicting for years is now well underway, and April Rudin and her new partner at The Rudin Group, Sharon McEvoy, want to help financial advisors take advantage of the shift.
Financial advisors have to break out of their marketing mold if they want to attract high-net-worth millennials, says Rudin, founder of The Rudin Group, a global marketing and consulting firm for financial advisors based in New York City.
“Having a social media strategy was a novel idea a decade ago, that but won’t be enough to attract an emerging generation of wealth in today’s competitive marketplace,” she says. “Many millennials came of age during a time of economic uncertainty and volatility. Combining thought leadership with cross channel connectivity is now critical to client acquisition and retention.”
To help get that message across to advisors who may be stuck in the past, Rudin is partnering with McEvoy, an experienced marketing person who specializes in strategies to help advisors connect with high-net-worth clients.
“’Millennial’ is not an age – it’s a mindset. Sophisticated investors across generational divides are embracing trends toward a global and mobile economy,” Rudin says. “The days of having the same pitch for all clients, for hiding behind powerful brands and pushing legacy products, are ending.”
For instance, younger clients and prospects want to connect with advisors personally. They do not want to know the pedigree of the people in the office or the AUM, she says. That would actually push them away.
“How you approach different clients should be reflected in your speaking engagements, your website, your digital communication and even the way you dress,” she adds.
McEvoy agrees. “Advisors need the right message for each marketing channel and they need to differentiate their messages within each channel. They have to listen to their clients to find their top priorities.”
Rudin and McEvoy say they have designed a strategy to help advisors develop a sophisticated marketing message to address the wealth transfer to millennials and women and to develop a website that is not stuck in the past.
“A lot of advisors had their marketing pitch and when they developed a website or started using social media it was just an add-on. In creating a Brand Ecosystem that integrates marketing and business development, we are helping clients to recognize the return-on-investment for thought leadership campaigns,” Rudin says.
Customizing of the client experience is another essential consideration.