Referral Networks
Though Advizent's strict vetting and accreditation may be something new, it is far from the only marketing-referral network going. The Schwab Advisor Network, based in San Francisco, comprises some 200 pre-screened, independent, fee-based investment advisors who work in partnership with Schwab branches.
"Having worked with RIAs for over 25 years, we know there are many channels that advisors may use to grow their businesses," says Anita Fox, Schwab's director of corporate public relations. "Schwab offers ongoing marketing best practices, support and guidance."
That support includes educational and marketing brochures, advertising materials and public Web space. "We know that there are high-net-worth investors with complex financial needs who don't yet know about the benefits of working with an RIA," says Fox.
In addition, Schwab serves another 7,000 registered independent advisors through its Schwab Advisor Services, a separate business unit within Schwab Institutional Services.
Branding
Media-savvy branding is another key marketing tool on the rise. Back in 2009, LPL Financial, a subsidiary of LPL Investment Holdings, the broker-dealer and consultant headquartered in Boston, San Diego and Charlotte, N.C., saw "a need among our advisor practices for services and material to help build marketing and brand identity," says Joan Khoury, LPL's chief marketing officer.
The problem was twofold: Younger practices needed an organized, effective, inexpensive way to grow their customer base. More established firms needed to solidify their expertise in particular niches, burnish their reputation and hold on to long-term clients and their descendants.
"You may be the best financial advisor in the world-as good as Warren Buffett-but if nobody knows you exist, you're going to go out of business," says Winnie Sun, founder and managing director of Sun Group Wealth Partners, an Irvine, Calif.-based practice. "You have to stay dynamic to keep up with trends and go the distance, which ultimately better serves your clients, too."
Sun joined LPL in March 2010, largely because of its rapidly evolving in-house marketing platform, called BrandPartners. This effort started with "core pieces of communications, such as redesigning business cards and Web sites," says Marissa Fox-Foley, LPL's executive vice president of marketing.
Soon, however, it became just as important to LPL to help advisors create their brands-to make them answer questions about their specialties and the kinds of clients they served best. "Then it's a matter of communicating that brand proposition visually, verbally and in every other way ... incorporating social media and other tools that are relevant for today's world," says Khoury.
Think Like An Ad Agency
Raymond James Financial also has its own in-house marketing support for member advisors. "We modeled it after a best-in-practice ad agency," says Michael White, Raymond James's director of marketing, in St. Petersburg, Fla. "We assign an account manager to create and execute each marketing plan, and custom services range from developing personalized Web-based solutions and interactive communications to designing traditional print materials and seminars."