In the coming years, advisors serving high-net-worth and ultra-high-net-worth clients will have to learn a few new tricks to attract and retain clients, according to an industry consultant.

Popular marketing strategies that depend on introductions, referrals and traditional branding won’t carry over easily to reach tomorrow’s affluent clients, said Joe Steuter, director of marketing for Omaha-based Peak Advisor Alliance.

“Anytime we consult with an advisor, I feel the need to step back and redefine what marketing is,” Steuter said. ”Most advisors and small business owners in general think of just the visual representation of their brand as marketing, but that’s just the tip of the iceberg."

Presenting at TD Ameritrade’s 2016 National LINC conference on Friday, Steuter said that wealthy investors, especially younger ones, are beginning to respond differently to branding.

The divide is caused by marketing that doesn’t tell the story behind the brand and by campaigns that fail to reach clients where they are, he said.

This is especially true in an advisory industry that is becoming more commoditized, Steuter said.

Citing a study that showed investors could more easily determine between different types of soap than they could different types of financial advisors, he said, “Consumers are starting to realize that there is no differentiation in our profession."

This actually provides advisors with an opportunity to differentiate themselves, he said.

"It’s become such a problem that there is a greater opportunity for you to use the client experience, technology, the stories you can tell and the value that you bring to clients than there ever has been before,” he said.

Steuter singled out storytelling as a powerful marketing tool that allows brands to connect to consumers on an emotional level.

“It’s one of the biggest trends happening in marketing, stories that show how a product can be weaved into your daily lives,” Steuter said. “The trend hasn’t hit the financial services professions yet—advisors haven’t gotten to the point where we can connect with that sort of emotion.”

A good story starts with a value proposition — advisors have to know what they do well, Steuter said.

Also needed is a memorable narrative that explains how clients benefit tangibly, from say a retirement, a legacy or a child’s education, and emotionally, such as through a satisfied couple, continuity of family values or proud parents sending a child to college.

“It’s not just talking about products and services. It’s more about the intangible benefits,” Steuter said. “That’s how you develop a message for those unfamiliar with your brand and your firm.”

A story should always conclude with a call to action, whether to contact a firm representative or to click through to a website to find out more.

“The web is like your Hollywood agent,” Steuter said. “It speaks for you when you’re not around to comment."

Advisors need to do a better job keeping their web presence updated, Steuter said, arguing that some websites need to be redesigned every 18 months—Peak Advisor presented research showing that most millionaires won’t trust a website that has an outdated design or poor content.

“Most purchase decisions begin with an online search, but there are a number of advisors who aren’t being heard and who aren’t being seen,” Steuter said. “Most of a purchase decision is being made before a prospect contacts you, and that’s not just the millennial generation. That behavior is being adopted by the baby boomers, too.”

Advisors shouldn’t stop with their firm and personal web pages, Steuter said.

“The average person checks nine to 10 different sources before making a decision, but most advisors only have three different sources of information about themselves on the web. Having a multi-dimensional approach is important, because your reputation is on the line,” he said.

Peak Advisor Alliance research showed that 70 percent of millennials perform online background searches before making a purchase decision, and 64 percent of boomers are doing research online before they’re interacting with a brand. The research also showed that 66 percent of millionaires want to use electronic media to interact with their advisors.

“It’s come to the point where you need to put dedicated time and effort towards your digital presence to ensure that your remain competitive,” Steuter said. “Investors need a place to interact with your firm when you are not physically available, and it has to be a place that they can trust.”

By telling a story to imbue their brand with emotional impact, and by using a strong digital presence to connect with prospects and reinforce their branding, advisors to the affluent are better positioned to benefit from traditional methods of client prospecting.

“There’s a canard that 50 percent of all knowledge of your brand is held by only 20 percent of your clients,” Steuter said. “The question is what are those clients saying about you. Most advisors have no idea how that story is being told and replicated to prospects, but they can get a grasp on it by creating a message that is easy to understand, compelling and easy to share.”