What's Your Story? HNW Advisors May Need Better Marketing

“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every 18 months—Peak Advisor presented research showing that most millionaires won’t trust a website that has an outdated design or poor content.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.