Center-Of-Influence Engagement
The wealth management industry tends to generically focus on two specific centers of influence: accountants and trust and estate attorneys. But they may be missing other opportunities.
“A lot of people overlook associations as centers of influence,” said Curry. “There are multiple associations for every niche—groups of roofing contractors or associations of dentists and societies of engineers. They all have newsletters, websites and affiliate programs and directories from which you can build a list of prospects.”
Advisors may also want to go deeper in seeking referral relationships with traditional centers of influence, said Curry, especially if they focus on a niche. For example, an advisor who works with c-suite executives should seek out specialist attorneys and accountants who also work with executives.
Advertising
While broad-based media advertising may be out of reach for smaller advisors, Curry argues that advertisements in local publications can be effective engines for growth.
“One idea we had at CAPTRUST was advertising in our local city magazine, but we were smaller at the time and that was expensive,” said Curry. “We realized that for a fraction of the cost we could buy a full-page ad in a program at the local arts center, where they have high-profile, expensive acts like Cirque du Soleil coming through. If you’re buying those tickets, you might be a candidate for wealth management services.”
By digging deeper into local advertising venues, advisors may find creative opportunities that are cheaper while more directly targeting their preferred clientele, said Curry.
Community Involvement
Large, integrated financial services firms like Wells Fargo and J.P. Morgan can afford highly visible primary sponsorships for local, regional and national events, but smaller advisors can also receive more attention from working within their own communities, said Curry.