Some advisors who knew they needed help communicating with clients before the pandemic hit were pushed to act last spring, according to Rosemary Denney, founder of Wealth Matters Consulting, a public relations and consulting firm based in West Palm Beach, Fla.

“Advisors who had a well-developed message before the pandemic, made the flip to digital without missing a beat,” Denney said. “Covid-19 let them strengthen their existing relationships. Having a well-developed message also helps firms prospect for new clients. Wealth managers need to be very intentional about what they are saying to their clients and prospects.”

Advisors who want to succeed, especially in the current challenging environment, need to identify on their ideal client and develop a message targeted specifically for that client, Denney said.

“This does not mean just defining families by their wealth level. It means targeting what the patriarch and matriarch and their children really care about and their lifestyles,” she said.

Before opening Wealth Matters Consulting in 2012, Denney worked for a multifamily office. She said she learned that some marketing strategies work better for advisors to wealthy clients than others.

One advisor that appealed to Wealth Matters Consulting was discouraged about the way his firm was portrayed in his communications.

“When he met clients or prospects in person, he was professional and showed he had a lot of resources” but that did not come across in his marketing materials, which is important to building a successful practice, Denney said. “We developed a brand that was friendly to a professional firm and beefed up his business development program. He learned how to systematically direct his message to prospective clients.”

Another advisor who came to Denney had been through a lot of turmoil with his parent firm and had gone through two rebrandings. His clients were exasperated. Wealth Matters created a fresh message that resonated with the firm’s clients and their specific needs, she said.

“One of the most important things to do when trying to build a successful practice is to differentiate yourself from the competition and speak directly to your target audience,” Denney said. Now almost everything is being conducted digitally. Older generations usually are addressed more effectively through Facebook, centers of influence and industry leaders respond to communication through LinkedIn, and younger advisors and clients like Instagram or Twitter, she said. If a firm has a good message, the owner needs to make sure the technology is the best available, she said.

Wealth Matters Consulting, which has clients across the United States, in Canada and other nations, develops messages for Canadian advisors that are designed for a younger industry and a wealth advisory space that is not as developed as that in the U.S., she explained.

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