What are some new ways of marketing that you are currently looking at for 2020 and beyond?
KB/Envestnet:
In 2020, we are committed to building out our client experience strategy. While adding new clients will still involve traditional outbound strategies, such as social media, content and digital advertising, deepening our relationships with existing clients requires us to think differently. Having a 360-degree view of our clients is key, so we need to enhance and integrate our systems that gather client data.
We can use that data to identify their pain points and challenges of our clients and help resolve them; or we can use it to recommend a next-best action, in very much the same way Amazon suggest-sells. We want to make it easier and more efficient for our clients to do business with us, and advances in client data intelligence can help us get there.
KB/Redtail:
One of our primary goals at Redtail is to create raving fans of our solutions–and, while that is a priority of every team within our organization, my hope is that our Marketing Team can find new ways to connect with our target audience via our efforts in the coming year(s). Much of that will be accomplished through refining our current methods of content delivery, but I’m also interested in exploring how we might incorporate both video and podcasting moving forward to engage in more meaningful ways.
Envestnet recently went through the unimaginable loss of its founder and CEO Jud Bergman. How did your role within the company change during this time and how has Envestnet changed its positioning for the future, if at all, due to this loss?
KB/Envestnet:
Nothing could have ever prepared us for the day we tragically lost Jud and his wife Mary. Devastated and heartbroken were the two words I remember saying over and over. Most of our professional roles did not change. But all of us … we were changed.
There was anger, frustration, sadness, and even some laughs as many of us recounted Jud memories. We grieved together. We shared our pain, but, under Bill’s leadership, we were determined to move forward. The Envestnet family became a little tighter in the weeks following Jud’s death.
Jud and Bill had spent significant time in 2019 putting together a very clear vision for Envestnet: to help advisors deliver holistic, unified advice that helps their clients achieve financial wellness. They had pulled all the pieces together. I firmly believe we will achieve that vision. Jud’s spirit lives on within each of us, and we have never been more determined.
What advice would you like to offer to your counterpart Kimberly Beck at Redtail as she moves forward with the early part of her career in the wealthtech industry?
KB/Envestnet:
From what I hear, the other Kimberly Beck doesn’t need much career advice because she is a rockstar! However, I have the opportunity to get in front of our interns each summer and offer some career advice, and there are a few things I would tell anyone early in his or her career in this industry:
- Be a lifetime student. Read. A lot. Commit to self-development.
- Be curious. Don’t be afraid to ask questions, as many as you need to understand a difficult concept.
- Don’t present a problem unless you’re also presenting possible solutions.
- When you have the chance to connect in person or verbally with people, choose that over email or texts. Build relationships.
- If you have a seat at the table, use it. Contribute to the conversation. Offer perspective. Ask a thought-provoking question.
- Stay humble; be kind to everyone.
As a relative newcomer to this industry, what advice would you like to offer KB/Envestnet on trends you see will shape wealthtech marketing for millennials and our younger generation in the future?
KB/Redtail:
Reviews! I think reviews will become increasingly important as a component of marketing moving forward with millennials and younger generations. We (being a millennial I will include myself here) live off of Yelp and Amazon reviews and social media comments. Advertising and other traditional forms of marketing aren’t going away, but we are living in an era where everyone (not just millennials) knows that access to opinions, not those of the producer of a good or service, are only a click or two away. And, depending on what you’re selling, what’s at the end of those clicks can make or break you. With these things in mind, I think it’s important to track what is said about your organization online, attempt to mitigate any of the negatives, and find ways to promote and accentuate the positives.