Most Popular ArticlesDecember 8, 2009
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When I meet with financial advisors, I always ask them whether they have integrated event marketing into their strategic marketing plan. Rarely are such programs part of a firm’s overall marketing strategy; moreover, most advisors have no process in place to execute an event marketing plan.
Financial advisors and wealth management firms may be unwilling to spend money on marketing because it cannot guarantee success, relying instead on a passive, referral-based system to acquire new clients. My experience shows, however, that without a comprehensive strategic marketing plan centered on event marketing, it will be difficult to survive in this new competitive landscape.
Most successful marketing strategies include a target market with defined topics and Integration of social media tools
Baby boomers control over 70 percent of the world’s wealth and they are the group most likely to be receptive to attending events. Some common features of the baby boomer generation:
- They find enjoyment in shared stories and new experiences
- They have a strong sense of independence and rely on peer-peer networks for information
- They think of themselves as unique, not a collective group
If you were to stop at this point, satisfied that baby boomers are your target market, the event would fail. The key is to find one or two topics that will inspire your prospective clients’ curiosity. Over the past five years, I have been a part of 150 of these events. The two topics that drew the most attention and had the most success dealt with baby boomer women and with small business owners who are over 55. I suggest that you test two topics: “Women and Investing” and “Exit Planning Strategies.”
Be proactive in sourcing these potential clients to you. One useful tool to do that is Meetup, which claims to be the world’s largest network of local groups. Having created a Meetup group of my own, I can tell you that it is an excellent way to get face-to-face interaction with thousands of potential clients in your local community.
Each Meetup group receives:
- A customized website
- Message boards
- Tools to prospect for members
- Advice on how to maximize the success of the group
For example, see The League of Asset Management Professionals (The LAMP), which is a group dedicated to helping maximize opportunities and the financial security of its members in the investment marketing industry.
Meetup provides financial advisors and other small business owners with an excellent tool for testing ideas. After creating a Meetup group and holding at least two meetings, decide on a topic to be the focal point for five events you will run for the year.Display article as PDF for printing.
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