Top Wealth Management Marketing Trends in 2023

When you see your clients’ wealth grow, you watch your bottom line grow, too, and the rush of adrenaline you feel is like no other. Fortunately, your industry continues to hold promise in 2023 — especially among adults between 25 and 40 years of age.

Research shows that 65% of millennials intended to start using wealth management services between late 2021 and 2023.

To capture these and other prospective clients, though, you need an up-to-date wealth management marketing strategy. Here’s a rundown on the top wealth management marketing trends to follow in 2023 to win more hearts and wallets in the years ahead.

Let’s jump in!

Top Marketing Strategies for Wealth Management Firms Stress Personalization

Leading wealth management firms in 2023 will increasingly focus on personalizing their customer journeys. For this reason, you’ll need to hyper-personalize your engagement with your prospects. Only then can you stay competitive.

For instance, you can use pivotal life events to your marketing advantage. These special client milestones and moments include the following:

• Purchasing a home
• Birthday
• Anniversary
• Retirement
• Sending a child to college

All of these significant events can become touchpoints for providing your clients with educational, informative, and relevant content. Fortunately, you can keep track of these major events with the help of a CRM platform.

CRM platforms provide insights into your clients’ lives and activity with your firm. For instance, you can track how each client interacts with the content you give them.

From there, you can create custom plans that speak directly to your clients. Through this focus on being more personal and human, you can build trust with each client. This will increase your chance of retaining them long-term.

Boosting Customer Engagement in Real Time

Another top wealth management marketing trend in 2023 will involve focusing more on engaging customers in real time.

Investors increasingly expect their advisory firms to interact with them in real time. So, to avoid falling behind the competition this year, you’ll need to respond more quickly than ever to your clients.

In addition, pay attention to what your clients are saying. Then, present them with wealth management solutions that fit their needs.

You’ll also need open up channels for a conversation with a client to occur. These channels could include social media (more on this later) as well as the following:

• Texting
• Snail mail
• Google Hangouts or Skype
• Phone
• Newsletters
• Email
• Messaging apps (e.g., Facebook Messenger, WhatsApp)

Taking these steps will show your clients that you’re willing to go the extra mile to meet their needs. That will increase their confidence and faith in you. And this is what you need to cultivate lifelong client relationships.

Making Data-Driven Marketing Decisions

In 2023, you can expect far more customer data to be available compared with previous years. These customer data points will only grow even more during the next several years.

To stay in the lead in the wealth management industry, you’ll need to increasingly turn to data to achieve and measure your marketing success.

How do you do this? By administering surveys to prospective and current clients. This will allow you to gather information from them directly.

Online forms are also an easy and quick way to gather information from visitors to your website. You can ask them for their contact details. They can also tell you what kinds of information they’d like to get from your firm.

Social media platforms are another excellent source of a wealth of personal information about potential clients. After all, it’s common for people to overshare on their social media newsfeeds.

In addition, you can use analytics tools to track the behavior of visitors to your site or app (more on apps later). For instance, you can tell which pages on your site are clicked on the most and how many users are visiting these pages. You can also tell what paths these users take before they are converted into paying clients.

How to Use the Data You Gather

You can use all of the above-listed data to pinpoint relationships, patterns, and trends. This information can then help you to deploy your marketing efforts more effectively.

For instance, let’s say you gain the following insights about a potential or current client through your data-gathering process:

• Their risk tolerance
• Their lifetime value
• Their investment style

You can then couple this analysis with email marketing automation and a mobile application. This will allow you to promote the most appropriate services and products to your clients.

For instance, let’s say that you’re working with clients from the Millennial and Generation Z groups. These individuals generally value downside protection.

For this reason, you may want to focus on presenting strategies that place value on downside protection. That means avoiding strategies that emphasize managing risk by using diversification.

Using Integrated Platforms

When you collect data on your wealth management clients, where exactly are they going? If you aren’t putting these data in an integrated platform in 2023, you’re behind the eight ball in the wealth management world.

Here’s why.

Your organization may be using legacy systems to store the client data you use for marketing purposes as we mentioned earlier. But these outdated systems may be riddled with duplication and cost inefficiencies.

This is where an integrated platform comes into play.

This type of platform eliminates data silos. These are situations where only certain groups at a company can access sources or sets of data. This is problematic, as not all parties may be getting access to the data they need to win investors over.

An integrated platform also improves information security. That’s because you can better detect security threats when all of your data are in one place.

All in all, integrated platforms offer a safer and easier way of pulling and syncing important data points. You can then use these data to optimize clients’ experiences and journeys.

Turning to AI to Support the Client Journey

Some companies have been hesitant to adopt AI, or artificial intelligence, due to its significant implementation costs. However, this technology is rapidly gaining momentum in the wealth management field today.

In 2023, you’ll need to begin to embrace AI if you don’t want to be left behind in the digital marketing dust.

With AI, your firm can work with tech-savvy Generation X and Millennial clients on these clients’ terms. That means providing more real-time and personal interactions as we discussed earlier.

For instance, AI chatbots can quickly provide clients with the answers to their questions. And they can do this for multiple clients at the same time. In addition, they can provide support 24/7.

AI in 2023 and beyond will also increasingly enhance your analytical capabilities. This will allow you to optimize your sales funnel and get more clients over time.

Increased Focus on Marketing Digital Account Accessibility

Another wealth management marketing trend that is picking up speed in 2023 is the increased promotion of accessible services.

Today’s Millennials and Generation Z members are collectively called “re-wired investors.” However, some baby boomers also fall under this category because they are millennial-minded.

These individuals increasingly expect intuitive and accessible financial services. After all, they are likely used to accessing their non-financial online services with ease.

Such clients often don’t want long face-to-face meetings with wealth management advisors. Likewise, they don’t want complicated investment strategies. Instead, they want simple yet constant guidance across several mobile and online channels.

For this reason, your wealth management firm should focus more than ever on providing your clients with regular digital account access and support. Again, the support aspect is where AI chatbots can be invaluable.

Greater Focus on Online Marketing Presence

In 2023, your wealth management firm won’t be consumers’ sole information source regarding the latest investment strategies. That means you’ll need to market yourself online more to compete.

The internet offers a large amount of contemporary analysis, data, and content. Both old and new investors primarily use information from mobile channels and websites to make their financial decisions.

This is why you must carefully curate your online presence. That means making sure that your business website is user-friendly and informative. It also means asking happy clients to share reviews of you on social media or provide testimonials for your website.

Seeking positive media coverage online is another way to enhance your online presence.

All of these digital marketing strategies will allow you to establish consumer trust. As a result, you can expect to secure recurring business in the coming years.

Stronger Focus on Transparency in Marketing

The year 2023 will also see more attention going to transparency in the wealth management marketing sphere.

Remember the financial crash of 2008? This event skewed many investors’ view of the wealth management/financial industry.

In light of this, you must earn the trust of today’s investors. That means being transparent during your interactions with them. It also means promoting yourself as a transparent firm in your marketing materials.

For instance, your marketing literature should emphasize to potential clients that you will always explain to them how you are charging them. Then, you should provide them with an accessible and honest explanation of your fee structure online. This is important given that fees continue to be a mystery to many investors.

You can also encourage open discourse in an online community forum or on social media. This is another way to be more transparent and, in turn, establish trust with consumers.

Improved Marketing Content Online

In 2023, you can also expect to see a greater emphasis on publishing wealth management marketing content online.

As we mentioned earlier, consumers today favor mobile and online channels for wealth management information. This presents an opportunity for you to establish yourself as a reliable provider of top-tier content. This content should ideally provide actionable, effective, and compelling investing advice.

Online marketing content offers two benefits for your advisory firm.

First, it will satisfy your potential clients’ desire for the latest industry information. And second, it will establish your company as authoritative and reliable in the industry.

Examples of content that you should be creating consistently include detailed blogs. They also include white papers that you can share on your firm’s website.

In addition, consider posting several wealth management interviews and videos for consumers. You can do this as part of a series on your corporate website. Or, brand yourself as a field expert by tapping into the power of audio podcasts.

You can also post market trends, infographics, and lists of investment tips for your clients on your site.

More App Usage

Finally, investors are increasingly using their smartphones to conduct research and browse the web or social media. In light of this, in 2023, more wealth management firms are focusing on using apps more.

By offering apps, you allow clients to access their accounts and communicate with you on their smartphones.

Apps allow you to insert your expertise and brand into your clients’ daily interactions. This will only further reinforce your standing as a trusted industry expert.

How We Can Help with Wealth Management Marketing

The top wealth management marketing trends include personalizing the client journey and boosting customer engagement. They also involve embracing social media and tapping into the power of online content.

At The Elements Group, we take pride in offering strategic marketing services to help wealth management firms and other businesses to grow like never before. Our services include digital marketing, website creation, and graphic design. We even offer coaching and church plant services.

Get in touch with us to learn more about our services, and schedule a free consultation today!