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Marketing The Fiduciary Standard Will Never Work
If advisors want to be more successful at attracting new clients, they have to get over their love affair with the fiduciary standard as a marketing advantage. It will not catch on.
I have had my fill of breathless articles about how advisors are missing the boat by not marketing their fiduciary role. It ain't happening. Know why? Because it doesn't work.
I make a living helping advisors engage their clients in a strategic way; to create a formal feedback process to take the practice where the clients wanted to go. The purpose is to drive referrals and attract new clients. One principal tool I use is the client advisory board. And I have yet to hear a client in that setting ask about the advisor's status as a fiduciary. In fact, despite articles that assume as fact that adhering to the fiduciary standard is a great differentiator in prospects’ minds, every study I have read so far except one indicates that clients are at best confused, and, at worst, assume everyone is held to it already.
And I likely never will. The whole fiduciary argument is a relatively complex legal concept, and most clients don't understand it. It will not work as a marketing proposition for the same reason that mutual funds do not make headlines of their Sharpe ratio.
What clients want to know is "Will you look out for me? Will you put my interests first?" What broker would answer no to those questions? And when it comes to clients with existing relationships, the public's attitude in this arena is similar to their opinion about health care– the system is lousy, but I love my doctor.
Besides, if we are successful at persuading the regulators to make the fiduciary standard uniform across our industry it will, by definition, cease to be a differentiator.
When I work with advisors to customize their practices for their target clients and create a marketing strategy around that, the most common struggle I have is getting advisors to listen to the clients’ ideas and opinions rather than pursuing their own. We believe it's important that everyone be held to a fiduciary standard, but clients think we already do.
I support the fiduciary standard. I worry how the concept will be diluted and distorted when the big brokerage firms start their lobbying in earnest. Fighting for it is a worthy cause. And it has little value in our marketing plans. Like a lot of things we do to maintain our skills as professionals, it is important, and we will get no marketing mileage out of it.
If you want to differentiate yourself from other practitioners, get out of the echo chamber of our own professional community. Find out from your clients what unique things cause them to choose you over everyone else in our business, and build your marketing strategy around that.
Questions?
How and why does the Advisor Products system work?
In today’s times, when consumers have become more demanding and tech-savvy, financial advisors must use content marketing to attract, inspire, engage, and convert their prospective customers.
A good content strategy is focused on developing and distributing consistent, valuable content to engage and retain prospective customers and target audience, via your website. Our content library provides financial advisors with fresh, high-quality financial content that is updated regularly, improving SEO along the way. And our automated e-newsletter and social media tools allow advisors to reach out to clients and prospects in an easy-to-use manner, providing frequent touch points for optimal brand building.
- Differentiate you from competitors
- Expose clients and prospects to your brand message more frequently
- Build an ongoing relationship with customers
- Increase your follows and fans on social media
- Drive more prospects to your website
- Help convert prospects into leads
- Increase number of pages indexed in Google
What products and services do you offer?
Can I buy services if my website is not hosted with you?
What can I expect during the onboarding process?
What if I have questions after my website is built?
Seeing is Believing.
See how easy it is to get started with our all-in-one digital marketing platform that drives leads, encourages referrals and increases client engagement.
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Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
