Developing a Marketing Plan for a Wealth Manager

March 6, 2021 by

Advisor Wealth Mastery Team

In spite of the coronavirus pandemic, the United States economy is surprisingly strong. The stock market is at record highs and real estate is on fire. The upper-middle class is one group that is thriving under the current financial climate. The share of American adults in the upper-middle-class increased from 14 to 20 percent. Also, the number of 401(k) millionaires recently hit a record high. The question is how to market to these individuals. Read on for help developing a marketing plan for a wealth manager.

Explore topics to help you get a competitive edge and secure new clients.

Digital Marketing Services

Times have changed and the marketing industry has evolved significantly over the past few decades. Traditional marketing campaigns like print and radio are obsolete. The average consumer does not like to read about products.

The key to winning new clients is digital marketing services for wealth managers. Social media, websites, and e-mail are the most effective ways to communicate with new and existing customers.

Develop a Website

Today, the vast majority of consumers find businesses online. They are going to an online search engine and looking for wealth managers near me.

Ideally, the search results will identify your website. Potential customers can enter and learn more about your wealth management services.

Your website should feature a clean and modern design. Website browsers should be able to find what they are looking for in one-click. There should be a contact-us landing page where clients can call or e-mail you.

Automated features also help win over prospective clients. You should add a live-chat bot or automated e-mail feature to make an instant connection.

In addition, you should highlight success stories. Provide customer testimony on how their financial condition improved by hiring you.

Stay Active on Social Media

More than 72 percent of Americans are on social media. In 2005, this figure was just 5 percent.

These people are not only creating a social media account. The majority are using it on a daily basis. Some are on a specific platform for hours per day.

This means that your wealth management firm should also be posting regularly. By routinely posting valuable content, you are increasing the opportunity for engagement. You are also gaining access to new networks of potential customers.

Consider that you post a blog on maintaining success during the coronavirus pandemic. One of your followers shares this post with their network. Now, your post has new eyeballs and the potential for more followers.

Opening up a social media account is free for all major platforms. You can advertise at an affordable rate as well.

Create Video Content

Consumer surveys show that over 70 percent of people prefer video content. Consider the average millennial and how they absorb content.

When he or she has a minute, they quickly scroll down a social media timeline. They blow past most content as uninteresting.

The only way to get their attention is with an interesting hook. The vast majority of people want to grow their net worth. Video content highlighting a wealth manager’s ability to do this is effective.

There are a number of social media platforms that allow you to upload video content. The appropriate platform depends on your targeted demographic.

Older clients are more likely to use Facebook. Millennials and Gen Z clients prefer Snapchat and Instagram.

Video content allows prospective clients to get to know you. It is difficult to make a personal connection reading about someone online. Seeing and hearing a wealth manager makes for a more personable marketing strategy.

Publish a Blog

Digital marketing services for wealth managers needs to include a blog. Your blog is the link between social media accounts and your professional website.

A blog gives you a creative space to show off your expertise. Here you can write valuable articles that drive traffic to your website.

There are a few different ways to drive traffic to your website using a blog. The first is sharing your blogging content on social media. When one of your followers clicks on an article, they are redirected to your website.

The second is referred to as Search Engine Optimization (SEO). This means that you are optimizing a blog post so that it ranks high in search engine results.

This process involves using keywords that internet users are likely to search for. Consider a person is searching for information on referrals.

SEO guidance instructs bloggers to frequently use the keyword referral. The writer should insert the word referral into the introduction, title, and conclusion.

In addition, SEO requires writers to include internal hyperlinks and emphasizes good grammar. There are many other instructions that help your article rank high in search results.

Lastly, your blog posts should include a call-to-action (CTA). The CTA steers them to contact your wealth management team.

Publishing a blog is a key component to developing a marketing plan for a wealth manager. Blogs are invaluable in driving traffic to your website.

Niche Marketing

Now that you have the basics down, it is time to dive into specifics. Wealth management niche marketing is critical to identifying the right customers.

The goal is a high conversion rate. This occurs when customers contact you and proceed to purchase products or services.

The most effective way to secure a high conversion rate is by niche marketing. This means tailoring your digital marketing efforts to a specific demographic or location.

In the wealth management industry, for example, you want to target individuals with cash to invest. Those considered low-income are less likely to purchase wealth management products or services.

Instead, you want to tailor your marketing approach towards middle to upper-class individuals. Facebook allows advertising campaigns to focus on estimated income levels.

While Facebook does not directly collect income data, they have many other contributing factors. For instance, education level and employment information are collected. Combined with your online shopping habits, they have a good idea how much a person earns.

Developing a marketing plan for a wealth manager should also consider location and age. Locations are informative of a person’s financial status. Median income levels are available at the township level.

For a wealth manager, it makes little sense to advertise in an impoverished area. To maximize return on investment, digital marketing efforts should be steered to affluent areas instead.
Median income level is just one way we know a location has the cash to invest. Property taxes and average home values are two other useful indicators.

Age is another demographic that could be part of a wealth management niche marketing plan. Consider that your wealth management firm prepares retirement seminars and training.

While some young people may be interested, the higher conversion rate lies with the older age group. This group is closer to retirement and would be more interested in a retirement class.

Get Reviews

Encourage your clients to write reviews if they are satisfied with your work. In the online arena, strong reviews are invaluable for attracting new clients.

In today’s digital era, the first thing a prospective customer does is look you up online. Even if they are acting on a referral, positive online reviews are a verification step.

The first place to steer reviews is on social media accounts like Facebook and LinkedIn. On the internet, customers can write reviews on Google or Yelp.

The best wealth managers and financial advisors find themselves on Barron’s rankings. This is another feather in your cap when prospective clients start researching you.

Simplify Your Marketing Content

It is natural for people to fear what they do not understand. Your digital marketing efforts are not a forum to show off how smart you are. Using complex financial terms is going to fly over many customers’ heads.

Instead, try to simplify every facet of your marketing plan. Start off with the website by using easy-to-read infographics and a clean layout.

Blog posts need to read easily without many complex sentences. In fact, your search engine rankings improve with simple and concise content.

For video content, try to speak clearly without using financial jargon. Maintain a simple format by citing customer financial goals and how to achieve them. Use specific examples to demonstrate that it is possible.


Developing a marketing plan for a wealth manager needs to include collaborative efforts. Start by identifying centers of influence (COI) within your targeted demographic.

The COI includes organizations and professionals that carry weight with the people you are trying to solicit. Next, reach out to them to collaborate on blog posts or video content. The benefit to both parties is access to each other’s professional network.

A Recap of Developing a Marketing Plan for a Wealth Manager

The wealth management field is a crowded space. There are a lot of professionals out there helping people grow wealth.

However, new customers become available every day. You can reach them with a targeted digital marketing campaign. Taking steps like publishing video content goes a long way.

If you are interested in developing a marketing plan for a wealth manager, contact us today to speak with an expert.  

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