Comprehensive Wealth Management Marketing Guide

Your marketing plan is the tactical roadmap for executing a growth strategy. It involves the following steps.

Step 1: Market Research

Conduct thorough market research to gather and analyze relevant insights into client needs and behaviors, as well as industry trends. Integrate the following tools and approaches for more informed decision making.

• Company Database: Evaluate detailed business information including size, revenue, and industry. Use your unique criteria to filter these businesses and identify those that align with your Ideal Customer Profile (ICP).
• Intent Data Provider: Platforms like 6sense provide visibility into intent data, revealing which accounts are displaying buying signals (e.g., searching keywords related to wealth management services). With this level of data, you can strategically engage accounts with relevant content.
• Sales Intelligence Platforms: Take advantage of features that track significant news related to target accounts. You’ll be notified of changes in leadership, mergers, or other financial milestones — all of which could impact an account’s readiness or need for wealth management products and services.

Step 2: Target Audience Analysis

Segment your target market into distinct groups based on their financial goals, risk tolerance, and investment preferences. This allows you to create personalized messaging to foster stronger connections and engagement. 

Step 3: Set Marketing Objectives

Establish relevant goals that are measurable and achievable. Then work backwards to develop campaigns and messaging that align with those goals. 

Examples of marketing objectives for wealth management firms may include:

• Increasing assets under management
• Expanding client base
• Enhancing brand awareness

Step 4: Choose Marketing Mix

Develop a cohesive marketing mix tailored to your target audience and the unique value your firm offers. 

Product: Clearly articulate the range of wealth management services you provide and highlight their unique value propositions.

Price: Create a pricing strategy that aligns with your target market and positions your services effectively. Consider factors like:

• Investment minimums
• Fee structures
• Performance-based fees

Place: Identify the most effective channels and platforms to reach your target audience and distribute your marketing messages. This may include digital channels or industry events.

Promotion: Use advertising, content marketing, social media, thought leadership, and other promotional activities to effectively promote your wealth management services.

Step 5: Budget Allocation

Strategically allocate your marketing budget to maximize return on marketing investment ensure that every dollar spent contributes tangibly to your marketing objectives.

Continuously monitor marketing attribution metrics to determine which channels, campaigns, and messaging have the most impact — then allocate budget accordingly.