Building a Great Marketing Team for Your Wealth Management Business

One of the hottest marketing buzzwords is actually 'marketing' itself, holding the promise of increased sales, visibility, and business growth. But for specific industry businesses like wealth management, how do you start building a team that will be exactly what you need and deliver results?

In many ways, a marketing team can be the basis for your company’s success in that it will allow you to spread your message and product offering to the right people through the right channels. Therefore, your team should work as a high-performing and customized machine, with your marketing efforts led by strategy and directed towards various targets with the messaging they require. But since your main focus as a manager or business owner is to oversee your firm and maintain relationships with clients, marketing and sourcing new leads can be time consuming and fall quite low on the to-do list. That’s why building a marketing team composed of a few specific employees to do a great job is an important step to take even early on in your business life.

Having an efficient and competitive marketing team for your wealth management firm creates awareness, drives sales leads, and builds a personality behind the brand of your business. Use your team to create your identity, help your customers, and win new clients – this can all be done by creating a marketing team that works in a smart way and understands your company’s unique goals and product offering.

Roles to fill

One of the biggest ways a company might lose money on its marketing department is by not understanding what roles you need to fill and hiring for a wide variety of tasks that may not be applicable for your business or industry. Having a concise list of roles to fill (or the duties even just one person is meant to do) will help you focus on the right candidates.

Who are the most applicable candidates for marketing within a wealth management organization? For smaller or younger organizations you’ll want to look for generalists experienced in your industry, with background in account-based marketing, digital marketing, content, and online publication. You’ll want someone who can disseminate your company value and other important information to the right audiences. Someone very specific (an analyst, email specialist, etc.) may realistically not have enough work for a full time role unless they can fulfill more of your marketing funnel.

This list of marketing positions and skills should be adjusted to your business size and customized to reach your marketing goals as you grow. 

Digital marketers are perhaps the most versatile roles to fill for a small business, given their ability to fulfill duties involving email campaigns, social media, blogs and content, and managing the website. This is helpful because everything can stay updated, you’ll have most channels for new and existing leads covered, and your blog is a great resource for current and potential customers.

Keeping all of these facets of your company updated can also contribute to the professional image that you’ll create and attract future employees.

What to look for

When sourcing talent for your marketing team, there are specific things that you should be looking for beyond a job title – some of the most important qualities in marketing are the ability to work with what you have and be a self-starter, especially in a smaller firm. You want team members who make things work, find the answer, and overcome roadblocks with minimal intervention. 

It is also important to have team members who are strategic and creative thinkers. Only 48% of marketers report to have a documented strategy (Coschedule) – which does not suit a small company looking to grow quickly. No strategy means guess work, and guess work usually leads to resource wastage. The integration of strategy and creativity is also important, however, which doesn’t mean anyone you hire has to have the ability to produce creative materials, but they should be able to come up with creative ideas to get a message out to each audience.

Some key skills and experience to look out for include:

  • previous experience building custom strategies in the wealth management industry
  • previous experience using various marketing channels to reach your audience or a similar audience
  • technical tools you use, such as experience with your CMS (WordPress), email client (Mailchimp), CRM (Salesforce), etc.
  • new ideas being brought to the table. You’ll want to hire someone who can approach the problems you have with a new angle, or else they don’t add much to your organization

Lastly, make sure you consider if they are a fit for your firm or not in terms of character and personality. You want to feel comfortable and so do they – more often than not, ‘a bad fit’ is cited as the reason new hires don’t work out. The more comfortable at work they are, the more they will share ideas and accept feedback with a positive attitude.

Resources to utilize and strategies to put in place

There are a few resources your marketing team should utilize, regardless of their specific goals, including a blog, social media, a website, and email campaigns. All of these resources can be free or cost anything from a little to a lot. There are various different platforms for each and you can use whatever works best for your business or what your employees are familiar with – but if you plan on hiring a new marketing department or marketing lead, you may want to put your tools up for review as well.

In the world of b2b (business to business) marketing, or in a very specific b2c (business to consumer) industry like wealth management, you’ll want to understand some of what’s required before hiring anyone. And for wealth management, content marketing will play a big role in in your outreach, so getting someone familiar with this strategy is a must.

Content marketing actually generates over 3x as many leads as outbound marketing and costs 62% less (Demand Metric). Posting on a blog, social media, and sending emails only works if it’s done consistently and effectively. When it is done right, these platforms can be some of your best tools for building your brand and earning new clients, meaning it’s something your new marketing department or hire should be very familiar with. The content you develop does not just go on your blog, but it’s also spread by email and social media to drive traffic, making it perform even better for your company site. We highly recommend setting up automated email campaigns which can be used to onboard a new client, thank someone, or for any other messages in a pre-determined flow. Check out out video here on how to automate email campaigns on MailChimp.

Bringing the rest of your team on board

Changing up how you sell and grow by creating a marketing department in a small firm definitely changes the balance and tone of the company. For many brands, it’s a first step in accelerating growth and one of the biggest investments you can make in your future. While the marketing hire(s) will spend time creating new ideas and innovative ways to win more clients from content, sponsorships, and other tactics, this doesn’t mean that he/she/they should be the only ones doing this. It’s important to take feedback from other members of your team and your advisors who are working with the clients every day. That’s how even small firms marry marketing with sales and client management. 

Some ways to get a flow of new ideas at your firm is to host a monthly ideas kick-off meeting for the marketing team to express what they think is working and what is not, and new ideas to try. You can also have a goal board that is adjusted month-by-month and leaves room for new ideas to accomplish those goals. Another idea to get the whole company involved is to have the marketing team present to the whole firm, including all of the advisors and back office staff, so that they can provide feedback as well and know what the team is trying to accomplish for while they are working directly with clients.

Try, try, try and then reflect

While continuing the move forward with your overall business strategy and creating new marketing goals is crucial to success, it’s also just as important to reflect on what did not work and test everything you can, such as messaging, channels, and assumptions about audiences. Hiring someone focussed on testing, trial and error, is also important and will help to maximize the return on your investment in marketing efforts.

Testing will help you to realize where to focus your energy (and the energy of your team) and to know what is a waste a of money or a smart investment. Allowing your marketing team to be transparent with each other and the management team is vital to their ability to create a new plan and learn from the old one.

Monthly reporting should be done on all of your campaigns (analytics is a great skill for your new hire(s) to have) so that you and your marketing team know how things can be altered to optimize their performance. As long as open feedback is being given and reporting is being done, your team should have no problem with knowing what to do next to meet your custom goals.