Broadridge’s 2022 Advisor Marketing Study, a survey of 401 financial advisors, explores key trends in financial advisors’ marketing strategies and identifies smart tactics to grow and retain AUM.
Highlights from the fourth wave of this annual study include the following:
- Advisor satisfaction with marketing ROI and advisor confidence in meeting practice growth goals dropped this year; still, half of advisors (52%) remain optimistic in their ability to meet growth goals.
- While most advisors are actively seeking to add new clients (63%), only 43% are seeing increases in in-bound prospect requests.
- Compliance/ regulation and market volatility are top challenges cited by most advisors.
- Average marketing spend continues to rise, approaching pre-pandemic levels.
- Recommended strategies to increase growth include creating a written plan, increasing the prospect pool, adding new marketing channels, using educational content, leveraging social media, segmenting prospects/clients, engaging via personalization and choosing the right partner to assist with marketing efforts.
