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Top Tech Trends Driving Advisor-Client Engagement in Financial Services

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Webcast co-hosted by Hearsay, provider of the Hearsay Advisor Cloud, and Aite Group, a financial services-specific advisory and research firm. Presentation covers:
- The major tech and advisor trends that are driving sales and marketing strategies at leading firms
- How to scale 1-to-many, awareness-building marketing for advisors, and connect those programs to 1-to-1, high-touch sales conversations – at the right time
- How to increase advisor productivity and operationalize client engagement in an increasingly digital and regulated industry

Published in: Technology
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Top Tech Trends Driving Advisor-Client Engagement in Financial Services

  1. 1. Top Tech Trends Driving Advisor-Client Engagement February 2018
  2. 2. Today’s Presenters Sarah Pedersen Senior Director Hearsay Isabella Fonseca Senior Analyst Aite Group
  3. 3. ADVISOR CONTENT MARKETING & SALES ENABLEMENT: EMPOWERING CONNECTIONS
  4. 4. • Founded as Hearsay Social in 2009; raised $51M in venture capital • 100% focused on the financial services industry • Today, Hearsay Systems offers prescriptive technology designed to enable every advisor be high-tech, high-touch and data-driven • 150+ enterprise customers in 22 countries; 150,000+ users
  5. 5. • Founded in 2005; headquartered in Boston • An independent research and advisory firm focused on business, tech and regulatory issues, and their impact on the financial services industry • Expertise in banking, payments, wealth management, capital markets and insurance • Analysts deliver comprehensive, actionable advice to key market participants • Clients include financial institutions, tech providers and consulting firms worldwide
  6. 6. Sales & Marketing Faced With 3 Key Challenges 1-to-many content marketing is table stakes, but advisors are too busy to craft their own strategy1.
  7. 7. Sales & Marketing Faced With 3 Key Challenges 1-to-many content marketing is table stakes, but advisors are too busy to craft their own strategy1. 1-to-1 engagement is key to success, but advisors don’t have access to the right communication channels2.
  8. 8. Sales & Marketing Faced With 3 Key Challenges 1-to-many content marketing is table stakes, but advisors are too busy to craft their own strategy1. 1-to-1 engagement is key to success, but advisors don’t have access to the right communication channels2. Important engagement data is not tracked, which puts all sales and marketing efforts at risk3.
  9. 9. Sales & Marketing Faced With 3 Key Challenges EVERYTHING MUST BE COMPLIANT 1-to-many content marketing is table stakes, but advisors are too busy to craft their own strategy1. 1-to-1 engagement is key to success, but advisors don’t have access to the right communication channels2. Important engagement data is not tracked, which puts all sales and marketing efforts at risk3.
  10. 10. OLD WORLD Advisor-led, offline channels TODAY’S REALITY Client-driven, digital and multi-channel CLIENTS EXPECT DIGITAL, MULTI-CHANNEL ENGAGEMENT
  11. 11. When it comes to personalization and client experience … “Financial services organizations have a lot of work to do to position themselves against high-value brands like Amazon and Google.” – Aite Group
  12. 12. Rich Advisor-Client Touchpoints Websites Texting Social Selling 1-1 Outreach Data-driven Insights AT MOST FINANCIAL INSTITUTIONS, ADVISORS HAVE BEEN LEFT BEHIND IN DIGITAL TRANSFORMATION Not mobile; advisors don’t update Not compliant Not baked into sales process Relies on manua data entry; prone to human error Disconnected customer experience Enterprise Digital Direct-to-Consumer Mobile Banking App Robo-Advice Brand Social Automated Transactions Not efficient
  13. 13. 1. ONE-TO-MANY CONTENT MARKETING IS TABLE STAKES, BUT ADVISORS ARE TOO BUSY TO CRAFT THEIR OWN STRATEGY
  14. 14. Compliance Sales and Marketing Engagement Content Marketing Sales Enablement Advisors Advisors & other client-facing staff Users Scope Type of Function CRM Integration ● Brand Awareness ● Enhance the customer experience ● Education/content hub ● Enhance client interaction ● Core collateral ● Web Marketing ● Social Media ● Presentations ● Increase sales return ● Optimize interactions with clients ● Sales coaching/ execution ● Centralization of sources ● Predictive content selection ● Personalized content Source: Aite Group CONTENT MARKETING & SALES ENABLEMENT ECOSYSTEM
  15. 15. PROSPECT NURTURE RETAIN 1-TO-MANY: Scale client engagement • Lifestyle: Career tips, savings plans • Local events: Community, charity 1-TO-1: Increase touchpoints and share-of-wallet • Life events: New child, birthdays, holidays • Service alerts & investment advice: Annual review, policy renewals, portfolio recommendations AWARENESS SUCCESSFUL CLIENT-ADVISOR ENGAGEMENT SPANS THE FULL CLIENT LIFECYCLE
  16. 16. PROSPECT NURTURE RETAIN 1-TO-MANY: Scale client engagement • Lifestyle: Career tips, savings plans • Local events: Community, charity 1-TO-1: Increase touchpoints and share-of-wallet • Life events: New child, birthdays, holidays • Service alerts & investment advice: Annual review, policy renewals, portfolio recommendations AWARENESS SUCCESSFUL CLIENT-ADVISOR ENGAGEMENT SPANS THE FULL CLIENT LIFECYCLE
  17. 17. 1-TO-MANY ADVISOR-CLIENT COMMUNICATION CHANNELS
  18. 18. 1-TO-MANY ADVISOR-CLIENT COMMUNICATION CHANNELS
  19. 19. • Eliminate risk and maintain compliance • Enforce clear processes • Use content to reinforce training and educate clients • Compliance and marketing departments’ need to work together • Increase sales efficiencies • Target specific customer segments Benefits content marketing can bring to the organization: ADVISORS NEED AUTOMATED SUPPORT FROM THEIR CONTENT MARKETING ORGANIZATION
  20. 20. BEST PRACTICE CASE STUDY: AMERIPRISE GOSOCIAL PROGRAM With our GoSocial program, you can easily access: ➢ Multiple social media platforms ➢ Engaging content ➢ Compliance ➢ Shared access
  21. 21. 2. ONE-TO-ONE ENGAGEMENT IS KEY TO SUCCESS, BUT ADVISORS DON’T HAVE ACCESS TO THE RIGHT COMMUNICATION CHANNELS
  22. 22. Confidential Hearsay Systems The only way to differentiate is through trusted advisor relationships
  23. 23. But today, advisors spend: Source: InsideSales.com Labs research, 2017 37%of their time on revenue generating activities 63%of their time on NON-revenue generating activities
  24. 24. PROSPECT NURTURE RETAIN 1-TO-MANY: Scale client engagement • Lifestyle: Career tips, savings plans • Local events: Community, charity 1-TO-1: Increase touchpoints and share-of-wallet • Life events: New child, birthdays, holidays • Service alerts & investment advice: Annual review, policy renewals, portfolio recommendations AWARENESS SUCCESSFUL CLIENT-ADVISOR ENGAGEMENT SPANS THE FULL CLIENT LIFECYCLE
  25. 25. PROSPECT NURTURE RETAIN 1-TO-MANY: Scale client engagement • Lifestyle: Career tips, savings plans • Local events: Community, charity 1-TO-1: Increase touchpoints and share-of-wallet • Life events: New child, birthdays, holidays • Service alerts & investment advice: Annual review, policy renewals, portfolio recommendations AWARENESS SUCCESSFUL CLIENT-ADVISOR ENGAGEMENT SPANS THE FULL CLIENT LIFECYCLE
  26. 26. HIGH-PERFORMING ADVISORS DIFFERENTIATE WITH DIGITAL 1-TO-1 OUTREACH
  27. 27. 1-TO-1 TEXTING IS NEXT BIG OPPORTUNITY
  28. 28. HIGH-PERFORMING ADVISORS DIFFERENTIATE WITH DIGITAL 1-TO-1 OUTREACH Advisors that grew revenue by 5% or more over last five years: Advisors that had no change in revenue over last five years: 47% text for business 35% Source: Aite Group research, 2017
  29. 29. BEST PRACTICE CASE STUDY: BULK ACTIONS THAT FEEL PERSONAL AND AUTHENTIC Offer Annual Review / Financial Plan Track for DOL compliance Confirm a meeting 1 2 3
  30. 30. 3. IMPORTANT ENGAGEMENT DATA IS NOT TRACKED, WHICH PUTS ALL SALES AND MARKETING EFFORTS AT RISK
  31. 31. Mobile project Show and explain your web, app or software projects using these gadget templates. Disconnected customer experience Loss of valuable client interaction data Corporate CRM System DIGITALLY-ENABLED ADVISORS GENERATE RICH CLIENT DATA THAT MUST BE TRACKED & ACTED UPON Enterprise Digital Direct-to-Consumer Mobile Banking App Robo-Advice Brand Social Automated Transactions Rich Advisor-Client Touchpoints Websites Texting Social Selling 1-1 Outreach Data-driven Insights
  32. 32. MEDIAN INTEGRATION LEVELS AT FIRMS ARE AT 60% Source: Aite Group advisor survey, 2017
  33. 33. CRM SYSTEMS INCREASE POTENTIAL FOR DATA INTEGRATION Source: Aite Group advisor survey, 2017
  34. 34. “CRM is a key part of content marketing and sales enablement initiatives, and is essential for accurate customer segmentation.” – Aite Group
  35. 35. BEST PRACTICE CASE STUDY: NEW YORK LIFE Advisor Social Email Advisor Websites Advisor Texting CRM ExactTarget 12,000 Advisors on Hearsay & CRM
  36. 36. WHAT’S NEXT?
  37. 37. Sales & Marketing: How to Help Advisors Thrive in the Digital Era Offer a 1-to-many content strategy that is automated & efficient for advisors (“autopilot” + authenticity = win!)1.
  38. 38. Sales & Marketing: How to Help Advisors Thrive in the Digital Era Offer a 1-to-many content strategy that is automated & efficient for advisors (“autopilot” + authenticity = win!)1. Improve productivity of 1-to-1 communications through channel enablement and matched use cases (e.g. DOL)2.
  39. 39. Sales & Marketing: How to Help Advisors Thrive in the Digital Era Offer a 1-to-many content strategy that is automated & efficient for advisors (“autopilot” + authenticity = win!)1. Improve productivity of 1-to-1 communications through channel enablement and matched use cases (e.g. DOL)2. Automate data capture for advisor-client engagement across channels (social, FA websites, texting, email)3.
  40. 40. Sales & Marketing: How to Help Advisors Thrive in the Digital Era EVERYTHING MUST BE COMPLIANT (SEC, FINRA, DOL, IIROC, ETC.) Offer a 1-to-many content strategy that is automated & efficient for advisors (“autopilot” + authenticity = win!)1. Improve productivity of 1-to-1 communications through channel enablement and matched use cases (e.g. DOL)2. Automate data capture for advisor-client engagement across channels (social, FA websites, texting, email)3.
  41. 41. Q&A
  42. 42. Thank You! Sarah Pedersen Senior Director Hearsay spedersen@hearsaycorp.com @sarahcpedersen Isabella Fonseca Senior Analyst Aite Group ifonseca@aitegroup.com

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