HNW Next Gen – Digital &
Social Media Platforms for
Your Private Wealth Practice
High Net Worth Client Engagement & Acquis...
A Day in the Life of April Rudin

2
About The Rudin Group
Challenging “Business as Usual” Practices
• Integrated marketing, branding and communications
strate...
April Rudin
CONSULTANT TO THE STARS
OF THE FINANCIAL SERVICES INDUSTRY
•Financial Services Industry Marketing Consultant
•...
Our Agenda
Social Media Strategies
For CFAs:
•

Why You Can’t Wait

•

The Risks and Causes of Inaction

•

Allocating Res...
Targeting & Messaging
Most Financial Services Marketing Campaigns Are
Targeted Specifically to “Boomers”

•80 million baby...
Get a “FaceLift”
Don’t be invisible to
Next Gen prospects:
Change the style, method and tone you use
to present yourself a...
Characteristics of the
Young and Wealthy
Value transparency, community and mobile
convenience
Trust friends more than thei...
Findings on Gen D
75 MM people in the US belong to “Generation D”, a
behaviorally defined group with higher income, assets...
More on Gen D
•Nevertheless, they realize that investing is the “only
game in town” – there is no other means to create,
m...
And They’re Ready to Take
Control
Baby-boomers(your clients) are
transferring over $40 trillion to
younger generations ove...
A Sector in Denial
Recently, I polled an audience of wealth
managers and asked their opinion on
whether next-gen wealth wi...
All Evidence to the Contrary
According to:

98% Of New
Wealth Inheritors
Change Advisors
13
Where’s The Failure???

14
Boomers Talking to Boomers

Baby Boomers (ages 55 +)
remain the largest group of
wealth holders.
Established baby boomer
w...
Boomers Have Different Values
• They value trust, loyalty and
long-standing relationships
• Represent 70 percent ($7
trill...
The Same, But Different…
•Boomers lag in mobile 25% own
smart phones or tablets in 2011
•Expected to grow to 39.8% in 2015...
Most “Baby Boomer”
Iconography is Dated

Go where you want

18
So Are Its Platforms

19
So What’s the Hold Up?

Are you a Flintstone or a Jetson?

Capture the Attention of
“Generation D”
20
Help Me To Understand?
• Amplification of targeted
messages/measurement and refine
• Brand Differentiation both firm/perso...
How Allocations of Marketing
Resources Have Changed

Source: www.therudingroup.com

22
Today’s Fads Are Tomorrow’s
Trash
• Keep pace with
innovation
• Focus on how
technology changes
how people
communicate
• T...
The Social Media Imperative
47% of UHNW
56% of HNW

B

log

8% of UHNW
8% of HNW

Regularly read blogs that
pertain to fin...
How is Social Media Used?
Younger UHNW investors are
more inclined to use social
media as a communication tool
and read th...
Generational Use of
Social Networks
86% of 18-29 year-olds use social media

Over 70% of 30-49 year-olds use social
media
...
What Platforms Are Musts?
Platform

Unique Factors

Strategies and Best Practices

LinkedIn

Business networking and relat...
Primary Challenges to
Social Media Marketing
• Industry / Organizational Inertia
• Available Resources
• Compliance Cultur...
Social Media Excuses are
Actually Motivations
“I don’t understand the benefits”
“We don’t have the resources”
“Our clients...
The Risks of Inaction
Diminished or no brand visibility
“Who were you again?”

Outmoded approaches to client
acquisition

...
More Risks of Inaction
Inadequate distribution of promotional and thought
leadership materials:
Reduced market share –
pos...
Has the Ship Sailed?
Yes. Sort of. Many firms should
pivot toward attracting new
clients rather than focus on
developing N...
Strategic Client Acquisition
1. Look at your brand, its elements
and your own firm’s differentiators
2. Determine your own...
Active Engagement
vs. Passive Profiles
• Integrate with offerings and focus on firm activities
• Share successes via ampli...
Creating a Referral Network For
UHNW / HNW Client Acquisition

Real Estate
Attorneys

Matrimonial
Attorneys

T&E Attorneys...
Where it Can Go Wrong –
HNW Social Media Miscues
• Abandoned attempts at social media

• No plan in messaging
– not niche-...
Have I Made my Case?

Eat your Peas!
37
Q & A Discussion

38
Thank You!

April Rudin
april@therudingroup.com
twitter: @TheRudinGroup

39
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Digital/Social Platforms In Your Private Wealth Practice--Targeting HNW Next Gen Wealth

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98 % Of New Wealth Inheritors Change Advisors. How Can You Retain Existing Clients And Grow Your Private Wealth/Family Office Practice?

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  • I have spoken a lot about what to do. Let’s spend a few mins on what NOT to do!
  • Digital/Social Platforms In Your Private Wealth Practice--Targeting HNW Next Gen Wealth

    1. 1. HNW Next Gen – Digital & Social Media Platforms for Your Private Wealth Practice High Net Worth Client Engagement & Acquisition For Wealth Management October 29-30 -- Toronto 1
    2. 2. A Day in the Life of April Rudin 2
    3. 3. About The Rudin Group Challenging “Business as Usual” Practices • Integrated marketing, branding and communications strategies for the financial services industry. • Helping UHNW / HNW community create client acquisition plans that take advantage of next generation digital platforms and communications. 3
    4. 4. April Rudin CONSULTANT TO THE STARS OF THE FINANCIAL SERVICES INDUSTRY •Financial Services Industry Marketing Consultant •Ultra-High-Net Worth / High-Net Worth Sector Specialist •Digital and Social Media Engagement and Client Acquisition Expert • Multi-Generational Communications and Media Relations Strategist • Frequent contributor to national media outlets including The Huffington Post, BusinessWeek, Bloomberg, Reuters, Fundfire, Family Wealth Report and AssetTV •High-Net Worth Advisory Board Chair for The Hedge Fund Association (HFA) and PAM Member of Advisory Board 4
    5. 5. Our Agenda Social Media Strategies For CFAs: • Why You Can’t Wait • The Risks and Causes of Inaction • Allocating Resources • Best Practices in Social Media • What’s Next? 5
    6. 6. Targeting & Messaging Most Financial Services Marketing Campaigns Are Targeted Specifically to “Boomers” •80 million baby-boomers in 2004 worth an estimated $59 trillion •Estimated $46 million by 2018 and continue to trend downward •Gen-X (estimated 45 million) and Gen-Y (estimated 60 million) worth $10 trillion in 2004 and their combined wealth is predicted to be at least $28 trillion in 2018 6
    7. 7. Get a “FaceLift” Don’t be invisible to Next Gen prospects: Change the style, method and tone you use to present yourself and your firm online. Baby boomers ask friends for referrals and then act on the advice. Gen-X/Gen-Y will ask for the same types of referrals from friends, but do their own research on the Internet as well! 7
    8. 8. Characteristics of the Young and Wealthy Value transparency, community and mobile convenience Trust friends more than their parents Eager to rate their advisors and others Don’t trust the “suits” Ready to take advantage of affinity investment opportunities 8
    9. 9. Findings on Gen D 75 MM people in the US belong to “Generation D”, a behaviorally defined group with higher income, assets, and education who: –Are deeply “digital”, integrating online & social tech into their lives –Are active investors –Are striving to cultivate, maintain and pass along wealth •Unsurprisingly, Gen D is somewhat distrustful of the financial community, banks, and advisors given the state of the economy and, most importantly, their inability to understand how the crash happened in the first place. –Many have come to believe that Financial Advisors (FAs) are simply salespeople pushing the products that make their employers the most money, as opposed to the products that would most help their clients Source: “Accenture Wealth and Asset Management Services Market Research: Understanding the Generation D Investor and Advisor (Jan. 2013)” 9
    10. 10. More on Gen D •Nevertheless, they realize that investing is the “only game in town” – there is no other means to create, maintain and pass along wealth •Gen D consists of Boomers, Gen Xers and Millennials. This provides a mechanism for projecting towards future need states of Gen D (Cohort Analysis), as a the differences in age groups are clues to both how cohorts are likely to change over time, and how population wants, needs and goals are likely to change as younger cohorts become more dominant 10
    11. 11. And They’re Ready to Take Control Baby-boomers(your clients) are transferring over $40 trillion to younger generations over next several decades Wealth is being transferred to young people earlier than it was to previous generations. They are richer AND younger 11
    12. 12. A Sector in Denial Recently, I polled an audience of wealth managers and asked their opinion on whether next-gen wealth will abandon their parents’ advisors…. Over 90% said “No!” 12
    13. 13. All Evidence to the Contrary According to: 98% Of New Wealth Inheritors Change Advisors 13
    14. 14. Where’s The Failure??? 14
    15. 15. Boomers Talking to Boomers Baby Boomers (ages 55 +) remain the largest group of wealth holders. Established baby boomer wealth professionals are typically the ones with the biggest book of business 15
    16. 16. Boomers Have Different Values • They value trust, loyalty and long-standing relationships • Represent 70 percent ($7 trillion) of total U.S. household net-worth • Watch more TV than any other demographics • Boomers value experience over product, need to know functional outcomes 16
    17. 17. The Same, But Different… •Boomers lag in mobile 25% own smart phones or tablets in 2011 •Expected to grow to 39.8% in 2015 • Boomers are apt to rely on personal referrals rather than perform actual research (conversation, email, or traditional print media) • If friends “like” it they will, not inclined to seek outside opinions • Boomers value experience over product, need to know functional outcomes 17
    18. 18. Most “Baby Boomer” Iconography is Dated Go where you want 18
    19. 19. So Are Its Platforms 19
    20. 20. So What’s the Hold Up? Are you a Flintstone or a Jetson? Capture the Attention of “Generation D” 20
    21. 21. Help Me To Understand? • Amplification of targeted messages/measurement and refine • Brand Differentiation both firm/personal • Enhanced Visibility/Name Recognition and Value Props • Targeted Client acquisition and leveraging the “Money In Motion” 21
    22. 22. How Allocations of Marketing Resources Have Changed Source: www.therudingroup.com 22
    23. 23. Today’s Fads Are Tomorrow’s Trash • Keep pace with innovation • Focus on how technology changes how people communicate • Technology bridges generations emergence of “Gen D” 23
    24. 24. The Social Media Imperative 47% of UHNW 56% of HNW B log 8% of UHNW 8% of HNW Regularly read blogs that pertain to financial topics 19 % UHNW 16% HNW 32% of UHNW 31% of HNW Source: Copyright Spectrem Group 2013 UHNW = Net worth of between $5 million and $25 million HNW = Net worth of between $1million and $5 million 24
    25. 25. How is Social Media Used? Younger UHNW investors are more inclined to use social media as a communication tool and read their advisors’ blogs •More than 25% of those under age 44 would follow an advisor on Twitter. •More than 40% would read corporate blogs •Over 30% rely more on social media for information than on traditional channels Source: SpectremGroup 2013 25
    26. 26. Generational Use of Social Networks 86% of 18-29 year-olds use social media Over 70% of 30-49 year-olds use social media 50% of 50-64 year-olds use social media Source: Pew Research Center/American Life Project 26
    27. 27. What Platforms Are Musts? Platform Unique Factors Strategies and Best Practices LinkedIn Business networking and relationship building, introductions Structuring your profile and joining groups Facebook Small Business/Personal branding/Consumer brands B to C, Business pages Twitter Opportunistic, newswire, short burst in real-time Aggregating and curating content to attract YouTube Most Authentic Teach and Learn Look + Listen In five years, all websites will be video Google+ Feasting on SEO and Adword content Struggling to be all things Blogging Thought-Leadership + POV, Complex ideas Content + opinion; Commenting and engaging with others 27
    28. 28. Primary Challenges to Social Media Marketing • Industry / Organizational Inertia • Available Resources • Compliance Culture • Reputational Risks 28
    29. 29. Social Media Excuses are Actually Motivations “I don’t understand the benefits” “We don’t have the resources” “Our clients don’t use social media” “We don’t have established policies and procedures in place” “It exposes firm to undue reputational risk” 29
    30. 30. The Risks of Inaction Diminished or no brand visibility “Who were you again?” Outmoded approaches to client acquisition 30
    31. 31. More Risks of Inaction Inadequate distribution of promotional and thought leadership materials: Reduced market share – possibly all the way down to none Business attrition: 31
    32. 32. Has the Ship Sailed? Yes. Sort of. Many firms should pivot toward attracting new clients rather than focus on developing Next Gen relationships with existing ones. Now is the ideal time to revamp your overall marketing to capture market share during a period of unprecedented generational wealth transfer. 32
    33. 33. Strategic Client Acquisition 1. Look at your brand, its elements and your own firm’s differentiators 2. Determine your own unique differentiators = messaging 3. Target messages and activities by client type or persona 4. Design a social media strategy and detailed plan with accountability and timing 5. Execute the plan and monitor its progress. Make changes where necessary. 33
    34. 34. Active Engagement vs. Passive Profiles • Integrate with offerings and focus on firm activities • Share successes via amplified social media platforms • Lather…rinse…repeat. 34
    35. 35. Creating a Referral Network For UHNW / HNW Client Acquisition Real Estate Attorneys Matrimonial Attorneys T&E Attorneys Non-profits Wealth Managing Firm CPA Firms 35
    36. 36. Where it Can Go Wrong – HNW Social Media Miscues • Abandoned attempts at social media • No plan in messaging – not niche-oriented • Inconsistent posting or blogging • Too much original content and not enough curated material 36
    37. 37. Have I Made my Case? Eat your Peas! 37
    38. 38. Q & A Discussion 38
    39. 39. Thank You! April Rudin april@therudingroup.com twitter: @TheRudinGroup 39

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