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All-Channel Trend Report
Part 2: Effectiveness of Different Marketing Methods For Attracting New Clients

Part 2: Effectiveness of Different Marketing Methods For Attracting New Clients

Section 5: Marketing and Client Relations

Consistent with survey results from prior years, and across every advisor channel surveyed, referrals are the top marketing method for attracting new clients. This includes both passive and active referrals from existing clients, as well as those from CPAs, attorneys, brokers and financial advisors. Internal firm referrals are reported as being particularly effective for IBD advisors while vendor referrals stand out as relatively important to the RIA channel. Additionally, firm website, social media and email have some importance for advisors looking to market themselves to new clients, although these platforms are still under-utilized when compared to other avenues. It is possible that we will see these digital marketing approaches continue to increase in importance for advisors as the industry as a whole overcomes compliance concerns and other challenges with using these tools. Traditional forms of outreach, such as direct mail and advertising, provide relatively little perceived benefit when it comes to attracting new clients. However, cold calling still appears to be somewhat effective for the W/R channel, as evidenced response rates that are approximately double that of the other channels. 

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