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Seven Deadly Sinsof Wealth Management

Marketing

October 16, 2014

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April J. RudinFounder of The Rudin Group, a wealth marketing firm

that helps financial services firms attract the high-net-

worth clients they deserve.

A recognized expert in UHNW/HNW financial services marketing:

Frequent speaker for wealth management, family office, compliance and other industry conferences

globally

Regular contributor to Huffington Post, Family Wealth Report, WealthManagement.Com and many

other publications on wealth, next gen and technology

Global Board for the HFA (Hedge Fund Association) Chair, HNW Advisory Board

Chair, Editorial Advisory Board for PAM (Private Asset Management)

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The Seven Deadly Sins

1. Aim at Everyone

• You can’t possibly be everything to everyone!

• Challenge is figuring out which clients are not just a good fit for you but with whom you have an edge

• It’s likely a group with whom you share a passion

• Figuring out that sweet spot is essential

• If you don’t have a clear target, it will be impossible to create a clear message!

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2. Do it Yourself?

• One person cannot be an expert in all things. You are an advisor

• Mistakes could be costly

• Do you know how to write a successful email blast that hooks prospective clients?

• Do you know how to create a clean, succinct message that will resonate?

• If so, great. If not, try a professional

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3. Copy the Competition?

• Maybe you think their marketing puts out exactly your message

• Maybe they offer a service or perk you’ve always wanted to provide

• Avoid the temptation to try to copy or one-up them

• Make yourself stand out by offering something different

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4. All Numbers, No Emotion

• Money is mathematical, manage wealth without emotion

• Don’t alienate clients

• Clients need a light bulb moment

• This is about speaking their language

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5. Taking Advice From Your Spouse

• You may think that the people closest to you are precisely the kinds of people you would want as your clients?

• Your spouse is not a good gauge of your marketing campaign’s success

• They are biased!

• Measure the results of your campaigns

• Ask clients directly or create a survey

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6. Confuse Marketing with Advertising

• Wealth managers are saddled with pretty restrictive rules

• Whether you pay for a “media” spot or not, you still have to get your message out

• Marketing refers to every single act or piece of material that defines your brand

• In many ways, marketing is more important than advertising

• Lather, rinse and repeat

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7. Promising Something you Can’t Deliver

• Every wealth manager would like to be able to offer Ritz Carlton Services

• If you aren’t absolutely positive you can give your client all these things, don’t promise!

• It’s always better to exceed expectations

• You may win clients but lose them when you fail to deliver

• Exceeding expectations wins loyalty and endless referrals.

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Key Takeaways

1. Marketing is better done by professionals

2. Every practice is different

3. Clients seek relationships based on honesty

4. Communicate your own value propositions

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Poll Question #1

A. Gluttony D. Lust

B. Pride E. Sloth

C. Envy F. Wrath

D. Greed

Which sins do you think you are most guilty of in your wealth management practice?

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Poll Question #2

Which of the following would most like to learn more about in a future webinar?

A. Branding your firm

B. Creating a referral program

C. Understanding UHNW/HNW clients

D. How to create a multi-generational practice

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Do You Have Questions?

I Have Answers…

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Contact:april@TheRudinGroup.com