The Death of Referrals and the Birth of Digital Marketing for RIAs
As always, the early adopters will reap the benefits. This too applies to the birth of digital marketing for RIAs.
What’s Next on the Marketing Horizon?
Bob Veres is one of our favorite thought leaders and he recently weighed in on the future of marketing for RIAs:
”This was before my time, but they tell me that cold calling was once a very effective marketing strategy — until, of course, it wasn’t. I remember when advisory firms routinely attracted dozens and sometimes hundreds of prospects to cheesy prepackaged seminars, until attendance gradually began to slip away.
Now I’m hearing that the most recent marketing innovation, client appreciation events where clients are invited to bring along their friends, is starting to lose its effectiveness, either because clients are no longer bringing their friends, or because their guests are too far outside the advisory firm’s target market.
Marketing trends come in and go out with the inevitability of sunrise and sunset. The question is: What’s next on the marketing horizon? How will advisory firms reach beyond referrals to attract the next wave of clients?”1
