5 Effective Digital Strategies to grow Wealth Management Business

Often, I come across Wealth Managers who firmly believes that their Digital presence means just their websites. They are normally ‘die hard believers’ that Digital presence means website which will act as a showcase and in a rare case may contribute to their real business. Normally, it is given to understand that the focus should be on big ticket clients or atleast the type of clients they are catering currently.

However, these perception are changing with times and more wealth management businesses are looking towards Digital interface for business generation. Being an entrepreneur, it is equally important to focus on both (a)Servicing clients and (2) making Profits as an organization. Online media has come up as an important vector to progress keeping balance on both sides.

So today, I would like to highlights couple of digital techniques that may be utilized for generating real business for Wealth Management Companies.

New Acquisition

Off late, digital space have proven to be a leader in generating leads for new potential customers. However generally these leads are for a very small ticket size say ‘start a SIP’ or ‘buy a Health Insurance’. However, one must not forget that it gives a chance to a wealth manager to sit with an individual and spend some quality time. A lot of time you are sitting with a person with no exposure to MF or Equities but unaware of the other avenues, they are sitting on large pile of FDs which may or may not be giving him satisfactory returns.

Engagement of Existing Clients

Wealth Managers keeps getting lots of information from various sources. Forwarding all of them to your customers may not be an ideal solution. Sending selective updates along with suggested course of actions are the proven method to raise enquiries from existing base. Such updates could be ‘Govt announcements and their impact on individual taxation’, ‘interest rate scenario with possible alternatives’, etc.

Online Reputation Management

Your digital presence not only occupy a mind space of your customers but also reiterates their trust upon the your wealth management organization. For example: you may simply recall bigger brands rather than smaller ones. This recall value not only helps in repeat business but also become a big force for referral business, provided it is harnessed in a proper manner.

Cross sell opportunities

Normally, organizations use age old methods like telecalling or emailers for cross sell. Eventually, they witness a big jump coming to their business only by offering bigger incentives to sales people or affiliates. Such methods not brings forward the risk of mis selling but also raises the cost of generating that cross sell business. Newer business are trying do things differently and use tools that may help them get more closer to their customer. Intuitive Customer profiler is one such tool which is becoming an important tool for gathering more information and generating avenues for suitable products.

Just have a look at a Customer Profiler, we built for our customers

Explore the Unexplored markets

Couple of wealth management companies are operating in their space since long. With their loyal and efficient manpower serving a typical style of customer base, they are used to sell a particular category of product(s). However sometimes, you come across a particular product, though extremely good, but does not matches with the style of your customers.

With Digital marketing, you may take that product and try to identify suitable customers for the same. It may be almost the reverse, or atleast significantly different approach, from your current approach where you were identifying product for your set of customers. Such technique not only gives you an edge to grow your business in a different dimension but also make you learn more about the possible business avenues.

While the above list is not exhaustive, but I am sure it will act as a catalyst in your mind for generating lots more ideas (Do mention your best one in comments)

Please don’t forget to share with fellow entrepreneurs.