The aim of the SLICE survey, which runs 3 times a year (each time on a different theme) is to provide financial planning practices with an opportunity to share their views and insights with their peers and build an understanding of the most effective approaches to a broad range of hot button topics that challenge practices’ efficiency, profitability and viability. The latest SLICE survey focuses on financial planners marketing strategies.

Survey authors, Peter Dawson of The Dawson Partnership and Susan Rochester of Balance at Work, say the latest survey provides data to confirm what they have observed among financial planning practices.

The vast majority of financial planners surveyed have a marketing plan (83%) with 73% of those with a plan saying they put the plan together either on their own or with their business partner(s) and 47% drawing on the resources of a practice development manager. 33% had input from a business coach.

‘Up until a few years ago our marketing plan was pretty rudimentary but as time has gone by we have adopted a more structured approach with regular marketing planning and review meetings that we hold each quarter. This has helped us keep a focus on our marketing campaign making sure it remains relevant to our business and helps us achieve our goals.’
Principal SME financial planning practice

Of those businesses with a marketing plan 53% said that having a plan in place has opened up new opportunities with 40% saying that they were unsure if having a marketing plan was responsible for new opportunities that arose for their businesses.

While most respondents don’t use an external source to assist them put together their marketing plan 50% said that they would be open to doing so as they felt that someone with the knowledge and experience could add value to their marketing planning.

‘I suppose it’s too easy to get bogged down in the day to day work in a one man practice and my approach to marketing is a bit hit and miss but I do recognize the value of having a marketing plan and would be willing to hire a marketing consultant.’
Sole practitioner

The main marketing strategy used by the most respondents was utilising formal business partnerships (33%) followed by direct referrals from existing clients (28%), while 11% use networking as their primary strategy.

‘We have traditionally gained most of our business from our clients but it got to the stage where we realised that to grow to where we wanted to be we would need to look at other means of growing the business. We had some relationships with local accounting firms and worked towards developing these. This strategy has led to an increase in revenue of 22% each year over the last three years.’
CEO SME Financial Planning group.

‘Although the majority of respondents say they track the effectiveness of their marketing via a range of means, there was a surprisingly wide variation in the sophistication of their processes. While some follow a process where all leads are tracked, monitored and the source identified, then report on results regularly to see what is working and what is a waste of time, others have very little in place.’
Susan Rochester

According to our respondents social media is not a major strategy in their current marketing plans and a number of respondents made comments including ‘Social media is just a lot of noise,’ ‘Social media maybe ok for an on line business but our firm is a people to people business and nothing can replace that’ and ‘My kids use Facebook and I just don’t get it’.

‘We expected to find one or two respondents reporting social media as their main marketing strategy. This was not the case in this sample, although comments indicated that practices are using social media to support other strategies, for example by sharing newsletter articles via social platforms.’
Peter Dawson

However social media wasn’t without some support with one respondent stating that she was open to using social media as ‘it’s all about connectivity and if I can interact with people at a professional level on social media that can only be good for my business’.

The practices that responded to this survey were mostly more than 10 years old (78%), with 17% who had been in business 6-10 years and only 6% for 5 years or less. The majority had fewer than 10 staff (72%) although 28% of respondents were from firms with 21 or more staff.

Concluding remarks

The Slice 3 survey has revealed a strong focus on financial planners developing structured marketing plans and that these are far from static documents as most reviewed their marketing plans on a regular basis. Respondents were focused on building their business by drawing on their relationships with their clients and through formal business relationships. Many are yet to embrace social media as a major part of their marketing plan, although this may change in time as attitudes shift.

For more information about the SLICE survey, contact Peter Dawson directly on 0418 601 245 or email peter@dawsonpartnership.com.au

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Fiona Parker

Financial planners risk losing market share if they don’t quickly adopt video for their communication and marketing strategies, says Fiona Parker, General Manager, Wealth Know How.

“Video content will account for 69% of all consumer online traffic by 2017, according to a recent global Cisco study,” Ms Parker said.

“This research confirms that planners need to move with the times as their clients are embracing digital media, and many are already viewing video to explore and address their financial planning options.

Ms Parker says that Wealth Know How, Australia’s fastest growing provider of video financial education topics for financial planners, has been able to compete successfully because they provide clients with information in the form they want it. Wealth Know’s short, professional educational videos meet a gap in the market for credible and non-product based information on financial topics.

“All of the research points to video dominating email marketing, social media as well as online,” said Ms Parker. “We are already seeing big financial institutions leading the charge by embracing video in their overall marketing strategies,” she added.

Phaedon Vass, Co-founder of Wealth Know How, says that small and medium businesses who put videos front and centre of their internet and email marketing strategies will capture growth in the market.

“Nielsen research states 64% of marketers expect video to dominate their strategies in the near future,” he said. “It is becoming apparent that the potential reach of video is beyond comparison with any other form.”

“YouTube receives more than one billion unique visitors every month – that’s more than any other channel, apart from Facebook.”

Vass says that part of Wealth Know How’s success is because financial planners are always looking for new and creative ways to get their content to prospective clients.

“Video offers an easy, direct way to engage directly consumers, particularly when providing financial education,” he said “We are also finding that users are increasingly sharing the video with other consumers.”

“Our approach is to try to attract consumers who are wary and weary of traditional sales approaches and win their trust.

“The real outcome for Wealth Know How clients is that viewers are spending longer on financial planner’s websites and spending more time interacting with their brands.

Wealth Know How offers an extensive and growing library of short, easy to understand financial educational videos for use on websites and across a range of digital marketing tools.

“Its important that video content is professional, credible and cost effective in delivering positive outcomes for both our clients and consumers,” says Ms Parker.

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