01.17.25
Referrals May Not Be the Practice Builders They Once Were
by: Gregg Greenberg
There is a disconnect between how financial advisory firms market themselves and how consumers choose their advisors, according to a report from digital marketing firm Ficomm Partners. Based on responses from 437 financial advisory practices, 45% of investors select their advisor through digital marketing, yet only 29% of firms prioritize digital marketing as a client acquisition strategy. On the other hand, 47% of firms rely primarily on referrals, the survey revealed, though only 29% of consumers require a referral when hiring an advisor. A demographic shift in the population is the primary force behind the numbers, according to the report.
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