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From retro fashion to classic movies, relics of the past continue to make their way back into the mainstream. The revival of cargo pants and return of the baguette bag are equally popular with younger generations and those who sported them decades ago. And they’re not to be outdone by remakes of silver screen favorites that were arguably better the second time around.
The nostalgia of the past, meshed together with modern enhancements, is now working in harmony to deliver equally beloved redux versions of the originals.
In a similar fashion, advisors are borrowing lessons from the cinema and runways by recycling once popular trends, applying them to their growth strategies and reaping the benefits. They’re reviving traditional tactics like lunch-and-learn seminars, town halls, direct mail and other proven practices. And they’re weaving in technology to support the end-to-end client relationship process – from awareness to acquisition to nurturing.
The underlying driver of these tactics’ resurgent success goes back to basics, as well. It all boils down to the power of human connection and a personalized experience.
Traditional high-touch organic growth tactics are back in vogue
The emergence of digital solutions introduced many advantages, from convenience to cost savings. The financial sector is embracing innovation to adapt to the evolving remote global landscape, and the industry as a whole is reaping the rewards. A recent benchmarking study showed higher performance for those firms leveraging digital marketing at a higher pace.
But after extended periods of isolation, there seems to be a revived appreciation for human contact. Near the end of 2022, an Entrepreneur article described the year as being one of the most “event heavy” ones in the author’s life. That makes a lot of sense as people were over the pandemic lockdowns and yearning for human connection.
This was apparent in many industries, including the wealth management sector, which is inherently emotional and personal. This is likely why old-school tactics like lunch-and-learn style retirement seminars are once again in vogue.
This was the recent topic of discussion at a monthly RFG Advisor Growth Study Group, where peer advisors share successful tactics they have implemented in their practices. One advisor noted that they were seeing results from reintroducing the once-popular seminars.
David Koren, an RFG Advisor based in Virginia, had tried every marketing channel – from radio and TV ads to social media. But nothing came close to the return on investment (ROI) he experienced from hosting personal finance classes and inviting cold prospects to attend. Remarkably, over 80 percent of David’s client base came from hosting these classes for high-net-worth prospects.
While retirement lunch-and-learns are nothing new, using tools to capture data-driven insights and customer relationship management (CRM) tools to identify key prospects, select relevant topics and deploy follow-up communications, can keep the conversation going long after the informational sessions end.
David leveraged old school mailer invites alongside paid Facebook and Google ads to attract the prospects he desired for these seminars. And the marketing team at RFG has helped him create a bespoke nurture campaign to ensure he stays front of mind for those that attended and continues to drip on those that do not.
Technology complements the human touch like accessories complete an outfit
The resurgence of classic RIA prospecting tactics, enhanced by modern technology, demonstrates the enduring value of personal connection in financial advising. High-touch relationship building never went out of fashion; it was just rudely interrupted, like a classic trench coat pushed to the back of the closet for the summer.
Savvy advisors that blend classic prospecting methods with modern tech are not only reviving successful strategies from the past but are also setting the stage for sustainable future growth.
The most successful advisors will likely be those who can strike a balance between leveraging innovative technologies and maintaining the human element that is so crucial in building trust and long-term client relationships. Simply stated, it’s about having a servant heart and a growth mindset.
Abby Salameh, Chief Growth Officer at RFG Advisory, is an innovator in the wealth management industry committed to serving independent financial advisors and their clients.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.