The Key to AUM Growth for Asset Managers in 2022
A new study explores the effects of the pandemic on asset management firms, and the results are in: digital is the new AUM builder.1
As COVID protocols disrupted conventional sales methods, events and lunch-and-learns became impossible and wholesalers started investing in webinars and other online tools. Like most industry shifts, those who embraced the change saw the greatest success, and those who didn’t have been steadily falling behind.
Here are a few important takeaways from the study.
Digital strategies are driving investment inflows: The study revealed a strong correlation between asset management firms that were building digital relationships with advisors, and those who were seeing the highest investment inflows, the most intent to invest among advisors, and the best brand perceptions.
It’s not just the younger generation that’s engaging in the digital world: In fact, the study showed that it was the more experienced advisors who were most likely to rely on digital interactions with wholesalers. This trend was also more prevalent among independent advisors than those associated with wirehouses.
The content you offer needs to be available digitally: The majority of advisors in the study cited increased stress and anxiety during the pandemic, much of which was associated with longer working hours. This has made advisors very receptive to online resources that they can access quickly and easily. Webinars, email, blogging and other forms of online content sharing all saw significant year-over-year growth through this period.
So on the one hand you have advisors overworked and time-limited, and on the other you have wholesalers unable to meet in person. Digital tools were the obvious solution, but as asset management firms set their marketing strategies for 2022, they would do well to consider the habits and expectations that developed among advisors during this time.
Because the firms that saw success with digital strategies will continue using them, and the advisors who became accustomed to the convenience of online resources will continue to rely on them.
At AdvisorBranding, we’re seeing strong reception of our BrandLink digital branding program, which is designed to keep connections strong in low-contact environments, as well as our content management services and ACC digital campaigns. Reach out if you would like to learn more about any of these tactics.
1 https://www.jdpower.com/business/press-releases/2020-advisor-digital-engagement-study
