Mastering Marketing: Insights from Nitrogen and Altruist at the 2023 Fearless Investing Summit

Note: This blog post is based on a presentation given by Craig Clark, Chief Marketing Officer at Nitrogen, and Chris Hiestand, Head of Marketing at Altruist, at the 2023 Fearless Investing Summit.

The average wealth management firm isn’t growing as it could or should be, with an average market-adjusted growth rate of just 3%. This begs the question—what separates the high-growth firms from the stagnating ones?

At the 2023 Fearless Investing Summit, Craig Clark, Chief Marketing Officer at Nitrogen, and Chris Hiestand, VP of Marketing at Altruist, teamed up to offer an in-depth look into the world of marketing for growth within the wealth management sector. Their presentation, “Mastering Marketing: A Deep Dive with Nitrogen & Altruist,” delved into the challenges and opportunities facing the industry. This blog post aims to capture the essence of their talk and share actionable insights.

Key Takeaways from the First Annual Growth Study

The presentation kicked off with Craig Clark providing an overview of Nitrogen’s first annual Advisor Growth Study. This study surveyed over 1,000 financial advisors and scrutinized the sobering reality that the majority of wealth management firms are not growing. More importantly, it provides actionable insights into how non-growth firms can transition into high-growth entities. The presentation highlighted the results of the First Annual Growth Study, which examined why the majority of firms are not growing. The study focused on three major areas:

1. Client Engagement: The quality of client interaction matters more than one might think. Poor engagement can be a growth-limiting factor.
2. Technology: Firms leveraging advanced technological tools have a distinct advantage over those sticking to outdated systems.
3. Marketing: Efficient and targeted marketing can be the bridge that transitions a firm from a non-growth to a growth trajectory.

Actionable Steps for Transitioning to a Growth Firm

Client Engagement

1. Personalize Services: Tailor your services to meet the unique needs of each client.
2. Frequent Communication: Keep clients in the loop with regular updates and consultations.

Technology

1. Invest in CRM Systems: Customer Relationship Management (CRM) systems can streamline many client-related processes.
2. Adopt Analytics Tools: Data analytics can offer invaluable insights into client behavior and market trends.

Marketing

1. Optimized Campaigns: Utilize data-driven marketing strategies for targeted campaigns. Strategies for this include dividing your client base into segments based on various criteria like age, risk tolerance, investment goals, etc. Use this data to personalize communication and service offerings.
2. Client Testimonials: Leverage satisfied clients to build credibility and attract new business. When used correctly (and compliantly), they build credibility, trust, and can be persuasive to prospective clients.

Conclusion

The presentation by Craig Clark and Chris Hiestand was a wake-up call to wealth management firms that are stuck in a rut of minimal growth. By focusing on client engagement, investing in the right technology, and deploying intelligent marketing strategies, firms can break away from the pack and achieve significant growth.

For those interested in the nuances and data that back these insights, you can access the complimentary download of the 2023 Firm Growth Survey here. The wealth of information contained therein can serve as a roadmap for firms that aspire to excel in today’s competitive landscape.