In the latest episode of ‘Bridging the Gap,’ host Matt Reiner talks with Johnny Sandquist to explore cutting-edge marketing strategies within the wealth management industry. Throughout the episode, the discussion covers incredible topics that are influencing the industry today. Johnny highlights the untapped potential of influencer marketing within the investment community, offering advisors an opportunity to diversify strategies beyond traditional avenues like referrals and COIs. The conversation delves into website messaging, emphasizing a story-based structure and the crucial role of genuine interaction through tools like chatbots.

The episode explores the impact of AI on marketing and content creation, touching on efficiency and challenges within a regulated environment. The evolving industry toward a life coach model is examined, particularly focusing on behavioral finance and the preferences of younger generations for holistic services. Testimonials and case studies emerge as potent marketing tools, navigating regulatory constraints by leveraging client feedback as social proof. Johnny provides practical advice for website improvements, advocating for an audience-centric approach through a first-person pronoun audit.

The discussion turns to the future of websites, contemplating developments in virtual reality and decentralized interactions, while emphasizing the enduring importance of human-to-human elements. This episode not only unveils the dynamic landscape of innovative marketing strategies in our industry but also leaves us with a wealth of actionable insights, helping us in the industry to adapt, evolve, and embrace the transformative possibilities that lie ahead.

 

[08:52] Advisors often struggle with prioritizing marketing and content creation, lacking a clear strategy, and running out of ideas. Despite having a plethora of intelligent thoughts from client interactions, they need to find a way to effectively communicate and create consistent and in-depth content. The question remains whether advisors are adopting content creation and whether it’s worth their time and effort.

 

[22:36] The wealth management industry is experiencing a significant shift towards a life coach approach, emphasizing behavioral finance and credibility-building through influencer marketing. The transition from a traditional wealth manager to a more relatable, trusted figure such as an influencer like Kim Kardashian reflects this trend.

 

[31:33] Johnny emphasizes the need for compliance in pointing people to a full repository of reviews. He also highlights the importance of differentiating between reviews and case studies, and the need to disclose all reviews on a website.

 

[41:45] Understanding the psychological challenges people face in finance is crucial for establishing trust and comfort in financial conversations. It’s not just about analyzing their financial situation, but also about acknowledging and addressing their psychological barriers. This approach is valuable for effective communication and relationship building in the financial sphere.