There are hundreds of blogs written by financial advisors. They have titles such as The Reformed Broker, The Big Picture, Chicago Financial Planner, Getting Your Financial Ducks in a Row, and Good Financial Cents. These blogs were created to be a source for news, industry trends, and punditry. Does the world really need another financial advisor blog? Yes; if it’s yours. If you are not on the blogosphere, you may be missing an opportunity to connect with current or prospective clients.
“Wealthy investors have expectations of instant access to the most up-to-date information,” notes George H. Walper, Jr., president of Spectrem Group, a leader in wealth and retirement markets. “Financial advisers have increasingly instituted blogs that serve to establish them as a go-to resource for clients.”
Affluent investors across all wealth levels are most likely to read financial blogs or articles regarding financial or investment topics on a website rather a social media platform such as LinkedIn, Facebook or Twitter, according to Spectrem Group’s wealth market report, Financial Behaviors and the Investor’s Mindset for the Mass Affluent, Millionaireand Ultra High Net Worth investor.
Mass Affluent investors are those with a net worth between $100,000 and $1 million (not including primary residence); Millionaires are those with a net worth up to $5 million, and Ultra High Net Worth are those with a net worth between $5 million and $25 million.
Millionaire investors would be most likely to read a financial blog or article regarding financial or investment topics on the website of their financial provider or advisor, as opposed to the website of a major financial media outlet such as CNBC, Fox Business or Forbes, our report finds.
Across all wealth levels, of those most likely to read their financial advisors’ blog or articles regarding financial or investment topics, the largest percentages are comprised of the youngest investors. Millionaire and UHNW Millennials and Gen Xers are more likely than Baby Boomers and World War II generation investors to seek insights and education on their financial advisor’s website.
“Age is a significant factor in blog readership,” Walper states. “Millennials have not lived a day in their life without existence of the Internet. Gen Xers, too, came of age when Internet accessibility became pervasive. These investors will be looking for their financial advisor to communicate with them using the same tools and platforms that they prefer.”
In addition to age, wealth level is also a factor in who would be most likely to consult a financial advisor’s website to read a blog or articles pertaining to financial and investment subjects. For example, the wealthiest investors in the UHNW wealth segment (those with a net worth of $15 million-$25 million) are more likely to read a blog or finance-related article on their advisor’s website.
Spectrem Group finds that the wealthiest investors have the most confidence in their financial knowledge. It stands to reason then that they would be most open to enhancing that knowledge through such avenues as financial blogs they could access on their mobile devices.
Marketing-savvy financial advisors can use a financial blog not only to convey information that establishes them as a trusted resource, but also to build their brand. Your unique voice and insights set you apart from other bloggers.
Top Takeaways for Advisors:
- Be consistent in how often you post a blog. Whether it's once or twice a week, or even once a month, a consistent schedule gets readers into the habit of checking the website for new material.
- Spectrem Group research finds that one of the primary benefits investors get from working with a financial advisor is that it improves their knowledge of investing. In writing a blog, write in a reader-friendly style that makes financial and investment topics accessible and understandable.
- Email your clients and prospects a link to your blog each time it is published to your readership.