Marketing is the cornerstone of any business. We often have wealth management practitioners reach out because they want more leverage by hiring a “marketing professional.” Here is what we see in these conversations.
Eddy Ricci, Jr., CFP ®, CEPA ®: It may be a challenge to find someone that has a “traditional” marketing expertise AND the immediate confidence to be effective at wealth management business development. We have had numerous conversations with practice owners that try to merge the role and have difficult “fishing in the right pond”. Typically, if marketing is in the title of the role, you will attract candidates that wish to create content, orchestrate client events, manage social media and think creatively about client appreciation. It may be rare that the same candidate pool also will be well equipped with networking chops, can directly ask for referrals or make colder calls to generate business. What do you mean by “marketing” specifically for your practice and how will that align or confuse your candidate pool?
Michael P. Connaughton, CFP®, CLU®, ChFC®: We often see wealth management businesses in need of hiring for “marketing roles” to support their practice, however from firm to firm the responsibilities and focus of the positions seem to vary. As a firm owner, you first must determine if your next hire requires a wealth management background. There likely will be many potential candidates who have a background in events, branding, social media management, and content creation, but aren’t familiar with a wealth management client service model and financial planning and haven’t been responsible for driving referrals and/or new client acquisition. As a team it’s important to outline responsibilities of the role and expectations (if any) around business development, and make sure to factor in any “ramp up” time if you’re seeking marketing talent from another industry.