New Fidelity Marketing Tool to Help Advisors Drive Growth

Interactive tool will combine 'consultative' approach with holistic

Fidelity customers can now take advantage of an interactive marketing tool, the company announced Thursday.

The new toolkit offers advisors a step-by-step process to assess their practice and determine what steps they need to take next to maximize growth. Advisors can use the tool on their own time, or they can use a Fidelity "relationship manager" to guide them through the process. The company also has marketing specialists on hand to offer a more thorough consultation.

Step one, develop firm goals, encourages advisors to define their goals in three channels of growth—client referrals, centers of influence and new prospects. From there, advisors can use a series of diagnostics to identify areas for improvement for each channel of growth:

  • Firm Story: How consistently and effectively is a firm telling its “story”
  • Relationship Quality: How strong are current relationships and are the relationships being leveraged for growth
  • Communications Program: How proactive and of what quality is firm’s communications program
  • Plan: How structured is the plan and what discipline is in place to drive success

The second step asks advisors to determine which tools and tactics from a list of Fidelity and third-party resources can best help them reach their goals. Some examples include online strategy, advertising and client communications. The tool shows a cost-benefit analysis for each tactic.

Finally, the toolkit offers calendar templates to help advisors develop and execute a plan.

David Canter, Fidelity“We know that advisors who clearly define their target markets are able to spend nearly 20% more time on revenue-generating activities,” David Canter (left), executive vice president and head of practice management and consulting at Fidelity Institutional Wealth Services, said in a press release. “Many advisors select their marketing tactics without having a specific strategy in mind, possibly missing the full return they are seeking. A core component of our efforts to help advisors grow, the toolkit combines a consultative approach with a holistic point of view to help advisors develop an effective growth plan that can help meet the distinct needs of their firms."

In addition to the tool, Fidelity is planning workshops in New York, Boston, Dallas, Dana Point, Calif. and San Francisco.

“We’ve found that a ‘one size fits all’ approach is not appropriate when it comes to developing an effective business and marketing plan,” Ross Ozer, vice president and head of Fidelity Institutional Wealth Services’ Marketing Consulting efforts, said in a statement. “The need to develop and execute a disciplined, yet flexible, business and marketing plan can be important to the growth and future of an advisor’s success.”

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