Video is becoming a powerful medium for financial advisors to meet clients where they already are.
Fifty-two percent of advisors reported that they are creating video content, according to a recent study from Idea Decanter, a video marketing company created for advisors. Seventy-three percent of these advisors said that doing so is worth the time and financial investment.
However, 6% of study participants reported that they had stopped their video efforts, as they failed to see the value in them or were finding the process too cumbersome.
"Creating video content and particularly doing so consistently requires effort, there is no doubt about that," Laura Garfield, Idea Decanter's cofounder, said in a statement. "But when advisors develop repeatable processes that are manageable, this can be an avenue that moves advisors quickly up the know, like, trust meter with prospects and clients."
Eighty percent of content creators in the study said they keep video production and distribution at a steady, doable pace by devoting a few hours a month to it.
Advisors who create videos also save time by recording one longer video that can be split into multiple segments of content over a month's time.
The study found that 46% of advisors do not know their videos' return on investment. Only 37% track their videos' click rates and views, while 49% do not track their video marketing results.
Idea Decanter suggests that advisors measure videos by asking prospects during meetings whether they have viewed any videos and record those responses.
Advisors can also make video content successful, the company said, by posting it in multiple channels, including their website, social media, email sequences, client onboarding and meeting follow-ups.
The study identified these obstacles to creating videos either consistently or sporadically:
— Time, 56%
— Hands-on video shooting and editing expertise, 52%
— Generating fresh ideas for content, 38%
— Sharing videos successfully, 35%
— Cost, 21%
On the other hand, 83% of advisors said video marketing has helped them increase their assets under management. Others said creating videos helped them win new clients, drives client engagement and is their main lead generation source.
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