Financial advisors exposed to digital approaches by leading asset managers are more likely to increase their business with those firms than with one that lacks digital strategies, according to first quarter data from Cogent Reports.
At present, however, relatively few providers reach out to advisors in this way.
Advisors exposed to asset managers' mobile apps, websites and webinars showed brand consideration levels 36 percentage points or higher than those reported by advisors who had not had such exposure, CR reported.
Only personal visits from a wholesaler provided a greater lift in advisors' consideration levels than digital approaches, across nine types of marketing outreach, CR said in a statement.
The CR report, published Monday, was based on Q1 performance of marketing outreach at 15 leading mutual fund, ETF and variable annuity providers.
In Q1, the average lift achieved across the nine touchpoints CR tracks ranged from a low of 15 percentage points for news recall to 42 percentage points for mobile apps and websites.
On average, 76% of advisors exposed to asset managers' proprietary mobile apps said they were likely to give more business to the firm, compared with only 34% of advisors who were not exposed — a 42 percentage-point lift.
Likewise, 68% of advisors who visited an asset manager's website were likely to increase investments with the firm, compared with 26% of those who did not visit the same website.
Webinars ranked third in lifting consideration, with 70% of attendees likely to consider investing in the sponsors' product offerings, vs. 34% who did not attend.
