Digital tools like apps and websites are increasingly important for asset managers to incorporate and enhance within their overall advisor marketing and engagement efforts. In fact, recent quantitative data gathered by Cogent Syndicated have found that mobile apps generate a 47% lift in advisor consideration, with websites trailing closely at 46%. While our quant data looked at the impact of mobile apps and websites, we used qualitative techniques to uncover what providers can do to ensure their mobile apps and websites are engaging advisors and providing a consideration boost.
Digital technology is interwoven across all types of advisory tasks from client relationship management, communication, investment research and news consumption to portfolio construction, risk management and asset allocation. Advisors are seeking new technologies to streamline processes and make the dissemination of information easier. So what do advisors want when they’re using these digital tools?
While investment news and financial apps are surging in popularity among advisors and are primarily valued for news notifications, asset manager apps are gaining traction for different purposes. Advisors consider these apps valuable for staying on top of product information and accessing client information on the fly.
Not only do apps provide a consideration boost for asset management firms, but it’s clear that advisors anticipate their use of apps growing in the future. When we asked advisors what new digital solutions would make their everyday business easier, mobile apps (including Android compatibility and touch ID capabilities) top the list. Mobile apps are no longer a nice-to-have for asset managers—the apps are becoming a table-stakes tool that will require continual updates and improvements to the user experience.
Asset manager websites are critical resources for advisors wanting to access up-to-date product information. The average number of times individual advisors visit asset manager websites varies, from 5 to 10 visits per month. Email and social media are the biggest prompters to get advisors there, with organic searches and bookmarked clicks occurring less frequently. Importantly, if advisors are required to log in to the site, they expect to be rewarded with more authoritative insights and specialized tools in exchange for providing their contact information.
Websites are critical in shaping advisor impressions and consideration of asset managers’ products. As such, websites should not only be aesthetically pleasing but also strike the right balance of insights, graphics, videos and innovative tools. Many best-in-class asset manager websites earn accolades for their simplistic, intuitive designs (box layouts, drop-down menus, search bars, etc.) and interactive, client-friendly features. In addition, advisors appreciate the ability to pick and choose from a variety of featured content and videos
Asset managers who are able to build and maintain mobile apps and websites to meet the wants and needs of advisors will position themselves as trusted partners and gain a measurable lift to brand consideration.
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