To sustain firm growth, financial advisors often face a dilemma: to focus on what originally drew them to the profession – like financial planning – they often must first do an extensive amount of business development. Marketing activities such as brand development, event planning, and content strategy often demand skills outside advisors' typical expertise and interest. Even those who do have an interest in marketing may find it challenging to dedicate the time to do it well. As a result, outsourcing parts – or even the entirety – of a marketing strategy can be a highly effective solution. However, with the range of potential solutions, it can be difficult to know where to begin.
As a starting point, understanding the wide variety of marketing tasks that can be outsourced can be beneficial. Advisors might consider outsourcing roles such as social media management, search engine optimization, web development, event management, and performance analytics, among other options. Reviewing both current marketing efforts and aspirational goals for client engagement can help advisors determine where outsourcing may add the most value.
From there, advisors may need to consider whom to outsource to. Quick tasks may only need a temporary contractor from platforms like Fiverr or Upwork. However, more complex needs, such as strategy and brand development, may benefit from someone with industry expertise to ensure deeper understanding with fewer revisions required. Advisors may also want to consider a contractor's communication style and marketing philosophy to assess compatibility with the firm's values.
Once a contractor or firm has been hired, advisors can help set the stage for success by identifying key stakeholders and agreeing on clear definitions of success. Providing examples of effective marketing, existing guidelines, and a timeline for deliverables can establish a strong foundation. And, once work progresses, keeping an open line of communication – through email and video calls – can support feedback exchanges that help contractors align with the firm's style and voice over time. Over the long term, success can be evaluated not only by long-term campaign results but also by cultural fit and the strategic insights the marketing partner brings to the firm.
Ultimately, the key point is that partnering with a skilled contractor or agency can be a win-win for both the advisor and the contractor. By freeing advisors to focus on client service and core business functions, contractors can apply their specialized expertise, often leading to more effective marketing outcomes than an advisor could achieve alone. This collaboration not only enhances the firm's marketing efforts but also allows the advisor to allocate time and energy where it's most impactful, driving growth and fostering stronger client relationships. And with the right fit, an outsourced partner's insights can help elevate the firm's brand, positioning it more effectively in a competitive market and supporting long-term success!
