Should RIAs Build a War Chest for the Digital Ad Arms Race?
Competition is increasing for consumers' attention. Here's what advisors can do.
U.S. consumers spent more time on their mobile devices than watching TV last year for the first time, according to research firm eMarketer. With consumers glued to their phones, competition for their attention is fierce and financial firms are feeling the pinch.
Connecting with a potential client was far easier in an analog world. Print mailers and phone calls often did the trick. Today, “17 to 30 marketing touches” are required, said David Edwards, President and Wealth Advisor of New York-based Heron Wealth.
In response to this new reality, financial services firms have stepped up their spending, plowing $15.5 billion into digital marketing this year, according to eMarketer, a 76% increase from just three years ago.