Advisors will probably say they don't need a study to tell them they're barraged by product pitches; for manufacturers, however, the results could be eye-opening.
The typical advisor receives 50 to 100 different marketing and sales contacts a week in various formats, according to a new report from the Boston-based research and consulting firm Practical Perspectives.
Additionally, the report, “Communicating with Financial Advisors–Insights and Opportunities 2013,” found roughly one in three advisors indicate they actually receive significantly more communications.
“Many advisors find the volume of marketing and sales contact to be overwhelming and are challenged to devote time to reflect on these outreach efforts,” the report says. “Consequently, a large portion of the messaging is given cursory attention or ignored, especially from firms that advisors are not currently engaged with.”
Howard Schneider, Practical Perspectives’ president and author of the report, says advisors see benefit in the marketing and sales outreach they receive from product providers and other sources, but most don’t have the time to digest the messages given other day-to-day priorities.
“Providers are spending countless resources on outreach each year to build awareness, loyalty and sales,” Schneider says. “Many advisors indicate these contacts do influence key factors such as their willingness to consider a particular provider or their loyalty to a provider. The struggle for firms is to use best practices to gain advisors' attention in a highly cluttered environment with so many firms competing for the chance to connect.”
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Additional findings of the report include:
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