Financial service providers are reaching out to advisors more than ever before, according to research by Cogent Research. They are using more traditional means, like email and print mailings, but also are branching out into webinars and social media.
According to Cogent Research’s “Advisor Touchpoints” study, advisors receive an average of 126 contacts per month from product manufacturers, significantly more than the 110 touches per month reported a year ago and the 103 touches per month reported five years ago.
Cogent surveyed 1,700 financial advisors in the U.S. for its data.
Advisors largely regard provider email and external wholesaler visits as the most effective modes of communication. Preferences for mode vary significantly by the type of communications they receive. This year's report reveals that providers have significantly increased their reach across a variety of other mediums, including print mailings, webinar invitations, internal sales calls, and social media.
"Advisors have come to expect a multifaceted approach from providers. In fact, ETF providers are targeting advisors most frequently through social media," said Meredith Rice, senior product director. "These ancillary, often newer, mediums fortify the overall relationship between the advisor and provider."
Having increased the overall volume of touches, financial providers are getting closer to striking the right frequency advisors prefer, but companies must also ensure their messaging addresses advisor needs.
"With thought leadership, for example, providers face the arduous task of not only creating cutting-edge material, but also addressing the subjects advisors view as timely and informative," said Rice. "With so many providers clamoring for attention, there is an immediate need for providers to pinpoint the issues and ideas that matter most to advisors."