FA Marketing Spends 24% Up From 2020 With Mixed ROI: Broadridge Survey

NEW YORK, October 7, 2021 / PRNewswire / – Broadridge Financial Solutions, Inc. (NYSE: BR), a global leader in fintech, today released its third annual financial advisor marketing survey, which reveals advisors are once again focusing on growth in their practices through digital marketing, but there is a growing disparity in their results.

Average annual marketing spend of advisers increased to $ 16,090, from $ 12,939 in 2020, but their marketing return on investment is mixed. Only 15% of advisors say they are very satisfied with their marketing return on investment (ROI) and only 26% say they have a defined marketing strategy. Those who benefit: Advisors with a defined marketing strategy have on-board more than twice as many clients in the past twelve months than those who haven’t.

A majority of advisors focus their marketing spend on acquiring new clients rather than cross-selling existing clients. Advisors under 45 aggressively spend 70% of their marketing spend on acquiring new clients, compared to 57% for advisors over 55. Two-thirds of advisors (66%) are actively adding new clients, and 59% of advisors report an increase in inbound lead requests.

“Financial advisors are back on the offensive after a wait-and-see approach in 2020, increasing their marketing spend to develop their practices and reach new prospects. The time is right – the industry feels that demand from retail investors for advice and information has never been higher, ”said Kevin darlington, Managing Director, Broadridge. “That said, many advisors still struggle to execute a marketing strategy that draws a clear line with new client acquisition. Those who have taken the time to define and implement a cohesive digital strategy are twice as likely to be very satisfied with their marketing ROI. and are more confident in their ability to find new leads, convert leads, and meet their practice goals. “

From social media to video content, advisors plan to double their digital efforts

While advisors aim to track the channel and content preferences of their prospects, 89% say they share educational content and 40% say they got a prospect who became a customer directly through social media – up slightly from 37% in 2020 and 34% in 2019.

The top five advisers in the fields plan to invest more in the strongly digital future: social media, in-person events, websites, video content creation and digital media advertising.

Fifty-seven percent of advisors with a defined marketing strategy got a new client through social media, compared to just 34% of those without. Of all advisors who got a new client through social media, 71% got a lead on LinkedIn and 58% got a lead on Facebook. Only 6% say they do the same on Twitter, followed by Instagram (4%) and YouTube (3%).

Marketing priorities shift towards new audiences

Fewer advisers now cite baby boomers as their primary prospecting target than in any previous iteration of the annual survey (79% in 2021, up from 81% in 2020 and 83% in 2019). Thirteen percent of advisors now prioritize the Gen Y audience (up from 10% in 2020) and 58% of advisers now prioritize the Gen X audience (up from 46% in 2020).

Eighty-two percent of counselors expressed a willingness to target potential heirs, with 40% planning to target additional generations within clients’ families and 42% already doing so. More than a third of advisors (36%) plan to increase their marketing efforts outside of their region.

Only 3% of advisors currently include customer testimonials in their marketing materials, but 30% plan to start doing so.


The Broadridge survey was conducted by 8 Acre Perspective Corp. A total of 402 U.S. financial advisers across Wire, Regional, IBD and RIA channels responded to the survey, which was conducted in July 2021.

For more details on the survey methodology, please contact a Broadridge media representative.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a world leader in FinTech with $ 5 billion in revenue, provides the essential infrastructure that powers investment, corporate governance and communications to enable a better financial life. We deliver technology-driven solutions that drive business transformation for banks, brokers, asset and wealth managers and public companies. Broadridge’s infrastructure serves as a global communications hub for corporate governance by connecting thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operational platforms underpin the daily transactions of more than United States $ 9 trillion global equities, fixed income and other securities. Great Place to Work® certified, Broadridge is included in the S&P 500® index and employs more than 13,000 people in 21 countries.

For more information about us and what we can do for you, please visit www.broadridge.com.

Media contacts:
Matthieu luongo
Prosek Partners
+1 646.818.9279
[email protected]

SOURCE Broadridge Financial Solutions, Inc.

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