Video Marketing in the Wealth Management Industry

Video is rapidly becoming the most important form of media in the wealth management industry today. According to a study by the Content Marketing Institute, video content is the most effective form of content for building trust with potential clients in the financial industry. With the rise of online platforms and social media, video content is more accessible than ever before, and it has become an essential tool for wealth management firms looking to connect with their clients and prospects.

In addition, a study by Hubspot found that video content is also the most effective form of content for driving website traffic and lead generation. Videos can be used to provide a visual representation of complex financial concepts, making them more accessible and easy to understand for viewers. They can also be used to showcase a firm's expertise and build trust with potential clients.

Furthermore, a study by Animoto found that video is the most shared type of content on social media. This means that videos are more likely to be shared and viewed by a wider audience, providing wealth management firms with a greater reach and the ability to attract new clients.

Another study by the Aberdeen Group found that companies that use video in their marketing strategy see a 41% increase in web traffic from search engines. This is because video can be optimized with keywords and tags, making it more discoverable to potential clients searching for related topics.

Overall, video is a powerful and essential tool for wealth management firms looking to connect with their clients, educate them, and drive results. With the ability to build trust, increase website traffic and leads, reach a wider audience and boost search engine visibility, it is clear that video is a crucial component of any effective wealth management marketing strategy.

Sources:

• Content Marketing Institute: The State of Financial Services Content Marketing 2020

• Hubspot: The State of Video Marketing 2020

• Animoto: The Future of Video Marketing 2020

• Aberdeen Group: The Impact of Video Marketing in Financial Services Industry

Your Compliance Cheat Sheet for Wealth Management Videos

OPTIMUM FILMS, INC.

Video Compliance Cheat Sheet

1: Does your larger corporate entity have a compliance handbook?

As I covered earlier your parent company or underwriting brand will most likely have a handbook covering compliance in video production. If you don’t want to read it, that’s fine, but make sure your video producer gets it early. They will commit it to memory over the course of the project.

2. What rules are your firm currently following regarding the Series 65?

The rules have technically been changed to make it possible for IAR Series 65 holders to begin taking and using video testimonials. Many firms are holding off on taking advantage of the rule change until November 4th, 2022.

3. Who is your compliance liaison or regional marketing specialist?

Your regional marketing management or corporate level compliance will want to be informed BEFORE you start pre-production.

4. Introduce your video producer to your compliance officer early.

Assigning an administrative member of staff to handle communication from your office with your production team is standard, but you can save a lot of time in the compliance review process by just letting your video producer speak directly with the compliance officer reviewing your project.

5. Keep compliance looped in!

Show them the first cut just to make sure you are on the right track. Ask questions if you are unsure about something before letting an editor continue with further drafts. You could get pretty far down the wrong road and delay the project with costly extra edits.

BONUS

Keep in mind that when you approach your clients about taking part in your video, that you do not offer them gifts exceeding $100 unless you want the testimonial to be disclosed as a “Paid Endorsement”.

VIDEO COMPLIANCE FOR WEALTH MANAGEMENT

Producing videos for companies regulated by FINRA or the SEC can have many pitfalls, being aware of the guidelines will keep you on track. Through producing 100 videos for Northwestern Mutual Wealth Managers, consulting with a FINRA and SEC specialist, and also investing our personal time, we have become acutely aware of compliance guidelines and learned a lot about the FINRA and SEC guidelines that regulate your video’s production.

BASICS YOU SHOULD KNOW

Everyone knows about the rule regarding implied performance guarantees. This is an area that is critical to navigate during client testimonials and when team members explain products and services; but until recently there was a designation that prevented you from creating testimonial interviews. The rules around the series 65 have begun to change, but until the changes are fully instated November 4th of 2022, many people are choosing to play it safe. For more information or to read the compliance laws click here If you are part of a larger association of Financial Advisers and Wealth Management Advisors you may also be subject to some corporate compliance concerns. Large compliance departments provide associated firms with guides and information about how to produce and present your videos, but what if your group has not had prior experience with advertising and marketing through video? How can you be sure you won’t waste money on re-shoots or scrapping the project all together?

PREVENTING PROBLEMS

The obstacles for compliance and penalties for noncompliance can be daunting. That is why you need a team with experience producing your video. In most cases the best rules to follow are: Keep the video focused on experience and feeling, avoid language that sounds negative or consequential in tone, and focus on the core values of the firm that give the client’s piece of mind. These types of videos are documentary in nature and therefore it is very hard to prevent clients or even team members from sometimes stating things unintentionally out of compliance. You should structure the question formulation process with this in mind. In many cases it’s not even the service you provide that is the most important or poignant piece of the interview, but more how your service has freed them from worry, gifted them with opportunity, and secured a future for their family. That’s where the heart of your video is, and it has nothing to do with sanctioned language in the compliance handbook.

Should You Hire a Freelance Marketing Expert?

Hiring Freelance Marketing and Sales Experts Can Give Your Business an Edge

One way company owners can improve their marketing strategies and boost their sales is to hire free

lance professionals in these fields. This is a good choice for entrepreneurs who are dealing with challenges in a phase in business development, but who probably don’t need a salaried employee overseeing that aspect of their business all the time. The process can be a little tricky if you aren’t already familiar with it, though. That’s why Optimum Films has put together the following guide to help you.

How sales and marketing work hand in hand.

Sales and marketing are two distinct functions, but they are very closely tied together. The marketing side is all about preparing for and facilitating sales. A marketing expert will have an array of techniques at their fingertips, for generating interest and attracting prospects. The sales side has to do with managing relationships with those potential clients and customers and making the sale happen.

How sales and marketing experts can help your business.

Lots of business owners are also talented at marketing and sales. You may even have been trained in these fields. But that doesn’t mean you have the time to focus exclusively on analyzing your marketing campaigns, tweaking them, developing new ones, and comparing which strategies worked versus which ones didn’t. Similarly, while it’s great to interface with clients frequently, you don’t have the bandwidth to be there managing every sale. If marketing or sales are more sluggish than they should be, you should bring in the pros.

How to find great sales and marketing freelancers.

You may be able to find talented freelancers working already within your professional network. It’s always a good idea to get recommendations from colleagues or team members. If you don’t have contacts already in your network, you can post a job listing on an online job board. Or you could go directly to a freelancer site such as Fiverr or Upwork and check out different services and rates. When assessing different freelance candidates, look for evidence that they can perform as they claim they will. Also, talk to them and find out if they’ll be a good fit with your company and team.

The downsides of working with freelancers.

Hiring freelancers can be a great choice for the short term, but if you’re dealing with processes that are integral to your company, you should be working with people who are also integral to it and committed to its mission. When you hire freelancers they may be more affordable but they also have no particular reason to stay committed to you or your company. In addition, it can be more complicated to work with them if they are outside the company and not looped into ongoing discussion and organization.

Additional tools for boosting marketing and sales.

It’s crucial that you build a marketing strategy for your business that includes a mission statement, research, and an awareness of the competition. Also, especially in today’s digital era of social media, that strategy needs to incorporate strong visuals and video, which you can share over social media. Marketing your products and services on social media will require some kind of video component, especially if you want to capture the attention of those who use Instagram and TikTok. Perhaps most importantly, video is easy to share across different platforms; if your ad goes viral, you’ve essentially tapped into a fantastic form of free advertising. Last but not least, people who watch videos are 95 percent more likely to retain what they’ve seen when compared to reading.

There are plenty of affordable off-the-shelf services that can help you and your teams optimize your marketing and sales efforts. One of the most important ones to invest in is a CRM (customer relationship management) system. Also, look for marketing tools that will help you monitor SEO and communicate with clients.

Tools for keeping your teams running smoothly.

The most important tools for keeping your business running well are planning, organization, and communication. Using tech platforms and apps can help you and your teams all stay in sync together, whether you’re working with employees, freelancers, or both. Make sure all team members have access to needed tools and data, so you are all on the same page.

Consider your location.

Last but not least, if you’re just starting out, it's critical to choose the right location to run your business. That’s especially true if you work from home. Check with your local government, HOA and/or landlord to make sure you are allowed to operate, then appeal if needed. Naturally, you also need a location that’s conducive to focus and hard work. If your current residence doesn’t have the space for a dedicated office, research available apartments near Denver to see if there’s something else that’s better-suited to your needs.

Hiring a freelancer can help your business improve sales and marketing, while also staying within budget. Also, this can give employers the chance to test the waters and decide whether they do in fact need someone in that role full-time.

Optimum Films was founded in 2004 on the idea that entertainment was about people, and every person has a story. We have created entertainment that informed, enlightened, and inspired.

Schedule a Consult Today

Image via Pixabay