Practical Perspectives Sales and Marketing Report – Q4 2016
Asset management firms, insurance companies, broker-dealers, custodians, and other service firms rely heavily on email to deliver marketing and sales messages to financial advisors. The low cost, flexibility, speed, and broad reach of email makes it an ideal medium for marketing outreach to advisors. Yet many advisors appear frustrated by the volume of emails and there is evidence that the impact of email marketing is not being optimized and may actually be declining.
It is with this context that we examine financial advisors and how they react and respond to email marketing. This new 80 page report offers a detailed, data-driven examination of marketing and sales emails from the singular perspective of advisors. Our analysis looks at specific elements of email marketing including the volume of email advisors receive, the sources of emails advisors are most likely to consider, the characteristics that define the most impactful emails, and what actions typically ensue from these ongoing email efforts. Research findings are provided for the overall sample of over 675 financial advisors with separate break outs for RIAs, Full Service, and Independent advisors. The report is written to provide relevant and actionable information for a number of key constituents interested in using email more effectively as a marketing strategy and tactic.
Key Topic Areas: Email Marketing to Financial Advisors
Financial Advisors Engagement with Email Marketing
Financial Advisors Experience with Email Marketing
The Impact of Email Marketing on Advisors
To Order the Report
The study is available in PDF format for the subscription price of $2,950.
Introduction and Methodology
Asset management firms, insurance companies, broker-dealers, custodians, and other service firms rely heavily on email to deliver marketing and sales messages to financial advisors. The low cost, flexibility, speed, and broad reach of email makes it an ideal medium for marketing outreach to advisors. Yet many advisors appear frustrated by the volume of emails and there is evidence that email marketing is not being optimized and may actually be declining in effectiveness. Our goal in this new report is to offer a fresh data driven view that examines email marketing from the singular perspective of financial advisors and their needs, behaviors, and experiences. This in-depth report combines distinct research insights with practical, consulting oriented analysis. It offers perspectives on advisors current experience with marketing and sales email efforts, how providers and other sources can use email more effectively to engage with advisors, and what changes can enhance the likelihood advisors will pay attention to and take action from these email activities. The report is written to provide relevant and actionable information for a number of key constituents including asset managers, annuity providers, broker-dealers, distribution platforms, and other firms interested in crafting and delivering more effective emails to advisors.
“Email Marketing to Financial Advisors 2016” examines the marketing and sales emails targeted to advisors. For purposes of this study, marketing and sales emails were defined as emails from product providers, distribution platforms, service providers, or other sources that try to influence advisors to use their products, solutions, or services. Advisors were asked to exclude emails related to specific client servicing, compliance, regulatory, or operational issues or those from clients. Our analysis looks in detail at specific elements of email marketing including the volume of email advisors receive, the sources of emails advisors are most likely to consider, the characteristics that define the most impactful emails, and what actions typically ensue from these ongoing email efforts. The report also provides a detailed analysis by key channels to help product providers, distributors, and other sources develop and execute more effective email efforts designed for different types of advisors and their particular needs.
Among the key questions addressed in this report are:
· How much marketing or sales related email do advisors typically receive each day and from what key sources?
· How likely are advisors to pay attention to emails from key sources?
· How much time do advisors spend each day reviewing marketing and sales emails?
· What percentage of marketing and sales emails do advisors open, what percentage do they delete without opening, and what percentage lead advisors to take action?
· How has advisor experience with email marketing changed in the past 12 months?
· Which devices do advisors typically use to access marketing and sales emails?
· What specific actions do advisors typically take in response to marketing and sales emails?
· Which topics of marketing emails are of most interest to advisors in the coming 12 months?
· What factors distinguish the emails advisors are more likely to pay attention to and less likely to pay attention to?
· What are the key barriers to advisors paying greater attention to marketing emails and how can sources overcome these barriers?
· How effective is email marketing relative to other forms of marketing and sales outreach and what impact does it have on specific advisor attitudes and behaviors?
This report is based on input from a randomly selected cross-section of advisors across key channels. In September 2016, advisors were asked to participate in an online survey regarding product provider websites and web support. More than 675 advisors provided responses that are the basis for this report. Advisors did not receive any compensation for participation in the survey. The report breaks out data and findings for the entire sample and for key channels – Full Service, Independent, and RIA. In reviewing this report, note that all data presented is sourced through proprietary research unless otherwise noted.
Table of Contents
Section I: Executive Summary
Section II: Introduction and Methodology
Section III: Financial Advisors Engagement with Email Marketing
A. How much marketing or sales related email do advisors typically receive each day?
B. What are the key sources of the marketing and sales related emails advisors receive?
C. How likely are advisors to pay attention to email from key sources?
D. How much time do advisors spend each day reviewing marketing and sales related email?
E. What percentage of marketing and sales emails do advisors delete without opening?
F. What percentage of marketing and sales emails do advisors open?
G. What percentage of marketing and sales related emails result in advisors taking some direct action?
H. How has advisors experience with email marketing changed in the past year?
I. What devices do advisors typically use to access marketing and sales emails?
J. To what extent do advisors use email blocking software or technology?
Section IV: Advisors Experience with Email Marketing
A. What are advisors perceptions of the volume of marketing and sales related emails they receive?
B. What specific actions are advisors most likely to take in response to marketing and sales related emails?
C. To what extent do advisors focus on marketing and sales emails from specific sources?
D. What is the focus of marketing and sales emails advisors find most valuable?
E. Which topics for marketing and sales emails are of most interest to advisors in the coming 12 months?
F. What factors distinguish the marketing and sales emails advisors are most likely to pay attention to?
G. What factors distinguish the marketing and sales emails advisors are less likely to pay attention to?
H. What are the most significant barriers for advisors paying greater attention to marketing and sales emails?
I. What are the most important changes providers can make to increase the likelihood advisors will pay attention to marketing and sales emails?
J. Which specific sources provide the marketing and sales emails advisors find most useful?
Section V: The Impact of Email Marketing on Advisors
A. How does email rate relative to other forms of marketing outreach in getting advisors to pay attention and take action?
B. Overall, what impact does marketing and sales email efforts have on advisors?
C. What aspects of engagement with advisors are influenced most by marketing and sales emails?
D. What influence do marketing and sales emails have on advisor behaviors?
Section VI: Profile and Characteristics of Advisors
Section VII: Implications and Outlook
List of Exhibits
Exhibit 1: Daily Volume of Marketing and Sales Emails Received by Advisors
Exhibit 2: Daily Volume of Marketing and Sales Emails Received by Advisors by Channel
Exhibit 3: Volume of Daily Marketing and Sales Emails Advisors Receive by Source
Exhibit 4: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – Full Service Advisors......
Exhibit 5: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – Independent Advisors.....
Exhibit 6: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – RIAs
Exhibit 7: Likelihood of Advisors Paying Attention to Marketing and Sales Emails from Key Sources
Exhibit 8: Likelihood of Advisors Paying Attention to Marketing and Sales Emails from Key Sources by Channel
Exhibit 9: Time Spent Daily Reviewing Marketing and Sales Related Emails
Exhibit 10: Time Spent Daily Reviewing Marketing and Sales Related Emails by Channel
Exhibit 11: Percentage of Marketing and Sales Emails Advisors Delete Without Opening
Exhibit 12: Percentage of Marketing and Sales Emails Advisors Delete Without Opening by Channel
Exhibit 13: Percent of Marketing and Sales Emails Advisors Open
Exhibit 14: Percent of Marketing and Sales Emails Advisors Open by Channel
Exhibit 15: Percentage of Marketing and Sales Related Emails Causing Advisors to Take Action
Exhibit 16: Percentage of Marketing and Sales Related Emails Causing Advisors to Take Action by Channel.....
Exhibit 17: Change in Experience with Marketing and Sales Emails in Past Year
Exhibit 18: Change in Experience with Marketing and Sales Emails in Past Year by Channel
Exhibit 19: Devices Advisors Use to Access Email
Exhibit 20: Devices Advisors Use to Access Email by Channel
Exhibit 21: Use of Email Blocking Software or Technology
Exhibit 22: Use of Email Blocking Software or Technology by Channel
Exhibit 23: Perception of Volume of Marketing and Sales Emails Advisors Receive
Exhibit 24: Perception of Volume of Marketing and Sales Emails Advisors Receive by Channel
Exhibit 25: Actions Taken by Advisors in Response to Marketing and Sales Emails
Exhibit 26: Actions Taken by Advisors in Response to Marketing and Sales Emails by Channel
Exhibit 27: Paying Attention to Marketing and Sales Emails – Specific Providers vs. Random Act
Exhibit 28: Paying Attention to Marketing and Sales Emails – Specific Providers vs. Random Act by Channel.....
Exhibit 29: Focus of Marketing and Sales Emails Most Valuable to Advisors
Exhibit 30: Focus of Marketing and Sales Emails Most Valuable to Advisors by Channel
Exhibit 31: Investment Focus of Marketing and Sales Emails
Exhibit 32: Investment Focus of Marketing and Sales Emails by Channel
Exhibit 33: Topics of Marketing and Sales Emails of Most Interest to Advisors
Exhibit 34: Topics of Marketing and Sales Emails of Most Interest to Advisors by Channel
Exhibit 35: Factors Advisors Associate with Paying Attention to Marketing and Sales Emails
Exhibit 36: Factors Advisors Associate with Paying Attention to Marketing and Sales Emails by Channel
Exhibit 37: Factors Advisors Associate with Less Likely to Pay Attention to Marketing and Sales Emails
Exhibit 38: Factors Advisors Associate with Less Likely to Pay Attention to Marketing and Sales Emails by Channel
Exhibit 39: Barriers to Advisors Paying Greater Attention to Marketing and Sales Emails
Exhibit 40: Barriers to Advisors Paying Greater Attention to Marketing and Sales Emails by Channel
Exhibit 41: Changes to Increase the Likelihood of Paying Attention to Marketing and Sales Emails
Exhibit 42: Changes to Increase the Likelihood of Paying Attention to Marketing and Sales Emails by Channel...
Exhibit 43: Sources of Most Useful Marketing and Sales Emails
Exhibit 44: Sources of Most Useful Marketing and Sales Emails by Channel
Exhibit 45: Likelihood of Paying Attention to Marketing and Sales Emails Relative to Other Marketing Outreach Advisors Receive
Exhibit 46: Method of Marketing and Sales Outreach Most Likely to Get Advisors Attention
Exhibit 47: Type of Marketing and Sales Outreach Most Likely to Get Advisors to Take Action
Exhibit 48: Likelihood of Paying Attention to Marketing and Sales Emails Relative to Other Marketing Outreach Advisors Receive by Channel
Exhibit 49: Method of Marketing and Sales Outreach Most Likely to Get Advisors Attention by Channel
Exhibit 50: Type of Marketing and Sales Outreach Most Likely to Get Advisors to Take Action by Channel
Exhibit 51: Overall Impact of Marketing and Sales Emails on Advisors
Exhibit 52: Overall Impact of Marketing and Sales Emails on Advisors by Channel
Exhibit 53: Impact of Marketing and Sales Emails on Engagement with Advisors
Exhibit 54: Impact of Marketing and Sales Emails on Engagement with Advisors by Channel
Exhibit 55: Influence on Advisor Behaviors
Exhibit 56: Influence on Advisor Behaviors by Channel
Exhibit 57: Profile of Advisors by Key Characteristics
Asset management firms, insurance companies, broker-dealers, custodians, and other service firms rely heavily on email to deliver marketing and sales messages to financial advisors. The low cost, flexibility, speed, and broad reach of email makes it an ideal medium for marketing outreach to advisors. Yet many advisors appear frustrated by the volume of emails and there is evidence that the impact of email marketing is not being optimized and may actually be declining.
It is with this context that we examine financial advisors and how they react and respond to email marketing. This new 80 page report offers a detailed, data-driven examination of marketing and sales emails from the singular perspective of advisors. Our analysis looks at specific elements of email marketing including the volume of email advisors receive, the sources of emails advisors are most likely to consider, the characteristics that define the most impactful emails, and what actions typically ensue from these ongoing email efforts. Research findings are provided for the overall sample of over 675 financial advisors with separate break outs for RIAs, Full Service, and Independent advisors. The report is written to provide relevant and actionable information for a number of key constituents interested in using email more effectively as a marketing strategy and tactic.
Key Topic Areas: Email Marketing to Financial Advisors
Financial Advisors Engagement with Email Marketing
- How much marketing email do advisors receive and from which key sources?
- To what extent do advisors pay attention to and take action as a result of email marketing?
- How has advisor experience with key aspects of email marketing been changing in the past year?
- Which devices do advisors typically use to access marketing emails?
Financial Advisors Experience with Email Marketing
- How do advisors perceive the volume of email marketing they receive?
- What actions are advisors most likely to take in response to email marketing?
- What are the characteristics of marketing emails advisors are more likely and less likely to consider?
- What are the key barriers to advisors paying greater attention to email marketing and what changes could improve the likelihood advisors will respond to email marketing?
- Which topics of email marketing are of most interest to advisors?
- Which firms offer advisors the most useful email marketing?
The Impact of Email Marketing on Advisors
- How effective is email marketing relative to other forms of marketing outreach?
- What impact does email marketing have on advisors and how much influence does it have on key behaviors?
To Order the Report
The study is available in PDF format for the subscription price of $2,950.
Introduction and Methodology
Asset management firms, insurance companies, broker-dealers, custodians, and other service firms rely heavily on email to deliver marketing and sales messages to financial advisors. The low cost, flexibility, speed, and broad reach of email makes it an ideal medium for marketing outreach to advisors. Yet many advisors appear frustrated by the volume of emails and there is evidence that email marketing is not being optimized and may actually be declining in effectiveness. Our goal in this new report is to offer a fresh data driven view that examines email marketing from the singular perspective of financial advisors and their needs, behaviors, and experiences. This in-depth report combines distinct research insights with practical, consulting oriented analysis. It offers perspectives on advisors current experience with marketing and sales email efforts, how providers and other sources can use email more effectively to engage with advisors, and what changes can enhance the likelihood advisors will pay attention to and take action from these email activities. The report is written to provide relevant and actionable information for a number of key constituents including asset managers, annuity providers, broker-dealers, distribution platforms, and other firms interested in crafting and delivering more effective emails to advisors.
“Email Marketing to Financial Advisors 2016” examines the marketing and sales emails targeted to advisors. For purposes of this study, marketing and sales emails were defined as emails from product providers, distribution platforms, service providers, or other sources that try to influence advisors to use their products, solutions, or services. Advisors were asked to exclude emails related to specific client servicing, compliance, regulatory, or operational issues or those from clients. Our analysis looks in detail at specific elements of email marketing including the volume of email advisors receive, the sources of emails advisors are most likely to consider, the characteristics that define the most impactful emails, and what actions typically ensue from these ongoing email efforts. The report also provides a detailed analysis by key channels to help product providers, distributors, and other sources develop and execute more effective email efforts designed for different types of advisors and their particular needs.
Among the key questions addressed in this report are:
· How much marketing or sales related email do advisors typically receive each day and from what key sources?
· How likely are advisors to pay attention to emails from key sources?
· How much time do advisors spend each day reviewing marketing and sales emails?
· What percentage of marketing and sales emails do advisors open, what percentage do they delete without opening, and what percentage lead advisors to take action?
· How has advisor experience with email marketing changed in the past 12 months?
· Which devices do advisors typically use to access marketing and sales emails?
· What specific actions do advisors typically take in response to marketing and sales emails?
· Which topics of marketing emails are of most interest to advisors in the coming 12 months?
· What factors distinguish the emails advisors are more likely to pay attention to and less likely to pay attention to?
· What are the key barriers to advisors paying greater attention to marketing emails and how can sources overcome these barriers?
· How effective is email marketing relative to other forms of marketing and sales outreach and what impact does it have on specific advisor attitudes and behaviors?
This report is based on input from a randomly selected cross-section of advisors across key channels. In September 2016, advisors were asked to participate in an online survey regarding product provider websites and web support. More than 675 advisors provided responses that are the basis for this report. Advisors did not receive any compensation for participation in the survey. The report breaks out data and findings for the entire sample and for key channels – Full Service, Independent, and RIA. In reviewing this report, note that all data presented is sourced through proprietary research unless otherwise noted.
Table of Contents
Section I: Executive Summary
Section II: Introduction and Methodology
Section III: Financial Advisors Engagement with Email Marketing
A. How much marketing or sales related email do advisors typically receive each day?
B. What are the key sources of the marketing and sales related emails advisors receive?
C. How likely are advisors to pay attention to email from key sources?
D. How much time do advisors spend each day reviewing marketing and sales related email?
E. What percentage of marketing and sales emails do advisors delete without opening?
F. What percentage of marketing and sales emails do advisors open?
G. What percentage of marketing and sales related emails result in advisors taking some direct action?
H. How has advisors experience with email marketing changed in the past year?
I. What devices do advisors typically use to access marketing and sales emails?
J. To what extent do advisors use email blocking software or technology?
Section IV: Advisors Experience with Email Marketing
A. What are advisors perceptions of the volume of marketing and sales related emails they receive?
B. What specific actions are advisors most likely to take in response to marketing and sales related emails?
C. To what extent do advisors focus on marketing and sales emails from specific sources?
D. What is the focus of marketing and sales emails advisors find most valuable?
E. Which topics for marketing and sales emails are of most interest to advisors in the coming 12 months?
F. What factors distinguish the marketing and sales emails advisors are most likely to pay attention to?
G. What factors distinguish the marketing and sales emails advisors are less likely to pay attention to?
H. What are the most significant barriers for advisors paying greater attention to marketing and sales emails?
I. What are the most important changes providers can make to increase the likelihood advisors will pay attention to marketing and sales emails?
J. Which specific sources provide the marketing and sales emails advisors find most useful?
Section V: The Impact of Email Marketing on Advisors
A. How does email rate relative to other forms of marketing outreach in getting advisors to pay attention and take action?
B. Overall, what impact does marketing and sales email efforts have on advisors?
C. What aspects of engagement with advisors are influenced most by marketing and sales emails?
D. What influence do marketing and sales emails have on advisor behaviors?
Section VI: Profile and Characteristics of Advisors
Section VII: Implications and Outlook
List of Exhibits
Exhibit 1: Daily Volume of Marketing and Sales Emails Received by Advisors
Exhibit 2: Daily Volume of Marketing and Sales Emails Received by Advisors by Channel
Exhibit 3: Volume of Daily Marketing and Sales Emails Advisors Receive by Source
Exhibit 4: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – Full Service Advisors......
Exhibit 5: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – Independent Advisors.....
Exhibit 6: Volume of Daily Marketing and Sales Emails Advisors Receive by Source – RIAs
Exhibit 7: Likelihood of Advisors Paying Attention to Marketing and Sales Emails from Key Sources
Exhibit 8: Likelihood of Advisors Paying Attention to Marketing and Sales Emails from Key Sources by Channel
Exhibit 9: Time Spent Daily Reviewing Marketing and Sales Related Emails
Exhibit 10: Time Spent Daily Reviewing Marketing and Sales Related Emails by Channel
Exhibit 11: Percentage of Marketing and Sales Emails Advisors Delete Without Opening
Exhibit 12: Percentage of Marketing and Sales Emails Advisors Delete Without Opening by Channel
Exhibit 13: Percent of Marketing and Sales Emails Advisors Open
Exhibit 14: Percent of Marketing and Sales Emails Advisors Open by Channel
Exhibit 15: Percentage of Marketing and Sales Related Emails Causing Advisors to Take Action
Exhibit 16: Percentage of Marketing and Sales Related Emails Causing Advisors to Take Action by Channel.....
Exhibit 17: Change in Experience with Marketing and Sales Emails in Past Year
Exhibit 18: Change in Experience with Marketing and Sales Emails in Past Year by Channel
Exhibit 19: Devices Advisors Use to Access Email
Exhibit 20: Devices Advisors Use to Access Email by Channel
Exhibit 21: Use of Email Blocking Software or Technology
Exhibit 22: Use of Email Blocking Software or Technology by Channel
Exhibit 23: Perception of Volume of Marketing and Sales Emails Advisors Receive
Exhibit 24: Perception of Volume of Marketing and Sales Emails Advisors Receive by Channel
Exhibit 25: Actions Taken by Advisors in Response to Marketing and Sales Emails
Exhibit 26: Actions Taken by Advisors in Response to Marketing and Sales Emails by Channel
Exhibit 27: Paying Attention to Marketing and Sales Emails – Specific Providers vs. Random Act
Exhibit 28: Paying Attention to Marketing and Sales Emails – Specific Providers vs. Random Act by Channel.....
Exhibit 29: Focus of Marketing and Sales Emails Most Valuable to Advisors
Exhibit 30: Focus of Marketing and Sales Emails Most Valuable to Advisors by Channel
Exhibit 31: Investment Focus of Marketing and Sales Emails
Exhibit 32: Investment Focus of Marketing and Sales Emails by Channel
Exhibit 33: Topics of Marketing and Sales Emails of Most Interest to Advisors
Exhibit 34: Topics of Marketing and Sales Emails of Most Interest to Advisors by Channel
Exhibit 35: Factors Advisors Associate with Paying Attention to Marketing and Sales Emails
Exhibit 36: Factors Advisors Associate with Paying Attention to Marketing and Sales Emails by Channel
Exhibit 37: Factors Advisors Associate with Less Likely to Pay Attention to Marketing and Sales Emails
Exhibit 38: Factors Advisors Associate with Less Likely to Pay Attention to Marketing and Sales Emails by Channel
Exhibit 39: Barriers to Advisors Paying Greater Attention to Marketing and Sales Emails
Exhibit 40: Barriers to Advisors Paying Greater Attention to Marketing and Sales Emails by Channel
Exhibit 41: Changes to Increase the Likelihood of Paying Attention to Marketing and Sales Emails
Exhibit 42: Changes to Increase the Likelihood of Paying Attention to Marketing and Sales Emails by Channel...
Exhibit 43: Sources of Most Useful Marketing and Sales Emails
Exhibit 44: Sources of Most Useful Marketing and Sales Emails by Channel
Exhibit 45: Likelihood of Paying Attention to Marketing and Sales Emails Relative to Other Marketing Outreach Advisors Receive
Exhibit 46: Method of Marketing and Sales Outreach Most Likely to Get Advisors Attention
Exhibit 47: Type of Marketing and Sales Outreach Most Likely to Get Advisors to Take Action
Exhibit 48: Likelihood of Paying Attention to Marketing and Sales Emails Relative to Other Marketing Outreach Advisors Receive by Channel
Exhibit 49: Method of Marketing and Sales Outreach Most Likely to Get Advisors Attention by Channel
Exhibit 50: Type of Marketing and Sales Outreach Most Likely to Get Advisors to Take Action by Channel
Exhibit 51: Overall Impact of Marketing and Sales Emails on Advisors
Exhibit 52: Overall Impact of Marketing and Sales Emails on Advisors by Channel
Exhibit 53: Impact of Marketing and Sales Emails on Engagement with Advisors
Exhibit 54: Impact of Marketing and Sales Emails on Engagement with Advisors by Channel
Exhibit 55: Influence on Advisor Behaviors
Exhibit 56: Influence on Advisor Behaviors by Channel
Exhibit 57: Profile of Advisors by Key Characteristics
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