Effective communication with financial advisors is crucial in today’s competitive asset management industry. With thousands of asset managers competing for the attention of approximately 300,000 financial advisors in the United States, standing out requires a strategic approach. Email remains a vital channel for reaching advisors, but ensuring your messages are delivered and read can be challenging.

This guide provides practical insights into email deliverability and offers solutions to common issues. We’ll also discuss alternative channels to help you connect with advisors beyond email.

Understanding Email Deliverability

Delivery vs. Deliverability

• Delivery refers to your emails successfully reaching the recipients’ email servers.
• Deliverability measures the likelihood of your emails landing in the primary inbox instead of the spam folder.
  
  Achieving high deliverability ensures that your emails are seen and can lead to engagement.

Factors Affecting Deliverability

Several elements influence whether your emails reach the inbox:

• Sender Reputation: Internet Service Providers (ISPs) assess your domain’s credibility based on past sending behavior.
• Email Content: Poorly crafted emails with spam-like language can trigger filters.
• Recipient Engagement: Low open and click rates indicate to ISPs that your emails may not be valuable.
• Authentication: Proper email authentication helps ISPs verify your identity.

Common Email Marketing Practices and Their Challenges

Utilizing Purchased Lists Thoughtfully

Starting with a purchased list from reputable data providers like Discovery Data, Fintrix, Dakota Data, or RIA Database is a common practice among asset managers. These lists can be an effective way to identify and reach your target audience of financial advisors.

Benefits of Purchasing Lists:

• Access to a Broad Audience: Quickly connects you with a large number of potential contacts.
• Targeted Data: Provides detailed information on advisors, allowing for more precise segmentation.
• Industry Standard: Recognized as a starting point in the asset management field.

Considerations for Using Purchased Lists:

While purchasing lists can be advantageous, it’s essential to be thoughtful about how you use them:

• Compliance with Regulations: Ensure that you adhere to laws like the CAN-SPAM Act and GDPR, which require proper consent before sending marketing emails.
• Quality Over Quantity: Focus on the relevance and accuracy of the data rather than just the number of contacts.
• Initial Engagement Strategy: Develop a plan to introduce your firm to these contacts in a respectful and value-driven manner.

Best Practices:

• Verify and Clean the List: Remove outdated or incorrect information to improve deliverability.
• Obtain Consent Where Possible: Consider reaching out individually to establish a relationship and gain permission for ongoing communications.
• Segment Your Audience: Use the data to tailor your messages to specific advisor types or interests.

By approaching purchased lists thoughtfully, you can maximize their effectiveness while minimizing potential risks.

Importance of Audience Segmentation

Segmenting your audience allows you to tailor content to specific advisor types, increasing relevance and engagement. Benefits include:

Solution: Invest time in segmenting your audience based on factors like advisor type, interests, and past interactions.

Building a Strong Sender Reputation

Email Authentication Protocols

Implementing authentication protocols helps ISPs verify that your emails are legitimate:

• DKIM (DomainKeys Identified Mail): Adds a digital signature to your emails.
• SPF (Sender Policy Framework): Specifies which servers can send emails on your behalf.
• DMARC (Domain-based Message Authentication, Reporting, and Conformance): Provides instructions to ISPs on handling unauthenticated emails.

Solution: Work with your IT team or email service provider to set up these protocols correctly.

Maintaining Positive Engagement Metrics

• Monitor Bounce Rates: Regularly clean your email list to remove invalid addresses.
• Encourage Engagement: Create compelling content that prompts recipients to open and interact with your emails.
• Provide Easy Opt-Out Options: Reduce spam complaints by allowing recipients to unsubscribe easily.

Solution: Continuously analyze your email metrics and adjust your strategy accordingly.

Compliance with Email Regulations

CAN-SPAM Act

This U.S. law requires:

• Accurate Subject Lines: Reflect the content of the email.
• Clear Identification: State that the email is an advertisement if applicable.
• Valid Physical Address: Include your mailing address.
• Easy Unsubscribe Mechanism: Provide a way for recipients to opt out.
• Prompt Unsubscribe Compliance: Honor opt-out requests quickly.

GDPR and Data Privacy

The General Data Protection Regulation (GDPR) affects anyone handling data from EU citizens:

• Explicit Consent: Obtain clear permission before sending emails.
• Data Access and Deletion Rights: Allow recipients to access or delete their data.
• Data Protection Measures: Implement safeguards to protect personal data.

Solution: Ensure your email practices comply with relevant regulations to avoid penalties and maintain trust.

Addressing Deliverability Issues with Wirehouse Advisors

Wirehouse firms often have strict email filters, making it difficult to reach their advisors.

Strategies to Overcome These Challenges

Solution: Focus on creating meaningful connections through various channels.

Exploring Alternative Channels to Reach Financial Advisors

Given the limitations of email, diversifying your outreach methods is important.

Content Marketing

• Publish Articles and Reports: Share expertise on industry trends and insights.
• Create Valuable Resources: Develop whitepapers or guides that advisors can use.

Social Media Engagement

• Leverage LinkedIn: Connect with advisors and share relevant content.
• Participate in Industry Discussions: Engage in groups and forums.

Webinars and Virtual Events

• Host Educational Sessions: Cover topics that address advisors’ challenges.
• Interactive Q&A: Allow for direct engagement and relationship building.

Direct Outreach and Networking

• Attend Industry Events: Meet advisors face-to-face.
• Personalized Messages: Use platforms like LinkedIn InMail for targeted outreach.

Solution: Utilize a mix of channels to increase your reach and engagement with advisors.

Developing an Effective Multi-Channel Communication Strategy

You can integrate multiple channels to connect with advisors effectively.

Steps to Create Your Strategy

1. Identify Your Audience Segments: Understand the specific needs of different advisor groups.
2. Select Appropriate Channels: Choose methods that best reach each segment.
3. Ensure Consistent Messaging: Maintain a unified brand voice across all platforms.
4. Measure Results: Use analytics to track performance and refine your approach.

Solution: Adopt a comprehensive plan that leverages the strengths of each channel while delivering consistent value.

Effective communication with financial advisors is essential for asset managers in a competitive market. Starting with a thoughtfully utilized purchased list can be a valuable first step in identifying your target audience. You can enhance your email deliverability by being mindful of how you use these lists, segmenting your audience, and adhering to best practices.

Additionally, exploring alternative channels and developing a multi-channel communication strategy will help you connect with advisors more effectively. Focus on providing value, respecting your audience’s preferences, and building genuine relationships. A strategic approach will help you stand out and achieve better results.