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Digital marketing key to attracting women to advice: Netwealth
Digital marketing key to attracting women to advice: Netwealth
New insight into how women search for financial advisers has highlighted the importance of investment in digital marketing.
ASX-listed wealth management firm Netwealth has published its 2023 Advisable Australian report, which includes the findings of a national survey of 681 women in the wealth industry.
The research has found almost 88 per cent of respondents have relied or would rely on their personal networks to source a financial adviser — 45 per cent rely on their family, friends or colleagues; 21 per cent rely on their banking relationship; and 20 per cent rely on their accountant.
Notably, 48 per cent leverage online tools to find a financial adviser, with Google searches the most common digital tool used by respondents (26 per cent), followed by online ratings and review websites (20 per cent), online forums (11 per cent), and social media (8 per cent).
The Netwealth research suggests the best social media platform for lead generation is Facebook (used by 79 per cent of women), followed by YouTube (57 per cent) and Instagram (53 per cent).
Meanwhile, LinkedIn is used by 18 per cent of women to find a financial planner, rising to 29 per cent among “emerging affluent” respondents — women under the age of 45 with a promising financial profile.
When asked what search terms women use when looking for a financial adviser, over 25 per cent enter “financial planner/adviser” or “financial planner nearby”.
Reflecting on the findings, Netwealth noted they illustrate the importance of investing in digital marketing channels.
“Marketing is part science, part art,” Netwealth noted in its report.
“There is no silver bullet, and it takes time — trying new approaches and learning which tactics work best and those that do not.
“Often, the hardest part for advice firms is to commit the time and energy. Marketing and attracting women through marketing activities will take the same effort of time and commitment, so we suggest you just start.”
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