Using marketing to reduce adviser burnout
Leveraging innovative marketing techniques and technology will increase scale in advice practices as the same conversation can be had across numerous customers.
Speaking to Money Management, founder of Firefly Wealth, Adele Martin, said she was in the process of closing a pilot program with 10 advisers which had targeted ways to increase scale in advice businesses to reduce the likelihood of adviser burnout.
Having recently celebrated 20 years as a financial adviser, Martin said she had learned a lot of things that had helped her build scale in her business and maintain a healthy work-life balance.
“I see [advisers] burning out and working more hours than they’d like. They’re really struggling with the whole work life balance, particularly as we have just come from COVID-19 and the Royal Commission,” she said.
Martin said most of the advisers in her pilot program were relying too heavily on referral sources which she believed was a dangerous strategy.
“Most of them are just relying on referral sources [such as] accountants and solicitors. They're not doing their own marketing,” she said.
“The problem with that is they're getting in front of clients and they're trying to get married on the first day.”
Martin said her pilot program focused on three areas: improving marketing for new and existing customers through social media, email and events.
She said improvements in marketing technology through things like video, podcasting or live streaming improved efficiency in an advice practice as conversations could occur between adviser and customer at greater scale.
Martin said improving scale at the practice level was important to her because she did not want to see advisers dropping out of the industry from burnout, which would lead to fewer people receiving help with their money.
“If you help someone with their money… it improves their family's lives, it improves the community, It has this ripple effect.
“As financial advisers, I feel like we're in a very unique position and have a very privileged job that sometimes I think we forget that we have this huge effect.
“So if I can help support and train other advisers make it easier for them, I can help more people manage their money.”
AUTHOR
Liam Cormican
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