For many financial advisors, their website is a critical tool for attracting new clients and building lasting relationships. However, reports indicate that almost 50% of visitors to financial services websites leave after viewing just one page – and that number is growing. For retail financial advisors, this challenge is even more pronounced. Many providers offer similar services and investment strategies. Beyond price and specific products, there is often little to distinguish them. As a result, potential customers, overwhelmed by similar options, may simply choose the easiest option to navigate. On the surface, this could be interpreted by advisers as a negative, but it points to a significant opportunity for improvement in how advisers engage with potential clients online.

Consider a typical user journey on an adviser's website: there is often little personalisation, with firms showing the same content to all visitors, regardless of their individual needs and knowledge. Contrast this with sectors like retail, where consumers are offered tailored experiences based on their browsing history, purchases, demographics and more. These tailored experiences create unique interactions, strengthen relationships and ultimately increase sales.

The Importance of Personalization in Financial Services

Personalization is not just a trend; it is a critical component of modern customer engagement. In the financial services sector, where trust and personal connections are paramount, a one-size-fits-all approach to delivering content is simply not enough. Companies can generate as much as 40% higher revenue through personalization. The same report shows that nearly three-quarters of customers (71%) expect a tailored experience, and in doing so acknowledges their unique financial goals, concerns and knowledge levels. By failing to provide this, advisers risk losing potential clients to competitors who offer a more personalized touch.

Customer journey data and customization

Visitors to any website leave a breadcrumb trail wherever they go, telling the website owner exactly what interests them and what doesn't. Using this data and connecting each digital profile to a real person can be difficult, but new technology makes it possible. Most importantly, there are ways to do this without compromising a potential customer's privacy.

For decades, one of the most important parts of a retail financial advisor's marketing arsenal was meetings, seminars and personal reports. Over time, these events moved online and are now a staple for even the biggest fund managers. It's easy to see why: a webinar on Zoom is much cheaper and easier for clients than a conference at a country club. And, unlike an in-person event, it can be recorded so that potential customers who are unable to attend live can still access the information shared.

The downside is the lack of impact: anyone can host a Zoom call and it doesn't necessarily communicate brand value. High-net-worth investors, in particular, are typically used to a white-glove level of service, so financial advisors will need to provide that. Data is the key to achieving this: by gathering information about potential customers, content can be tailored to them.

By using a unified platform that consolidates all content—articles, videos, webinars—financial advisors can simplify the user experience and create a data-rich environment. By analyzing user behavior on this platform, advisors can identify a host of patterns and trends.

The role of unified platforms

While traditional web analytics tools like Google Analytics provide insight into user behavior, they often provide a fragmented and anonymous view – you'll see that visitors may be leaving a certain page, but you won't know why. A comprehensive approach, which includes not only demographics and browsing history, but also content preferences and engagement metrics, enables true personalization. For example, if a prospect is deeply engaged with content and webinars on a specific topic, the platform can trigger timely, personalized outreach, driving a deeper connection. This approach helps in customer acquisition and strengthens relationships with existing customers.

Unified platforms offer several advantages:

1. Integrated content delivery: By hosting all types of content on a single platform, financial advisors can ensure a consistent user experience. This integration makes it easy to seamlessly transition between different types of content, such as switching from an informative article to a related video or webinar.
2. Comprehensive data collection: Unified platforms collect data from all user interactions, providing a more complete picture of customer behavior and preferences. This comprehensive collection of data is essential for developing effective personalization strategies.
3. Enhanced analytics: Advanced analytics tools integrated into unified platforms can process and analyze large volumes of data, identifying trends and patterns that may not be apparent through traditional analytics methods. This capability enables advisors to make data-driven decisions that increase client engagement.

By harnessing the power of data, financial advisors can transform the customer journey. Visits to your website will no longer feel like awkward presentations, but rather like ongoing conversations tailored to the specific needs and preferences of each individual investor. This transformation requires a shift from a fragmented approach to a cohesive, data-driven strategy.

Converting Visitors into Customers

Many websites today fail to make a lasting impression. They don't engage prospects effectively to build meaningful connections. By using audience engagement platforms, financial advisors can gain valuable insights into their audience's behavior and preferences, enabling them to deliver personalized experiences that drive engagement and loyalty.

Providing access to essential digital hospitality features and ensuring seamless communication across multiple channels is key to making every visit to your website feel like an ongoing conversation, not a first date.

Practical Steps for Financial Advisors

To effectively use intent data, financial advisors should consider the following steps:

1. Implement a unified platform: Choose a platform that can integrate all types of content and provide comprehensive analytics. This will simplify the user experience and facilitate data collection.
2. Analyze user behavior: Use advanced analytics tools to understand how customers interact with your content. Look for patterns in content consumption and engagement to adapt your communication efforts.
3. Personalize content delivery: Based on insights gained from data analysis, personalize content delivery for each user. This may include recommending articles, videos or webinars that match their interests and needs.
4. Improve communication: Ensure communication with customers is seamless and personalized. Use data-driven insights to inform your contact strategy, ensuring every interaction is relevant and timely.
5. Continuous improvement: Regularly review and adjust your strategy based on new data and feedback. Personalization is an ongoing process that requires constant refinement.

By embracing a data-driven approach and leveraging targeting data, financial advisors can significantly increase their client engagement efforts. This approach not only helps in attracting new customers, but also in building deeper and more meaningful relationships with existing ones. A personalized and seamless user experience is no longer a luxury, but a necessity in the competitive financial services landscape. Financial advisors who adapt to this new paradigm will be well positioned to succeed in an increasingly digital world.

Matt Ryan is Chief Transformation Officer at Reef, Powered by Totem.