• by Ray Schultz , Columnist, October 8, 2018

Logic suggests that fund managers can market to financial advisors as much as they want in an exploding market. Wrong. 

Those folks are busy, too. That’s why their favorite method of hearing from fund managers is email, according to a study by SunStar Strategic powered by Discovery Data.  

Email is preferred by almost 75% for receiving information because it is “quick, convenient, on-demand,” the study states. In addition, 77% open emails from known senders.

Emails “can be read at any time of day when it’s convenient to the advisor,” the study adds. “Any link or downloads can be retrieved on-demand. Items can be printed and notes can be taken."

Webinars are a distant second choice. But many financial advisors like them, especially webinars that offer educational credits for participation.

Podcasts are unpopular, and 80% prefer print over video. 

How do advisors want to hear directly from fund companies? Again, by email, with 62% preferring that option. In contrast, 11% desire in-person contact and 8% want conference meetings. 

That doesn’t mean you can email them at will. Of those surveyed, 60% preferred mails quarterly. Only a tiny fraction want them weekly, and about 25% desire them annually at most. 

Overall, these results suggest that fund managers need platforms for sending personalized emails at the desired times, and for pinging them when they need to reach out personally. 

As for social media: 40% of financial advisors say that they don’t use it for business or that it’s unimportant. Another 44% say it’s very important, and 16% somewhat so. But it is growing.

LinkedIn is a preferred social platform for 90%, with barely 25% citing Facebook, and even fewer using Twitter or Instagram.

Whatever you do, don’t phone them—only 4% would welcome that call. “While some advisors welcome occasional phone calls or website visits, just as many prefer no personal contact at all.” Indeed, 11% choose that option.

Still, financial advisors need information to share with their own constituents, and 86% say they find value in a fund’s website.  The top features they want? First, that there’s meaningful content (88%); second, that the sites are easy to use (80%). 

Financial advisors also rely on media for financial information. Their preferred sources: The Wall Street Journal, Morningstar, Bloomberg, Barron’s, Fox Business, MarketWatch, Yahoo Finance, Forbes and CNM Money.

What do they need to know? “Advisors want to know your story, key message, differentiator,” the study states.

They also seek macro data. And they want to know your views on the market.

Finally, they want to be told when your funds are doing badly. “Don’t gloss over poor performance,” the study advises.