Going Beyond Traditional Advisor Segments to Increase Marketing ROI

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Asset managers are collecting more data on financial advisors than ever but often struggle to transform their CRM systems into relevant and meaningful opportunities for advisor outreach and engagement. Undoubtedly, the competition for the attention and assets controlled by financial advisors (FAs) is intensifying, prompting many asset managers to seek better ways to target and communicate with advisors.

Data analytics and distribution teams spend about half of their time on data acquisition and data management, with just 14% of their time on more advanced analytics that fuel advisor segmentation and sales-lead generation, according to Applying Data to Distribution, a report by Ignites Research.* Perhaps more astonishingly, the report reveals that only one-third (39%) of asset managers incorporate advisors’ content preferences into advisors’ CRM systems, and one-fifth (11%) categorize financial advisors by types or “personas” that help determine their sales and marketing approach.

The current methods for segmenting the FA population for sales and marketing tend to be broad in nature and fail to take into account important differences in the attitudes, mind-set and preferences of FAs. Often, the desire to send more-targeted, customized communication is there, but firms fall short in their efforts to implement effective strategies given the additional time and money required to create their own proprietary models.

Cogent Reports offers a unique approach to filling this gap in the marketplace with Cogent Advisor Segments™, a model that enables asset managers to categorize their advisor contacts into one of four segments based on each advisor’s distinct communication preferences, adding a critical piece of intelligence to advisors’ respective CRM systems and databases and inevitably increasing ROI for targeted marketing campaigns.

Cogent Advisor Segments goes beyond the typical advisor categories of channel, AUM, tenure and product usage by classifying advisors into four segments based on their communication preferences—Insight Enthusiasts, Data Vaulters, Digital Devotees and Selective Oracles—highlighted below:

Cogent Advisor Segments Descriptions

In subsequent qualitative research centered on advisor retail marketing conducted in 2016, we saw these segments in action. Watch the video below to see real-life examples of these four distinct segments.

The Cogent Advisor Segments model is the culmination of years’ worth of research that centered upon four distinct phases from concept to real-life implementation.

Cogent Advisor Segments Development Timeline

The hard part is already done! There is little doubt that segmenting your audience and tailoring your message to advisors’ distinct needs and preferences produces the best results. For advisor-sold wealth management companies, Cogent Advisor Segments can quickly integrate into existing CRM systems, increasing marketing effectiveness and ROI for a fraction of the cost and time it would take a firm to develop its own segmentation model. Click below to learn more about how your firm can start seeing results.

More on Cogent Advisor Segments


* Ignites Research. Applying Data to Distribution, March 2017. http://distribution.ignites.com/report/section/1581763/184353

This entry was posted in Brand and Messaging, Financial Services, Segmentation and tagged , , , by Sonia Sharigian. Bookmark the permalink.
Sonia Sharigian

About Sonia Sharigian

Sonia is a product director for Cogent Reports with more than 10 years of experience in journalism, marketing and research. She has managed numerous qualitative and quantitative studies in the financial services industry, as well as the hospitality, consumer packaged goods and retail sectors. Prior to Market Strategies, Sonia served as a community manager for Communispace Corporation, where she helped major brands generate game-changing insights via online communities. She also worked as a public relations specialist for Putnam Investments and as a staff reporter for Community Newspaper Company. Sonia earned an MBA from Boston University School of Management and a bachelor’s degree in communications from Simmons College. She is an ardent Patriots fan who recently became hooked on sprint triathlons.

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