How to Hire a Branding Agency as a Financial Advisor
Rebecca Lake, CEPF®
6 min read
If you're struggling to develop your unique identity and voice in the marketplace, you might consider hiring a branding agency. Branding agencies work with business owners to help them flesh out and maintain the brand image they use to sell their products or services. If that sounds like something you could benefit from, it's important to understand how to choose a good branding agency for financial advisors, and what you can expect when working with one.
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What Is Branding?
Branding is the cultivation of a unique image that represents what a business is about. It's your firm's logo, the colors you use in your marketing materials, your tagline – in short, it's what identifies you in the advisory landscape.
Why should financial advisors care about branding? Some might argue that branding is irrelevant for advisors, but consider this. When you think of the largest brokerages or wealth management firms, what names come to mind? Fidelity? Vanguard? Morgan Stanley?
These names stand out in part because they have a recognizable brand image. Vanguard, for instance, is synonymous with low-cost index funds and ETFs.
That's not an accident. What these larger firms understand is that branding matters. Advisors who actively build their brands are in a stronger position to stand out in the marketplace. It's easier to foster trust and grow an audience when your branding delivers a clear message and is consistent across the various channels you use to market your business.
What Is a Branding Agency?
Working with a branding agency for financial advisors can help you clarify what you want to say and how you want to say it.
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A branding agency is a company that specializes in helping businesses develop their brands. Branding agencies work with new and established businesses to:
Crystalize their brand identity visually
Formulate a brand strategy that's centered around the business's mission, values and goals
Craft brand messaging that telegraphs the business's desired messaging to its desired audience
Ensure consistency in branding and marketing materials
Track key metrics to assess brand performance and adjust the business's branding strategy as needed
Working with a branding agency for financial advisors can help you clarify what you want to say and how you want to say it. Agencies that specialize in working with financial professionals understand the nature of the advisory landscape and the type of messaging that's most likely to resonate with prospective clients.
Should Financial Advisors Hire a Branding Agency?
Whether it makes sense to work with a branding agency centers on your business's goals and the pain points you have in developing a marketing strategy. You might consider hiring a branding agency for advisors if you:
Have no idea where to begin with building a brand
Feel that your existing branding is not cohesive or is lacking in some way that you can't clearly identify
Struggle with maintaining consistency in your branding from one channel to another
Would like to undertake a complete rebrand and need help nailing down your messaging
Branding agencies have expertise that advisors often lack, which can be reassuring if you want to build a recognizable brand but are unsure how to do it. The trade-off is that you'll pay for that expertise, which may or may not fit into your existing marketing budget.
How to Choose a Branding Agency for Financial Advisors
There are plenty of branding agencies to choose from, but not all may be right for your needs. Here are some things to weigh as you consider the options.
Client base. When comparing agencies, look at who their clients are. Do they work exclusively with financial advisors or is their client base much broader? Do they count any of your competitors among your clients? Doing some initial research can give you a better idea of the kind of work the company does.
Services. Branding agencies can offer a variety of services, and some may be more comprehensive than others. Look at what an agency offers and compare that against your firm's needs to see if they're in alignment.
Communication and collaboration. Branding firms may approach communication and collaboration differently. Some may offer more frequent updates than others, for instance, or expect you to play more of a hands-on role in shaping your brand identity. It's important to be clear about how communication and collaboration will work so that you don't go into the relationship with unrealistic expectations.
Cost. Cost is always an important concern when you're spending money on marketing and promotion. If you've identified a branding agency you're interested in working with, ask for a detailed breakdown of what you can expect to pay.
User experience. Your overall user experience matters when working with a branding agency, as you want to feel that you're being heard and that the end product is what you want. Reading reviews from advisors who have used the agency's services can offer insight into what the user experience is like.
If you're struggling to select an agency to work with, consider asking other advisors you know for recommendations. They may be able to point you in the direction of a branding agency that's equipped to meet the needs of growth-minded advisors.
Frequently Asked Questions (FAQs)
Do Advisors Need to Build a Personal Brand?
Branding is just as important for financial advisors as it is for other businesses. Your brand is your calling card, so to speak, and you want the first impression you make on a prospective client to be a good one. That extends to both online and offline marketing channels.
What Is a Financial Advisor Branding Statement?
A branding statement is a brief description of who you are and what you do, similar to an elevator pitch. Developing a personal brand statement allows you to convey a specific message to your ideal clients about the value you offer.
How Do I Brand Myself As a Financial Advisor?
Creating your brand starts with identifying your mission, values and what makes you different from other financial advisors. For example, who do you serve? How do you help your clients? What do you bring to the table that other advisors lack? Answering these questions can help you to lay the groundwork for your firm's brand strategy.
Bottom Line
An advisor and branding agency review the advisor's branding statement.
Branding can give you a competitive advantage and help you connect with prospective clients who could benefit from what you have to offer. Researching branding agencies for financial advisors can help you find the right company to work with if you need help developing your brand image.
Tips for Growing Your Advisory Business
Digital marketing is an effective way to promote your brand online. Email newsletters, social media and digital ads are just some of the ways you can increase your brand's visibility. If you're looking for ways to streamline some of your promotional efforts, you might consider partnering with an advisor marketing platform. SmartAsset AMP uses a holistic approach to help reach growth goals. Schedule a demo to learn how you can leverage it for your business.
Branding can help you build loyalty among your existing clients, which may lead to more referrals. Referrals are one of the best ways to grow your business, and you can encourage them by providing superior service and being consistent with your brand messaging.
