Summer Marketing Tip: Who's Managing Your Firm's Marketing?

A recent CNBC story discussed how financial advisory practices are businesses like any others, and those not affiliated with larger institutions need to come up with their own marketing plans. However, many simply don't have one.

According to the 2014 FA Insight Study showed:

• Only 50 percent of surveyed firms developed an annual marketing plan.
• Just 32 percent of firms had a position dedicated to marketing or new client growth.

Takeaways to consider for your marketing plan:

1. Target your market. "You can't be everything to everybody,"
2. Identify your value proposition. What makes you unique in what you do. 
3. Develop and execute your plan with explicit strategies and goals"Return on investment is key.

Read the full article on the CNBC FA Hub.