How to Keep Financial Advisors Compliant

Filed in Marketing Ideas on June 27, 2017 by

A wealth management organization’s most valuable asset is their reputation.

Brand and legal compliance are areas where advisors can cause havoc, and potentially cost your organization huge fines and penalties, with rogue behavior.

Brand compliance is not top-of-mind for advisors. They are already spending too much of their time on administrative tasks, so making sure they’ve got the most current marketing message, style guide, or creative isn’t their priority.

Advisors know your customers inside and out. They know which products your clients want, and why. They’re listening to stories from clients that need help saving, retiring, or getting out of debt. But advisors are not recording this data so it is shared with the entire company.

Months later, when the customer experience is in chaos and bi-directional communication to the customer is suffering, long-term gains will suffer.

Because financial industries face strict legal requirements, the cost of failing to meet legal compliance can be much higher and more immediate. Violating confidentiality laws or the hundreds (thousands!) of financial regulations can slap an organization with serious fines or worse. The infraction may be as slight as mishandling customer communication preferences.

Today 75% of the average corporation’s value is intangible (Forbes, 2010).

The cost of losing your brand is high:

  • Misaligned expectations, conflicting ideas and incorrect value propositions will compromise trust and sink the customer experience.
  • Millions spent in television, radio and digital spend can go up in smoke if you’ve got rogue advisors remessaging your brand, wrecking your marketing strategy.

Fines or lawsuits from compliance breaches deplete your bank account and deplete the public’s trust in your organization.

help your advisors stay compliant with the right tools

Take Compliance Out of Advisors’ Hands

Staying on brand isn’t easy when you have a distributed sales force. The core solution is keeping communication open between advisors and marketing.

  • Work together with advisors to develop brand guidelines. Focus on actionable steps advisors must take to enforce your brand. Make the rules simple to implement, because if they’re not, advisors will likely skip the steps.
  • Create customizable, but marketing-controlled content. Lock down select visuals, messages and disclaimers, while allowing advisors to personalize, customize and edit content so it resonates in their market.
  • Distribute content to appropriate advisors. Use permission based tagging so financial advisors see only the information they’re approved to see.
  • Integrate content access with ERP software. If your organization uses ERP management software to keep legal compliance intact, find ways to connect it to your content libraries. Content should be accessible based on department, title, role or other identifiers.

Keeping your brand consistent is a team effort. Don’t fight the independent nature of advisors, just set them up with the right content at every stage of the sale. Our guidebook will help your advisors succeed in the age of the customer.


Want more tips for bringing marketers and advisors together? Check out these articles:


Learn how to bring marketers and advisors together

Tags: , ,

Comments are closed.