Financial advisers are not making the most of sponsorship opportunities, according to research that also revealed how much intermediaries are spending to push their services on the likes of Twitter.
A survey compiled by financial services PR consultancy MRM from the responses of 81 financial advisers found 49 per cent said they do not sponsor any events or activities as part of their business development strategy.
It also found 31 per cent of advisers have spent money on social media advertising during the past financial year with 11 per cent saying they have spent just £200 or less on social media marketing during this time and 3 per cent saying they spend over £500.
Michael Taggart, director at MRM, said: “For many financial advisers the concept of sponsorship can be transformative for their firm. Yet our research reveals that many still need to be persuaded about the benefits it can bring to their business.
“Ultimately, from both a business development and social responsibility standpoint, sponsorship truly makes sense, and we urge those sceptical of its benefits to take a step back and think again about how it can play a bigger part in their day-to-day work.”
It is easy for advisers to cast aside some of the tools in the marketing armoury, which can help boost their business. Martin BamfordMartin Bamford, managing director of Surrey-based Informed Choice, said his company has sponsored several local events including a charity 10k race, the Cranleigh Parish Boundary Challenge and a season of eight classical recitals at Cranleigh Arts Centre.
It also sponsored the new Cranleigh Literature Festival and the Cranleigh Food Festival, as well as the Cranleigh Art Exhibition.
He said: “At a time when the pressures on advisers to compete in the face of market and regulatory upheaval are bigger than ever, it is easy for advisers to cast aside some of the tools in the marketing armoury, which can help boost their business.
“Sponsorship is one of those strands of activity which, implemented successfully, can pay dividends in the commercial long-run.
“Speaking from personal experience, sponsorship has to be one of the pivotal strands to any successful marketing strategy.
“Aside from being a necessary business development tool, it is also a fantastic way for advisers to engage with their local communities – both in terms of striking up new business relationships and through championing worthwhile causes.”
damian.fantato@ft.com
