Fewer than half of financial advisers sponsor activities or events, finds new research
- MRM survey finds that, despite knowing value of sponsorship, 49% of financial advisers are not committing to sponsorship
- Survey also reveals advisers are aware of digital media’s pivotal role in driving their marketing strategy
- Advisers’ marketing budgets continue to be squeezed despite increased understanding of the important role played by sponsorship and digital marketing
Financial advisers are missing out on the potential new business benefits of sponsorship according to a national survey (see page 11) compiled by financial services PR consultancy MRM.
Some 49% of advisers surveyed said that they do not sponsor any events or activities as part of their business development strategy.
The survey is featured as part of MRM’s newly-launched report entitled ‘The Death of the Chairman’s Whim: making the most of your sponsorship in a digital age’, which assesses the current state of corporate sponsorship and its future relevance to financial advisers in an era when social media is setting the agenda more than ever.
The report also suggests that advisers who do explore sponsorship are more aware of the value of digital media in looking to attract new clients. Of those advisers involved in sponsorship, 98% said they used digital media to support their activities. And LinkedIn emerging as the preferred platform for 98% of those using digital media to support sponsorships.
Other findings revealed include:
- 31% of advisers have spent money on social media advertising during the past financial year
- 11% stated that they have spent just £200 or less on social media marketing during this time, with only 3% saying they spend over £500
In response to the findings, Michael Taggart, Director (Social & Digital) 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 pto 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.
“MRM’s report delves into the detail behind the concept, and should be regarded as a handy companion to any advisers seeking to broaden their involvement in sponsorship initiatives.”
Speaking for the report, Martin Bamford, IFA and Managing Director of Informed Choice, said:
“At a time when the pressures on advisers to compete in the face of market and regulatory upheaval are bigger than ever, it’s 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’s 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.
For more information on the report, or to download it, click www.bit.ly/chairmanMRM.
 These survey results were compiled using responses taken from 81 financial advisers across four Illuminate Live events hosted by Nucleus, the adviser-built wrap platform