Having run Monstah Mash for the past few years my bread and butter is sports blogging. However the world of finance has always been something near and dear to me as well. In fact before jumping into the world of technology, the world of wealth management was what I had originally set my eyes on. And that is why blogging in private wealth management will be the subject of this week’s blog post.
Woah Tyler you think, blogging in private wealth management?
Well dear reader, I can’t fault you for feeling that way. It’s pretty easy to envision how important blogging is to a sports site, a news site, and even a small business. But does it really belong in private wealth management?
The short answer is yes, and the long answer is heck yes.
Private Wealth Management is Crowded
You see, to the modern millennial investor (like me), private wealth management conjures up images of stodgy old men shuffling papers while making x% off my investments. They brand themselves behind images of gates, boats, and lighthouses colored in grays, greens, and blues while demanding money up front that I don’t have as a principal investment. In short, while not a necessarily negative view, it’s not one that is particularly exciting. It’s more than that though–they’re hardly differentiable from each other as each one looks like more of the same.
To take one step further, quite frankly if their name and brand are all they have to differentiate themselves, they’re in trouble. Go to downtown Boston and throw a rock in four directions and you’ll hit a private wealth management firm every time, don’t believe me, just check out this quick search from Google Maps:
There are even more than that sample out there though and while each firm may have a different history and investment style, it’s not necessarily coming through from the branding and quite frankly all I, as a young person, care about is what will the cost be and why firm A is better than firm B.
That, above all, is why blogging in private wealth management is more important now than ever before.
The Importance of Blogging
There is a way though to separate yourself from the pack; there is a clear path to standing out from the rest of the competition and showing that you deserve business rather than your competitors and that way is to blog.
While finance has not been known for big and excessive personalities, blogging allows a simple and easy medium for a firm to cultivate a persona and culture, and draw people in as customers. You can create an aura that your firm sticks to. A personality that prospective investors can come to know and trust–and honestly it will be the single best investment of your time that you make when it comes to marketing. Buried under the old stodgy image, there is a great deal of diversity and intricacy in finance. Will customers invest in bonds, stocks, derivatives, mutual funds or broad index funds? More importantly why is one better than the other.
With today’s technological advancements the actual investing processed has been outsourced thanks to broad index fund investing, making the barrier to entry low. Gone are the days where you sat down with a financial planner who hand picked stocks. Instead, say hello to an oversaturated market. A firm that has a blog that reinforces their message and vision will succeed over a firm that doesn’t simply because it will get noticed more.
They Do it Right
For example, look at Wealthfront. Not only do they have a sleek and modern looking site but they have a blog as well that they use to comment on current news while reiterating their message to their investors. Or how about Betterment which produces numerous client-facing resources for its customers, and readers, to sift through to keep up with the news as well as what their firm is doing in response to it.
In doing this they set themselves up for success by differentiating from the competition and showing they are not “just another private wealth management firm.” Rather they are a thought leader and revolutionary in their field–and believe you me I’m sure they are reaping the benefits.
Do you have a private wealth management firm, or even work for one? Then if you don’t yet have a blog get one ASAP. Read the news, comment on it, and reiterate your message time and time again to investors and potential new customers because without a differentiator you may sink rather than swim.
Through the power of blogging you can create a persona for your firm that aligns with your investment strategy while staying current with the news in your field. Blogging isn’t just a feature that you can add to your site, it’s a necessity for your growth strategy. Fortunately, blogging is easier than ever and there are an abundance of resources on how to do it right (this blog, for example (wink, wink)).