The Department of Labor's fiduciary rule isn't all bad news.
In fact, it could provide a golden opportunity for a firm’s online marketing, no matter what happens.
There are four ways to capitalize on the rule for advisers to position themselves as client-focused. Advisers can show clients that they can be there through any ups and downs and gain new clients at the same time.
Coming up with fresh and relevant blog content can be a struggle, but news surrounding the fiduciary rule provides advisers with a golden opportunity to create targeted content.
Advisers can address the rule from many different angles by including content addressing specific niches and targeting potential clients. Consider tackling questions about how advisers can help or what the fiduciary rule means for family portfolios or millennial money, should it take effect.
Ultimately, blogs should aim to answer questions for both existing and potential clients.
Because of the confusion surrounding fiduciary, clients likely have questions. A blog post can help demystify some of those concerns, upping the adviser’s marketing game at the same time.
Although advisers might have a hard time bringing in search results for “DoL fiduciary rule,” it is likely that long-tail keywords such as “DoL fiduciary rule advisers in Denver” will be successful.
To kickstart search engine optimization efforts, pick a long-tail keyword that includes either the firm’s location or specific niche and set up a landing page that is optimized for that keyword. Fill the page with commonly asked questions fielded in the practice, especially from clients within the target market if it has chosen a niche.
If a firm has decided to bring in local business specifically, make sure the page includes a clear call-to-action: Google has found that users who search using a local keyword are more likely to follow through.
Regardless of the keyword strategy, make sure to follow standard SEO best practices such as using the keyword in header tags when it makes sense and in the URL as well.
UPDATE THE WEBSITE
If people find an advisory business through information about the fiduciary standard for retirement accounts on the blog or landing page, they will expect to hear more about it throughout the website.
To create a cohesive user experience for existing and potential clients, update key pages on the site to include information about how the practice plans to comply with the changes brought on by the fiduciary rule.
The “about” and “services” pages are two places where it makes sense to emphasize the firm’s fiduciary status for retirement accounts. This is an opportunity to not only educate existing and potential clients but reinforce the benefits that they will gain by working with the firm.
Most advisers would agree that multiple client touch points per year make clients feel better served. But frankly, most advisers just don’t have time to meet with every client every month.
That is where email marketing comes in. It allows advisers to keep in close touch with clients and offer them key information when they need it. Providing clients with additional information about the fiduciary rule is a good opportunity to strengthen the existing relationships.
Advisers can prepare a series of informational emails similar to the blog posts that they have written and send them out at regular intervals. For example, emails can focus on how the fiduciary rule may or may not affect their portfolios and what they can expect from the adviser at every stage of this process.
Advisers who are able can invite clients to get in touch if they need clarification in the email. Clients who take advantage of the opportunity will thank the adviser for his or her increased availability and foresight in anticipating any questions.
At the end of the day, it remains to be seen whether the fiduciary rule will have a net positive or negative effect if and when it goes into effect. Beyond the fiduciary rule, any publicized issue can present itself as an opportunity to position an adviser’s services as a response to clients’ questions.
Taking advantage of these marketing opportunities can help strengthen existing relationships and earn new ones.
This story is part of a 30-30 series on strategies to boost your practice. It was originally published on Feb. 28.
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