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How financial advisor marketing can tap into transformation

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Wealth management firms have a “massive opportunity” to use new methods of reaching clients and the wider industry, FiComm Partners CEO Megan Carpenter says in an episode of Financial Planning’s In|Vest Podcast.

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The Los Angeles and New York-based firm’s prominent clients in the independent wealth management sector include Captrust, Riskalyze and Redtail Technology. Carpenter described some of the biggest misconceptions that RIAs and vendors in the space have about working with the news media — and how her firm aims to help its clients grow through communications.

Public relations and marketing in wealth management have come a long way since Carpenter broke into the industry with the Signator Investors forerunner John Hancock Financial Network, she says. The traditional “hand-to-hand combat” techniques like cold-calling, expensive prospect dinners and direct mail are no longer sufficient, according to Carpenter.

“Back in 2002, when I was just getting started, I had this awesome opportunity to work with hundreds of different advisors and to see how they marketed their business,” she says.

Megan Carpenter is the CEO of wealth management public relations and marketing firm FiComm Partners.

“And it was wildly different than it is today. So the evolution has been drastic and I think really transformative, specifically from our perspective as it relates to communications. What we’re seeing today is that there’s this massive opportunity for businesses in this space to communicate at scale, to use digital and social efforts to create those human connections with a broader audience of people through digital and social strategies. When I got started in the business, that just didn’t exist.”