Should Financial Advisors Outsource Marketing?

Should Financial Advisors Outsource Marketing?One of the biggest hurdles to running a successful and fulfilling business is knowing when to delegate some work to other parties. Hiring a trusted third party can help free advisors and boost business. Duties financial advisors can outsource include: business planning, developing a client experience strategy, and marketing/ communications.

A panel of female financial advisors met at InvestmentNews’ Women Adviser Summit in New York this past October to discuss the business and emotional benefits of outsourcing organizational duties to a trusted third party. Panelist Debra Morrison, a fee-only wealth manager at Empowered Retirement Inc., in Lincoln Park, NJ, outsources a number of duties to San Jose, CA-based Loring Ward, including a great deal of marketing work.

“When I left those big firms and went independent, I left behind all these glossies- this client material,” she said. “I did not have much of a budget for this sexy educational material and now it is part of the package. That is how Loring Ward partners with me,” said Morrison.

Nicole Newlin, partner at Pathfinder Strategic Solutions, told the job of the outsourcing party is to be the ultimate taskmaster. “I am tactical, and I get [things] done,” she said. “I am not here to drive you to the finish line. I am not your cheerleader. I am here to coach you through things: get in and get out.”

Should financial advisors outsource marketing? It is an individual decision. offers these thoughts when considering if you should keep your marketing in-house or outsource:

How Skilled is Your Staff? To get the right in-house marketing done, you need properly trained and enthusiastic employees. These are people who should be designated and coordinated toward improving your firm’s image and brand recognition. It is much easier to keep marketing in-house, if you have a background within the field, know exactly what you need, and exactly how to reach your objectives. This way, you can easily train your staff as needed, and execute all projects internally.

Business Size. If you have a one- or two-person start-up, you initially have to devote all of your resources to growing your business. During the beginning phases, you might have to handle all of your marketing in-house, due to a lack of budget. Once you have grown past expectations, however, you might have more money at your disposal and be able to hire a marketing firm to take care of all of your lead generation needs.

Outsourcing Large Projects. Many larger firms outsource big marketing projects, keeping smaller day-to-day marketing activities in-house. This approach is perfect for small- and medium-sized businesses with small marketing teams and a limited marketing budget. Good CRM software coupled with a Marketing Automation system allows small teams to tackle most marketing tasks, such as content creation, email drafting, campaign design, blogging, etc.

Questions to Ask. The most important question to ask before outsourcing, is what type of relevant experience does the outsourcing company have within your industry? Also, how has the company delivered for others in the past? How can the company apply its successes and failures to your business needs?

Explain Your Objectives. Another aspect of outsourcing is making sure the third party understands exactly what you want. The outsourced partner should be able to suggest the best markets and methods for your company to consider. Work with the firm to develop a plan which includes a targeted list of KPIs, such as newsletter sign-ups, inbound traffic, and conversion goals.

For more information on Summit Brokerage Services, visit or contact us at (800) 354-5528.

This blog and website are for informational, educational and discussion purposes only, and the owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Summit Brokerage Services, Inc., Summit Financial Group Inc., and any of their affiliated entities and principals are not a law firms or an accounting firms, or substitutes for an attorney or accountant. Although topics may be discussed on this blog that may involve legal, accounting, or investment issues, nothing on this blog shall be deemed to constitute the practice of law, legal advice, investment advice, and/or tax advice. Summit Brokerage Services, Inc., and its affiliates do not, and cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies. The content on this blog is “as is” and carries no warranties. You should consult an experienced professional regarding tax consequences of specific transactions.

No reader should act in reliance on anything discussed in this blog without prior consultation with a licensed professional who is qualified to evaluate the reader’s individual facts and circumstances and offer an informed professional opinion with respect thereto. If any reader takes action or makes decisions based solely on the information on this blog without prior consultation with a qualified, licensed professional, the reader does so at his or her own risk and agrees that Summit shall have no liability resulting from such unilateral action or decisions by the reader.

Summit makes every effort to provide accurate and truthful information in its posts on this blog, but in no way expressly or impliedly warrants or guarantees the accuracy of its postings and/or the information posted here by others. All information is believed to be from reliable sources, however we make no representation as to its completeness or accuracy.

Summit may, on occasion, post links to information maintained on other websites. Such links and the information thereon are not under Summit’s control.  The mere appearance of a link to a third party site does not mean that Summit has undertaken a review or approval of the link and/or its contents.  Readers must treat information from third party links at the reader’s own risk, and Summit accepts no liability with respect to such third party information. Please note that the third party’s privacy policy and security practices may differ from Summit Brokerage Services, Inc., Summit Financial Group, Inc. and its subsidiaries’ standards. We assume no responsibility for nor do we control, endorse or guarantee any aspect of your use of the linked site.

Stay Connected

Subscribe to Summit Brokerage

Personalized Industry Newsfeed For You

Thank you. You are now subscribed.


Thank you. We will get in touch with you shortly.