Guide to Video Marketing Strategy for Wealth Management

Despite these challenges, wealth advisors are planning to increase their video output over the next year. Not only are consumers demanding more video interactions, financial institutions have benefited from the improved efficiency, reach, personalization, and flexibility afforded by video solutions. 

But the strain on internal video production teams isn’t sustainable. Our research indicates that streamlining the remote video production process through cloud technology and empowering more advisors to independently produce their own videos will be critical to overcoming process challenges and meeting bold video goals.

Survey respondents identified expanded reach as the top benefit of video content. It’s no secret that digital channels dramatically increase the scope of communications. And by adding a human face to that messaging via video, wealth advisors can maintain personal connections. Many financial advisors (56%) are increasingly leveraging personalized asynchronous videos — which provide tailored insights that customers or prospects consume on their own time — for that very reason.

Most beneficial video content use cases, according to wealth management professionals

Financial advisors need to find ways to streamline video creation processes to meet consumer demand. While the No. 1 reason clients and prospects have provided for wanting to communicate more via video is safety (66%), ease is not far behind (62%). Clients have also expressed that video feels more personalized (49%), is less time consuming (41%), and gives them more time with their advisor (37%). Even as health concerns wane, customers will continue to demand more video interactions due to these other benefits.

83% of wealth management respondents have noticed an increased demand or preference from clients/prospects to communicate via video (as opposed to in-person meetings) over the past 12 months

Wealth management departments’ top video priorities for the next 12 months

Identify your organization’s short- and long-term objectives, then determine video’s role in achieving those goals. Next, convene a cross-departmental group of both executive leaders and everyday users to develop your overall strategy. Be sure to involve compliance and security stakeholders to avoid issues down the road. Before implementing any changes, map out your current video processes to pinpoint bottlenecks or process breakdowns.

Empower more video creators

Considering 92% of financial organizations surveyed said they use separate tools to create, broadcast, host, manage, and distribute video content, your process map will likely reveal several areas to streamline workflows. Look for a unified cloud video creation solution to consolidate processes. Your solution should also empower more wealth managers to create their own videos within a single platform. Keep in mind: You’ll want to obtain approval from your compliance and security teams before deploying any new technologies.

Our data indicates video usage across the finance industry will soon become ubiquitous. To differentiate yourself from competitors, you’ll need to develop highly engaging video content. The right video creation platform should enable you to easily build versatile scenes, add custom graphics, overlay audio and video effects, and connect with the other enterprise tools you’re already using.

More than half (56%) of wealth advisors are already leveraging personalized asynchronous videos. These messages can help you individualize your content at scale, ultimately establishing deeper relationships with your customers. Find a video platform that empowers advisors to create personalized content independently — while maintaining brand standards and enterprise security.