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As a primarily relationship-driven business, wealth management requires developing deep, personal connections with clients, prospects, and partners. To maintain these connections across a regional — or even national — footprint, many wealth advisors and financial services organizations have turned to video.
In our 2022 Report: The transformation of video in financial services, we surveyed 600+ professionals who work across departments at financial services organizations, including more than 200 wealth advisors. We found that many wealth advisors have faced challenges creating videos remotely, as well as scaling their output due to process bottlenecks.
Despite these challenges, wealth advisors are planning to continue to increase their video output. 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 making it easier to create video from anywhere with an end-to-end video platform and empowering more advisors to independently create their own videos will be critical to overcoming process challenges and meeting bold video goals.
Financial advisors have been forced to pivot dramatically as business has shifted away from the traditional in-person model. Now, 91% of wealth management professionals say they’re conducting more interactions with clients and prospective clients virtually.
89% of wealth advisors surveyed are operating remotely or in a hybrid model
21% are currently operating fully remotely
68% are currently operating in a hybrid model
But the transition hasn’t been easy. The majority of respondents said it’s been challenging to remotely create video content.
59% say it’s been challenging for their organization to record, edit, publish, and livestream video content with a remote or hybrid workforce
The vast majority of wealth advisors (93%) believe video is an effective way to engage their customers, prospects, and partners.
Financial services departments that create new video content weekly
Video production/creative services
Wealth management
Human resources or recruitment
Marketing, communications, content, social media, or SEO
Training, onboarding, or enablement
Explore our wealth management resource hub for more content about video strategy, use cases, and to learn how financial field teams can enable advisors and transform client experience.
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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 recorded video content — 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
Extending our reach (e.g., by sharing videos on social media)
Communication with existing customers
Reaching potential prospects
Events (physical, virtual, or hybrid)
Attracting new clients/customers
In fact they're the most likely department surveyed with plans to scale video content creation.
Financial services departments that plan to create more video content in the next 12 months
Wealth management
Human resources or recruitment
Video services, production, or creative services
Marketing, communications, content, social media, or SEO
Training, onboarding, or enablement
David Moricca, Socialive Founder and CEO in Forbes Technology Council
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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 to bridge any physical barriers (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%).
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) in the 12 months leading up to the 2022 survey
More than one-third (36%) of wealth managers cited time constraints as the biggest factor limiting their company from recording, editing, publishing, and livestreaming video content. Bottlenecks in the video creation process result in detrimental timeline delays.
48% of wealth management professionals rely on internal video productions teams to create new video content
31% rely on third-party agencies or consultants
20% can create video content themselves
Most significant pain points wealth management professionals face when creating video content
Aligning on what content to include in the video
Securing approval of the finished product from the compliance team
Creating it took too much time
Securing approval of the finished product from the executive team
It was too expensive and/or required a significant portion of our budget
Get the tip sheet of The five ways wealth advisors win (and keep) business with video.
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01
Develop a clear video strategy
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.
02
Empower more video creators
Considering 92% of financial organizations surveyed said they use separate tools to record, edit, publish, and livestream video content, your process map will likely reveal several areas to streamline workflows. Look for a truly end-to-end video creation platform 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.
03
Create more dynamic content
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 video templates, add custom graphics, overlay audio and video effects, and connect with the other enterprise tools you’re already using.
04
Double down on personalized videos
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.