The wealth manager’s guide to maximizing the value of video

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Introduction

As a primarily relationship-driven business, wealth management requires developing deep, personal connections with clients, prospects, and partners. To maintain these connections in an increasingly remote and hybrid world, 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 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.

Table of contents

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Wealth managers migrate to video in droves

Financial advisors have been forced to pivot dramatically as a result of the shift to remote and hybrid operating models. 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 produce videos with a distributed workforce.

59% say it’s been challenging for their organization to create, broadcast, and distribute video content with a remote or hybrid workforce

Despite these challenges, wealth management professionals now create more weekly video content than any other department surveyed except creative services, with whom they’re tied.

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

49%

Video services, production, or creative services

49%

Wealth management

48%

Human resources or recruitment

39%

Marketing, communications, content, social media, or SEO

35%

Training, onboarding, or enablement

Socialive for financial services

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Maintaining the human touch in a virtual world

older woman wealth manager using mobile device to record remote videoyoung professional wealth manager using mobile device to record remote videowoman wealth manager using mobile device to record remote videoyoung professional financial advisor using mobile device to record remote video

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

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58%

Extending our reach (e.g., by sharing videos on social media)

52%

Communication with existing customers

49%

Reaching potential prospects

46%

Events (physical, virtual, or hybrid)

44%

Attracting new clients/customers

These benefits help explain why financial advisors plan to create even more video content in the next 12 months.

In fact they're the most likely department surveyed with plans to produce more videos over the next year.

Financial services departments that plan to create more video content in the next 12 months

91%

Wealth management

87%

Human resources or recruitment

86%

Video services, production, or creative services

83%

Marketing, communications, content, social media, or SEO

80%

Training, onboarding, or enablement

“Financial services companies would be wise to strategically roll out video technology one step at a time. Start by creating video content with lower compliance hurdles… Over time, your organization will optimize its video workflows, reducing time to market and preparing you to securely leverage video for more confidential use cases.”

David Moricca, Socialive Founder and CEO in Forbes Technology Council

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Intuitive video tech needed to meet increased demand

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

More than one-third (36%) of wealth managers cited time constraints as the biggest factor limiting their company from creating, broadcasting, and distributing 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

Nearly all respondents (97%) said they’d create more video content if technology made it easier. Intuitive, remote production solutions would enable financial advisors to more easily meet their video content goals including increased output and improved time to market.

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

50% Increase our overall output of video content

49% Improve our time to market for video content

43% Empower more wealth managers to produce video content in the field

41% Increase our output of videos for niche audiences

40% Deepen customer relationships through personalized asynchronous videos

Nearly all respondents (97%) said they’d create more video content if technology made it easier. Intuitive, remote production solutions would enable financial advisors to more easily meet their video content goals including increased output and improved time to market.

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

50%

Increase our overall output of video content

49%

Improve our time to market for video content

43%

Empower more wealth managers to produce video content in the field

41%

Increase our output of videos for niche audiences

40%

Deepen customer relationships through personalized asynchronous videos

Most significant pain points wealth management professionals face when creating video content

43%

Aligning on what content to include in the video

40%

Securing approval of the finished product from the compliance team

37%

Creating it took too much time

35%

Securing approval of the finished product from the executive team

30%

It was too expensive and/or required a significant portion of our budget

The digital transformation of high-stakes communication:

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Next steps to mature your video strategy

01

Develop a clear video strategy

two wealth managers discussing cloud video

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

three wealth advisors faces looking into camera

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.

03

Create more dynamic content

three wealth advisors on webinar offering financial advice to viewers

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 scenes, 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

wealth manager or financial advisor introducing himself on remote broadcast

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.

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