Rainmakers, Support Hogs and Other Adviser Types

In the digital world advisers do things differently, depending on their type.

A kasina study takes a look at the online preferences of financial advisers across multiple behavior segments. “What Advisors Do Online: Implications of Segmentation on Digital Engagement” leverages previous kasina research that identified five adviser segments: Order Takers, Rainmakers, Self-Sufficients, Support Hogs and Technophiles.

According to the data and research firm, differences among the five segments have key implications for how sales managers and marketers can adapt digital engagement strategies to provide appropriate sales and support for each type of adviser.

Understanding each of these segments can help asset managers to leverage digital contact to develop effective and profitable sales and service strategies,” says Julia Binder, head of strategic marketing research at kasina. “Support Hogs, for example, prefer costly in-person and phone support, and represent one in six advisers, yet they manage just 7% of assets. Because they are receptive to online content recommendations, asset managers can reduce costs by migrating these advisers to personalized digital support. Rainmakers, on the other hand, represent just one in 10 advisers but manage nearly 45% of assets. The online capabilities of an asset manager influence brand perception of more Rainmakers than most other advisers, so asset managers need to address their high expectations for digital engagement.”

Among the report’s findings:

  • 32.5% of “Self-Sufficients” use social media for business, compared with 42.5% of all advisers;
  • 62% of “Support Hogs” would use adviser sites more if content were recommended for them, compared with 52.4% of all advisers;
  • 40% of “Technophiles” prefer virtual to physical conferences, compared with 25% of all advisers;
  • 67% of “Rainmakers” want direct contact with their salesperson to be enabled on the website, compared with 57.5% of all advisers; and
  • 30% of “Order Takers” primarily listen to podcasts on mobile devices, compared with 24% of all advisers.

In addition to detailed findings about advisers’ preferences for websites, social networks, email and mobile devices, this kasina report includes recommendations and best practices for asset managers to help meet and exceed adviser expectations while managing costs and increasing business.

Since advisers aren’t one-size-fits-all, neither are the ways in which they do online research, use social networks and mobile devices, Binder notes. “kasina’s behavioral segmentation of financial advisers shows asset managers how to better leverage these important differences throughout the adviser journey to educate, support and do business online more effectively and efficiently,” she says.

To compile its data, kasina surveyed 454 advisers about their digital engagement preferences and expectations in five areas.

More information on “What Advisors Do Online: Implications of Segmentation on Digital Engagement” is available by contacting Myra Bartalos, head of marketing, at mbartalos@kasina.com.