--- title: Broadridge Canadian Financial Advisor Marketing Trends Report 2024 description: Stay ahead of the curve with the Financial Advisor Marketing Trends Report. Learn about growth strategies, lead generation, investor expectations, AI usage, and more to boost your marketing success. image: https://info.advisorstream.com/hubfs/fa-study-hero-image-th-CA%201.png --- # 2024 # Canadian Financial Advisor Marketing Trends Report   Share the report:        [mailto:friend@domain.com?bcc=as_marketing@broadridge.com&subject=2024%20Financial%20Advisor%20Marketing%20Trends%20Study&body=Hi%20there,%0AYou%20should%20check%20out%20these%20interesting%20advisor%20marketing%20stats%20-%20https%3A//broadridge.com/advisor/insights/financial-advisor-marketing-report-2024-canada](mailto:friend@domain.com?bcc=as_marketing@broadridge.com&subject=2024%20Financial%20Advisor%20Marketing%20Trends%20Study&body=Hi%20there,%0AYou%20should%20check%20out%20these%20interesting%20advisor%20marketing%20stats%20-%20https%3A//broadridge.com/advisor/insights/financial-advisor-marketing-report-2024-canada) ![MicrosoftTeams-image (5)](https://info.advisorstream.com/hs-fs/hubfs/MicrosoftTeams-image%20(5).png?width=447&height=365&name=MicrosoftTeams-image%20(5).png "MicrosoftTeams-image (5)") ## About the Study The Financial Advisor Marketing Trends Report is a comprehensive study designed to help financial advisors stay ahead of the curve and make informed decisions about their growth marketing strategies.   ## **Respondent Profile**   | ![403 financial advisors across the US](https://info.advisorstream.com/hs-fs/hubfs/403%20financial%20advisors%20across%20the%20US.png?width=50&height=49&name=403%20financial%20advisors%20across%20the%20US.png) | ![10MM+ AUM](https://info.advisorstream.com/hs-fs/hubfs/10MM+%20AUM.png?width=50&height=46&name=10MM+%20AUM.png) | ![Fielded in October 20 - November, 2023-2](https://info.advisorstream.com/hs-fs/hubfs/Fielded%20in%20October%2020%20-%20November%2c%202023-2.png?width=50&height=49&name=Fielded%20in%20October%2020%20-%20November%2c%202023-2.png) | | --- | --- | --- | | **131 financial advisors across Canada** | **$10M+ in assets under management (AUM)** | **Fielded October - December 2023** | *Research conducted in partnership with 8 Acre Perspective, an independent marketing research firm hired by Broadridge.* ## The Importance of Marketing ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-03-50-35-8459-PM.png?width=100&height=100&name=image-png-Jan-16-2024-03-50-35-8459-PM.png)Strategic marketing is strongly associated with better business outcomes Advisors who have invested in a defined marketing strategy report more robust results across crucial business areas, yet only one in five advisors have one. ### Advisors with a defined marketing approach... ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-03-57-36-6897-PM.png?width=50&height=50&name=image-png-Jan-16-2024-03-57-36-6897-PM.png) Generate 175% more leads each month ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-03-56-38-9974-PM.png?width=50&height=50&name=image-png-Jan-16-2024-03-56-38-9974-PM.png) Onboard 69% more clients every year ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-03-54-29-7454-PM.png?width=50&height=50&name=image-png-Jan-16-2024-03-54-29-7454-PM.png) 89% more likely to convert a social media lead into a client ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-03-58-43-6558-PM.png?width=50&height=50&name=image-png-Jan-16-2024-03-58-43-6558-PM.png) 46% more confident in their business growth ## Advisor Marketing Landscape ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-1.png?width=100&height=99&name=image-png-1.png)66% of advisors are confident they'll meet practice goals this year The financial advisory sector is on the rise due to powerful trends, such as intergenerational wealth transfer, technological advancements, and growing awareness of financial planning. These trends are creating opportunities for advisors to expand their client base and provide tangible value in an evolving and dynamic market. Read more »   ![confidence level](https://info.advisorstream.com/hs-fs/hubfs/confidence%20level.png?width=333&height=445&name=confidence%20level.png "confidence level") --- ###  ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-05-49-27-5466-PM.png?width=100&height=100&name=image-png-Jan-16-2024-05-49-27-5466-PM.png)44% of advisors are actively focused on acquiring new clients​ With the increasing demand for financial advice and services, Canadian advisors recognize the importance of attracting new clients to stay ahead in the market and secure their pipeline.  Read more » Although acquiring new clients is a priority for many advisors, it is also important for them to focus on providing quality service to existing clients. By maintaining strong relationships with current clients and delivering high-quality financial advice, advisors can build trust and loyalty, ultimately leading to client retention and referrals.  ![44 of advisors are actively focused on acquiring new clients](https://info.advisorstream.com/hs-fs/hubfs/44%20of%20advisors%20are%20actively%20focused%20on%20acquiring%20new%20clients.png?width=2000&height=1335&name=44%20of%20advisors%20are%20actively%20focused%20on%20acquiring%20new%20clients.png "44 of advisors are actively focused on acquiring new clients") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-3.png?width=100&height=99&name=image-png-3.png) ### 38% of advisors saw an increase in inbound prospects  The financial advice industry is rapidly expanding with demand for planning services and financial products on the rise.  According to the Statista, a global provider of business intelligence and data insights, Assets under Management (AUM) are expected to grow in Canada by a compound annual growth rate of 0.39% between 2024 and 2028, resulting in an expected market volume of $2.65tn by 20281. As younger generations continue to inherit or acquire their own wealth, demand for financial advisory services in Canada will only continue to increase.  Read more » This growth may also be attributed to the increasing complexity of financial markets, the growing number of high-net-worth individuals, and the need for personalized financial advice2. The industry is also experiencing a wave of innovation driven by rapid technological advancements, fast-evolving investor needs and behaviours, and an environment of economic stimulus. ​1. [Financial Advisory in Canada, Statista](https://www.statista.com/outlook/fmo/wealth-management/financial-advisory/canada) 2. [McKinsey & Company](https://www.mckinsey.com/industries/financial-services/our-insights/us-wealth-management-a-growth-agenda-for-the-coming-decade) ![increase in inbound prospect requests](https://info.advisorstream.com/hs-fs/hubfs/increase%20in%20inbound%20prospect%20requests.png?width=400&height=346&name=increase%20in%20inbound%20prospect%20requests.png "increase in inbound prospect requests") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-2.png?width=100&height=100&name=image-png-2.png) ### Advisors find the majority of marketing activities challenging The biggest obstacles are:   1. Finding the time About four in ten advisors spend less than one hour a week on their marketing.   2. Developing a plan 78% of those surveyed find it very or somewhat challenging to define a marketing strategy/plan.   3. Finding the right people 47% of solo advisors use in-house or outsourced marketing staff, however the vast majority are doing it themselves. ![biggest obstacles top3](https://info.advisorstream.com/hs-fs/hubfs/biggest%20obstacles%20top3.png?width=500&height=589&name=biggest%20obstacles%20top3.png "biggest obstacles top3") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-12-31-2850-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-12-31-2850-PM.png) 89% of advisors report that finding time for marketing is challenging The vast majority of advisors find it difficult to allocate time to their marketing efforts, spending on average, under two hours (1.7) per week on their marketing.    Read more » These findings highlight the challenges and time constraints that advisors face in managing their marketing efforts, prompting consideration of the most efficient use of their time. As the financial advisory landscape continues to evolve, it will be crucial for advisors to find the right balance of time and monetary investment in their marketing strategies to foster lifelong client relationships and grow their practices.  ![avg marketing time spent each week](https://info.advisorstream.com/hs-fs/hubfs/avg%20marketing%20time%20spent%20each%20week.png?width=400&height=495&name=avg%20marketing%20time%20spent%20each%20week.png "avg marketing time spent each week") ## Marketing Spending Trends ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-16-54-9293-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-16-54-9293-PM.png) Advisors spend an average of $7,748/year on marketing Most of the advisors surveyed say they expect to maintain their marketing spend over the next 12 months, and another 35% anticipate increasing their budgets. There are stark contrasts in who prioritizes marketing investments: - Growth-focused advisors **invest 2x more **than non-growth-focused advisors - On average, teams spend $10,175, while solo advisors spend $6,250 - Advisors under 45 years of age are most likely to increase spending ![marketing spend](https://info.advisorstream.com/hs-fs/hubfs/marketing%20spend.png?width=600&height=371&name=marketing%20spend.png "marketing spend") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-27-58-3338-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-27-58-3338-PM.png) Advisors acquired 15 clients at $531 each on average Adopting proven growth strategies translates into more new clients. Advisors with a defined marketing strategy onboarded 69% more clients in 2023, translating to an average of 22 new clients onboarded. Advisors without a strategy brought in only 13 new clients.  Read more »   ![new clients generated annually](https://info.advisorstream.com/hs-fs/hubfs/new%20clients%20generated%20annually.png?width=1500&height=1015&name=new%20clients%20generated%20annually.png "new clients generated annually") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-22-20-9308-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-22-20-9308-PM.png)Advisors are spending evenly on client acquisition and retention Advisors are allocating more evenly between client acquisition and retention, signaling a shift from the traditional emphasis on acquiring new clients.   This balanced approach underscores a deeper understanding of the long-term benefits that a loyal client base provides. By allocating resources more evenly, advisors can maximize the impact of their marketing efforts to both secure new business and increase AUM from existing relationships. ![marketing allocation [Converted]](https://info.advisorstream.com/hs-fs/hubfs/marketing%20allocation%20%5BConverted%5D.png?width=2000&height=875&name=marketing%20allocation%20%5BConverted%5D.png "marketing allocation [Converted]") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-42-50-7669-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-42-50-7669-PM.png)Boomers and Gen-X are the primary targets Advisors predominantly target their marketing and communications toward Gen X and Boomers because of their accumulated wealth and impending retirements. Members of these generations are seen as a more lucrative market for retirement planning, wealth management, and estate planning services. Their profitability diminishes as these clients age and transition to the decumulation phase. Read more »   Advisors recognize the importance of balancing the immediate need to service profitable clients with investment in younger generations for sustained growth. Advisors report planning to target Millennials and, to a lesser extent, Gen Z, to cultivate future opportunities. ![Current Business Targets](https://info.advisorstream.com/hs-fs/hubfs/Current%20Business%20Targets.png?width=1500&height=1405&name=Current%20Business%20Targets.png "Current Business Targets") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-05-51-21-3110-PM.png?width=100&height=100&name=image-png-Jan-16-2024-05-51-21-3110-PM.png) ### Social media is the most popular marketing investment among Canadian advisors Almost every surveyed advisor (97%) shared that they plan to sustain or increase their marketing spend on social media in the next 12 months.   Referral programs, websites, digital newsletters, and in-person events lagged behind, but still garnered significant investment. ![top 5 marketing channels v2](https://info.advisorstream.com/hs-fs/hubfs/top%205%20marketing%20channels%20v2.png?width=400&height=436&name=top%205%20marketing%20channels%20v2.png "top 5 marketing channels v2") ## Growth and Lead Generation ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-33-17-9547-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-33-17-9547-PM.png) 51% of advisors find their website ineffective at generating leads Advisors report generating an average of 1.6 leads per month from their websites. Moreover, 48% reported no leads from their websites.    However, those who complemented their websites with a defined marketing strategy generated 175% more leads per month from their website compared to those without a defined marketing plan. ![62 of Advisors feel their website is effective at generating leads](https://info.advisorstream.com/hs-fs/hubfs/62%20of%20Advisors%20feel%20their%20website%20is%20effective%20at%20generating%20leads.png?width=400&height=266&name=62%20of%20Advisors%20feel%20their%20website%20is%20effective%20at%20generating%20leads.png "62 of Advisors feel their website is effective at generating leads") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-35-02-3846-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-35-02-3846-PM.png)Social media continues to be an important channel for conversions Advisors say that client referrals convert twice as quickly as marketing prospects, and social media continues to be a critical piece of the puzzle. Four in ten advisors say they acquired new clients via their social media connections and networks.   Read more » LinkedIn and Facebook have the highest conversion rates. Since LinkedIn caters to a professional audience, it’s a valuable space for advisors to showcase their expertise. On the other hand, Facebook’s more personal nature helps advisors to build rapport and trust with prospective clients. ![4 in 10 Advisors had a social media convert into a client](https://info.advisorstream.com/hs-fs/hubfs/4%20in%2010.png?width=400&height=434&name=4%20in%2010.png "4 in 10 Advisors had a social media convert into a client") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-25-21-4103-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-25-21-4103-PM.png) LinkedIn remains the top social channel for advisors Seventy-four percent of advisors invest in LinkedIn as part of their marketing strategies, and 58% invest in Facebook, making those platforms the biggest recipients of advisor marketing dollars. ![Investments by social media platform](https://info.advisorstream.com/hs-fs/hubfs/Investments%20by%20social%20media%20platform.png?width=400&height=387&name=Investments%20by%20social%20media%20platform.png "Investments by social media platform") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-05-44-31-7487-PM.png?width=100&height=100&name=image-png-Jan-11-2024-05-44-31-7487-PM.png) It takes ~3.7 months for a marketing prospect to become a client ​Client referrals come with a built-in foundation of trust and credibility, reducing the time advisors must spend building those relationships from scratch. Unlike typical marketing prospects, client referrals tend to convert much more quickly, requiring just 1.6 months to become a client, on average.  The reality is, the majority of new leads will not be ready to invest on day one. Advisors observe longer lead conversion timelines for those acquired via non-referral channels, amounting to almost four months to convert, on average.  Curating a steady stream of topical, sharable on your social, website, newsletter, and campaign channels can accelerate the trust-building process with leads, potentially shortening the conversion timeline to align more closely with the speed of referral prospects.  ![3.7 month [Converted]](https://info.advisorstream.com/hs-fs/hubfs/3.7%20month%20%5BConverted%5D.png?width=2000&height=1334&name=3.7%20month%20%5BConverted%5D.png "3.7 month [Converted]") ## Investor Expectations ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-06-59-25-6839-PM.png?width=100&height=99&name=image-png-Jan-11-2024-06-59-25-6839-PM.png)45% of advisors are sharing personalized content A study by [Dow Jones](https://www.advisorstream.com/offers/the-state-of-advice-exceeding-investor-expectations/) found that 42% of investors felt their advisor could add greater value simply by sharing content and communications personalized to their interests, financial goals, and life events.   Yet only about 4 in 10 advisors actually provide investors with personalized content, indicating a clear opportunity to increase client satisfaction and referrals. Content marketing affords advisors the ability to subtly demonstrate that they understand their clients' goals, and that they're there for every step of the way.  ![42% want personalized content [Converted]](https://info.advisorstream.com/hs-fs/hubfs/42%25%20want%20personalized%20content%20%5BConverted%5D.png?width=2000&height=1568&name=42%25%20want%20personalized%20content%20%5BConverted%5D.png "42% want personalized content [Converted]") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-07-05-31-2729-PM.png?width=100&height=100&name=image-png-Jan-11-2024-07-05-31-2729-PM.png)Advisors are not meeting investor expectations on communication frequency Investors want advisors to communicate on a weekly cadence, and unfortunately only half of advisors are meeting that frequency. Regular communications, even something as simple as sharing an article, provide investors with tangible value and help position advisors at the top of their clients' inboxes to spark the next conversation.  ![50% communication](https://info.advisorstream.com/hs-fs/hubfs/50%25%20communication.png?width=2000&height=1061&name=50%25%20communication.png "50% communication") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-04-22-27-4912-PM.png?width=100&height=100&name=image-png-Jan-16-2024-04-22-27-4912-PM.png) ### Higher frequency communicators feel more confident in their growth Investors appreciate a regular cadence of communications from their advisors. In fact, advisors who communicate with investors at least weekly are:  ![Higher frequency communicators more likely to drive growth](https://info.advisorstream.com/hs-fs/hubfs/high-frequency-communicator.png?width=300&height=200&name=high-frequency-communicator.png "Higher frequency communicators more likely to drive growth") ## ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-04-38-27-3081-PM.png?width=60&height=60&name=image-png-Jan-16-2024-04-38-27-3081-PM.png) More confident they'll reach their growth goals ## ![image-png-Jan-16-2024-04-37-02-8583-PM](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-16-2024-04-37-02-8583-PM.png?width=60&height=60&name=image-png-Jan-16-2024-04-37-02-8583-PM.png) And more likely to use personalization in their communications ## Advisor AI Usage The potential for AI to streamline processes and further personalize client experiences holds promise, making it a compelling avenue for future innovation. ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-07-19-34-9306-PM.png?width=100&height=100&name=image-png-Jan-11-2024-07-19-34-9306-PM.png)56% of advisors use or plan to use AI AI usage is more common among younger and growth-focused advisors eager to incorporate modern productivity tools into their marketing.   Despite lower usage today, 39% of advisors report planning to use AI in the future. ![Plan on using AI](https://info.advisorstream.com/hs-fs/hubfs/Plan%20on%20using%20AI.png?width=1000&height=563&name=Plan%20on%20using%20AI.png "Plan on using AI") --- ### ![](https://info.advisorstream.com/hs-fs/hubfs/image-png-Jan-11-2024-07-22-04-4929-PM.png?width=100&height=99&name=image-png-Jan-11-2024-07-22-04-4929-PM.png) ### Advisors can leverage AI for growth AI has the potential to revolutionize the financial advisory industry by improving efficiency, reducing costs, and enhancing the quality of services provided to clients. The top ways advisors plan to use AI: 66% generating personalized content 45% personalizing marketing campaigns 52% automating admin tasks and communications 26% segmenting clients or prospects ![Advisor usage of AI](https://info.advisorstream.com/hs-fs/hubfs/advisor-artificial-intelligence-marketing.png?width=450&height=301&name=advisor-artificial-intelligence-marketing.png "Advisor usage of AI") --- ## Let's Discuss Your Marketing You don't need to be a professional marketer to turn these insights into action. Simply contact Broadridge, and we'll set you up with a marketing program for success.   Book a demo