7 Reasons Wealth Management Firms Outsource Their CMO

By leveraging the knowledge, network, and connections of an outsourced specialized CMO, advisors can achieve better results while maintaining focus on their core competencies.

The outline below highlights why outsourcing a CMO specializing in RIA marketing has become the go-to strategy for leading firms.

Reason #1: Not all marketing is created equal

A CMO with wealth management expertise understands that the stakes are higher—you're not just selling a "service" but a trust-based, long-term relationship to a stranger.

• Knows the HNWI and UHNW audience and how to reach them.
• Understand what types of messages resonate with your target audiences.
• Creates and delivers the right content to the right audience at the right time.
• Understands which key performance indicators (KPIs) determine whether a target lead is ready for sales outreach.

Reason #2: Expertise, experience, and access

A specialized CMO brings a wealth of marketing knowledge to the table.

• Access to a network of marketing experts with a broad range of skills.
• Industry expertise and proven strategies.
• Up-to-date knowledge of the latest marketing trends and techniques.

Reason #3: Flexibility and scalability

A dedicated CMO has the knowledge and resources to scale marketing efforts effectively.

• Advises on the best technologies available based on your budget and business goals.
• Automates and scales marketing initiatives.
• Flexibility to adjust marketing tactics to accommodate market conditions or changes in the target audience.
• Knows where resources are needed for specific projects or campaigns, such as events, advertising, web lead magnets, and public relations.

Reason #4: More time and productivity

A CMO can help align marketing and sales efforts, allowing advisors to focus where they're most needed. 

• Allows advisors to reallocate internal resources to focus on sales outreach and business development, not marketing.
• Advisors will have improved work-life balance and learn to appreciate the marketing process instead of resenting it.
• Advisors can spend more time on the most rewarding aspect of wealth management, improving their clients' outcomes. 

Reason #5: Focus on growth

A CMO's primary focus is to drive growth for the firm. 

• Translates the firm's growth vision into actionable campaigns, objectives, and KPIs.
• Creates and automates your lead generation engine.
• Optimizes your client acquisition funnel.
• Continuously evaluates and optimizes marketing strategies for better results.

Reason #6: Improved firm value perception

A partnership with a CMO can be an attractive value-added feature for potential advisors seeking to join your firm.

• Maintains a consistent brand image and messaging across all marketing efforts.
• Improves reputation and increases credibility through professional content.
• Elevates the digital experience for clients and referrals.

Reason #7: Leadership and ownership

An experienced CMO brings leadership and strategic direction to ensure proper marketing spending.

• Eliminates the guesswork of "what should we do next?"
• Aligns marketing budgets with business goals.
• Reports on performance while planning all subsequent strategies.

Ultimately, marketing is a moving target that is constantly changing. Unlike a dedicated RIA marketing expert, advisors do not have the time to chase the next best-performing tactic or the newest marketing channel.

A specialized fractional CMO allows firms to reallocate internal resources to other business development tactics such as building sales skills, increasing referral rates, enriching the client experience, increasing advisor productivity, and growing their practice.