Finding the best wealth management marketing agency: The agency selection scorecard

For many wealth management firms, partnering with an external marketing agency can provide access to a variety of digital marketing skill sets often at a lower cost than hiring a fully equipped in-house marketing team. (see our latest blog Hiring In-House Marketers vs. Hiring an Agency: What's Best for your Business?)

Finding the right agency can be daunting. It can often be months of discovery calls, presentations and draft proposals before you discover the best agency fit for your business.

But, we have a solution. We have created an agency fit scorecard, to help you determine which agency is right for your business.

Before you get started with the agency scorecard

Don’t be tempted to launch straight into using the scorecard. It’s important to do some groundwork first.

Define your marketing objectives

Begin by ironing out and defining your core marketing objectives, specific needs and budget. Without feeling confident in what those are, you’ll never know what you’re looking for in an agency:

• Are you looking to grow your brand through more creative campaigns?

• Are you looking for new prospects to hand over to your financial advisors?

• Are you looking to fill a skill gap in your marketing team, or outsource your entire marketing function?

Create a long list of agencies

There are a variety of ways you can build your long list of agencies. Ideas include;

• Asking your peers whether they have recommendations

• Using some relevant Google searches, for example:

  • “Wealth Management Marketing Agency”,

  • “Financial Services Marketing Agency”.

• Searching on LinkedIn or X for agencies

After you have a long list, it’s best to narrow your list to 3 possible agencies. Whilst it may be comforting to have lots of agencies in the running, it will be extremely time-consuming and some agencies will lose interest if they realise they’re up against 10 other agencies.

Using the scorecard to find the best wealth management marketing agency

How does the agency fit scorecard work?

The scorecard rates prospective marketing agencies based on their alignment with your business needs.

Now you have your final 3, use the scorecard and write the name of each agency in the columns provided.

The criteria

Then provide a rating for each of the following criteria out of 10 (1= not a good fit and 10= a perfect fit):

Wealth management experience:

Do they demonstrate a strong understanding of the complexities of the wealth management sector? Do they have case studies and testimonials to back up their claims?

Cultural fit:

Is their agency a good size for you? There are pros and cons to both small and large agencies. Small agencies will be more integrated, whereas a larger agency may have better-defined processes.

Do their values and company culture align with yours? Cultural fit is key, as you’ll want to build a close working relationship.

Strategic problem solving:

Have they been innovative in addressing customer pain points and goals? Can they provide examples of where creative thinking enabled them to overcome a challenge? Do they have data to back up the success of their creative strategy?

Industry and marketing expertise of the account manager:

Is your main point of contact a marketer or relationship manager? If you’re dealing with a relationship manager, expect to wait longer for answers to questions. 

Do they also have working knowledge of the industry? Ideally, your account manager will provide industry insights and lead the strategy.

Ability to convey expertise in handling complex compliance processes:

Do they have experience managing compliance processes and factoring them into their project timelines? For some firms,  compliance can be a bottleneck with marketing campaigns. Look for examples of where the agency has successfully navigated compliance teams, and find out how they achieved it.Creative experience:

Have they showcased high-quality standards in their deliverables? Do they push boundaries in their designs and copy, whilst still remaining compliant?

Expertise across a range of digital marketing channels:

Are they a full-service agency, or do they specialise in fewer channels? Depending on whether you are looking to fill gaps in your existing marketing team, or outsource your entire marketing function, one will be a better fit than the other.

Can they share insights about your target audience:

Do they have a deep understanding of your target audience? What experience do they have in developing strategies to target niche customers in the wealth management industry?

Proven ability to hyper-target your audience niche:

Can they confidently use paid social channel filters and other methods to zero in on your niche audience? Look for ideas on how they would specifically target your ideal client, and not capture the wrong type of leads.

Once you have completed the scorecard

Once you’ve scored your 3 prospective agencies, add up their ratings across the criteria and provide each with a total score. In theory, the agency with the highest score will be the best wealth management marketing agency for your firm.

The right agency will understand your business, be invested in its success and see you as a long-term partner. Take your time during this process, ask the right questions, and trust your instincts. Once you’ve found the right marketing agency, you’ll be better equipped to confidently navigate the changing landscapes of marketing and wealth management.

Download our agency fit scorecard today to find your perfect match.