In this episode, Wade Pfau and Alex Murguia interview Dennis Mattern from Creative One about the role of Independent Marketing Organizations (IMOs) in the financial industry. They discuss the difference between captive and independent advisors, the services provided by IMOs, and the importance of infrastructure for advisors. They also explore the marketing support and business partnership that IMOs offer to help advisors engage new prospects and expand their businesses. In this conversation, Dennis Mattern discusses various marketing approaches and strategies for financial advisors. He emphasizes the importance of understanding social media preferences and recognizing the different generations. Dennis explains how Creative One helps advisors grow their business through strategy sessions and the development of 30-60-90 day plans. He also highlights the significance of setting realistic expectations and finding marketing tools that align with an advisor’s strengths. Dennis discusses the effectiveness of dinner seminars, educational events, and virtual webinars. He concludes by discussing the role of compliance and the importance of authenticity in marketing. Listen now to learn more!
Takeaways
IMOs provide support and resources for financial advisors, including marketing, product selection, and case design.
Choosing the right IMO is crucial for advisors, and they should ask the right questions to ensure the IMO can meet their needs.
IMOs can help advisors engage new prospects and expand their businesses through marketing strategies and advertising support.
IMOs serve as a business partner for advisors, offering guidance, expertise, and access to a wide range of insurance products and solutions. Understanding social media preferences and recognizing the different generations can help advisors tailor their marketing strategies.
Setting realistic expectations is crucial for both advisors and clients.
Different marketing approaches, such as dinner seminars, educational events, and virtual webinars, can be effective in reaching and engaging potential clients.
Working with an IMO that has a broker dealer or an RIA can streamline the marketing and compliance process.
Authenticity and finding marketing strategies that align with an advisor’s strengths are key to success.
Chapters
00:00 Introduction and Background
01:49 Understanding IMO and FMO
03:42 The Role of IMOs in the Financial Industry
05:13 Captive vs. Independent Advisors
06:39 The Importance of Infrastructure for Advisors
08:59 The Evolution of IMOs
12:19 Choosing an IMO and Asking the Right Questions
14:03 Services Provided by IMOs
16:13 The Role of IMOs in Product Selection
22:48 Marketing Support from IMOs
24:01 The Importance of Business Partnership with IMOs
28:46 Engaging New Prospects and Marketing Strategies
31:25 Social Media Preferences
32:09 Recognizing Generation X
32:29 Cutting Through the Noise
33:19 Helping Advisors Grow Their Business
34:10 Setting Up a Strategy Session
34:37 Creating a 30-60-90 Day Plan
35:08 Realistic Expectations
36:17 Marketing Tools and Strategies
37:26 Different Approaches to Marketing
38:43 The Effectiveness of Dinner Seminars
39:23 Educational Events and Seminars
40:07 Virtual Events and Webinars
41:12 Considerations for Marketing Approaches
42:40 Benefits of Classroom Events
43:11 Leading with Value in Education
44:25 Virtual Events and Expanding Footprint
45:50 The Role of Compliance in Marketing
48:11 Consolidation and Differentiation in the Industry
49:25 Setting Realistic Expectations
51:09 The Role of an IMO
51:39 Facilitating the Fulfillment Process
52:09 Setting Up a Flywheel for Bringing in New Clients
55:07 Authenticity in Marketing
56:12 Considerations for Evaluating an IMO
57:11 How to Start
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”
