Uncovering the Secrets of Hyper-Growth Firms

May 17, 2023, 10:00 am

If you’re curious about what separates hyper-growth financial advisory firms from non-growth ones, then taking this deep dive into the findings of the recent Nitrogen Growth Survey to discover why some firms have experienced growth while others haven’t is for you.

In this webinar, Chief Evangelist, Samantha Russell and Chief Marketing Officer at Nitrogen, Craig Clark not only discussed the Nitrogen Growth Survey but they shared how to streamline your internal processes to boost efficiency, ways to improve your online presence, covered the types of tools you should use and more.

Short on time or just want the main points?

Here is your summary to skip ahead or scan through below.

  1. Why It’s Hard to Grow as a Firm [4:35]
  2. The Nitrogen Growth Survey [6:14]
  3. Technology Growth [11:35]
  4. Marking Growth [16:42]
  5. Using Webinars in your Marketing [31:27]
  6. The Importance of Client Communications [39:48]
Why It’s Hard to Grow as a Firm [4:35]

Why It’s Hard to Grow as a Firm [4:35]

  • Independent firms aren’t keeping up. (Deloitte found that only about 20% of advisory firms are considered to be “high-performing.”)
  • Old technology isn’t helping. (According to Advisor360.com, 65% of advisors admitted to losing business because of outdated management software.)
  • Most advisors fail within the year. (According to Advisor Perspectives, 80-90% of advisors fail within the first three years.)
  • The competition is real. (92% of RIAs in the industry believe competition will begin to increase and 75% are concerned about losing clients to competitors.)


The Nitrogen Growth Survey [6:14]

The Nitrogen Growth Survey [6:14]

  • This survey reveals the reality that a majority of firms are not growing.
  • There’s a big gap to fill in order to become a growth firm.
  • There is a bridge between non-growing firms and growing firms and that includes client engagement, the adaptation of technology and marketing strategies.


Technology Growth [11:35]

Technology Growth [11:35]

  • “Client satisfaction” and “efficiency” are the most important factors when it comes to selecting new technology.
  • Hyper-growth firms are 1.5x more likely than slow-growth firms to spend 75% of their budget on front-office, client-facing technology
  • Hyper-growth firms use technology more efficiently than slow-growth firms, in fact, many use their tech tools daily.


Marking Growth [16:42]

Marking Growth [16:42]

  • Slow-growth and hyper-growth firms both struggle with having the bandwidth for marketing.
  • Advisory firms need to measure their marketing efforts effectively.
  • Around 39% of hyper-growth firm respondents spend 6% or more of their gross revenue on their marketing.
  • Webinars are the highest-converting marketing channel.
  • Hyper-growth firms tend to rank “events” and “social media ads” as the other highest-converting marketing channels and see success from these channels.


Using Webinars in your Marketing [31:27]

Using Webinars in your Marketing [31:27]

  • Webinars and blogs are an incredible way to reach your audience with a targeted message.
  • The best way to get registrants is by sending three emails for optimal performance starting a week ahead of time.
  • Webinar topics can include timely topics, niche-specific topics and evergreen topics.
  • Hyper-growth firms are more likely to have a tool that converts leads to into clients than slow-growth firms.


The Importance of Client Communications [39:48]

The Importance of Client Communications [39:48]

  • Slow-growth firms have less automated client communication than hyper-growth firms.
  • Consistent communication is crucial to success.
  • Establish some type of cadence when it comes to how often you email your clients.
  • According to YCharts, almost half of clients wish their advisors communicated more frequently with them.
  • Utilize drip email marketing when communicating with clients.
  • Hyper-growth firms have a stronger relationship with the children of their clients than slow-growth firms, and establishing this is crucial.


Supplemental Resources

The slides can be found here

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