Wealth Management DAM Systems: Your Ultimate Guide

Brand consistency is a crucial factor to the awareness, reputation and success of wealth management firms. Unfortunately, maintaining a consistent identity across all materials and channels presents many challenges. For example, outdated materials and logos may get used, requests might be sent for assets that have already been produced, and what should be a quick turn-around oftentimes becomes a drawn out and frustrating process. While this may seem like just a mere inefficiency, it can actually result in a significant loss of productivity for your firm. In fact, searching for up-to-date files takes up an average of 30 percent of an employee’s day and could cost your firm millions in lost productivity. 

The good news is, your firm is not the only firm with these challenges. Hence the invention of the digital asset management (DAM) system! A DAM system offers a way to create a central location for all digital assets so your firm can save time and focus on high-priority tasks. At its broadest definition, a DAM system is a central hub for firms to securely store, organize, retrieve and review digital content such as white pages, pitch decks, head shots, graphics, PDFs, logos, videos and more.

These centralized digital libraries come in many different shapes and sizes and choosing the wrong option for your firm can be cumbersome and costly. We have worked with our clients to roll out DAM solutions and wanted to share what we have learned along the way.

When Do I Need to Invest in a DAM System?

While DAM systems certainly are beneficial, you may be wondering if it is the right time for your wealth management firm to take the plunge. To answer this question, we recommend thinking about how your firm currently manages its digital assets.

  • Is it resource-intensive to use your digital assets?

  • Is it cumbersome to access your assets where and when you need them?

  • Does creative collaboration often result in bottlenecks?

  • Are you unsure if your digital assets are secure?

If you answered yes to any and all of the above questions, then it may be time for your firm to invest in a DAM system.

Which Wealth Management DAM System Is Best for You?

Once your firm decides to invest in a DAM system, there are numerous options to choose from. There is no one size fits all. Despite all of these programs serving the same purpose, each specific software is unique – as is every wealth management firm.

We recommend first identifying the current challenges your firm faces in regard to your digital assets. Then, identify key users and discuss all the required features and functionality you hope your future DAM system will possess. Some common features that we have seen our clients search for include:

  • Support all file formats

  • Ability to assign roles and permissions to users

  • Directly edit and/or convert files in the system

  • Easy search tools

  • Notifications

  • Brand templates

  • Version control and history

  • Attractive user interface

  • Metadata integrity

  • Tracking and reporting

  • Customer support

Once you figure out what exactly your firm needs, it is time to evaluate specific DAM systems. Read reviews, speak to DAM providers, enlist in live demonstrations and trials, and take all of the necessary steps to ensure that the DAM system you select is the right one for you, your team and your firm.

The importance of participating in a free trial cannot be overemphasized. Nearly every DAM option offers a trial option, which is the only way to effectively grasp how the system works and whether it is a good fit.

The cost of a DAM system can creep into six figures very quickly; however, we don’t feel that our clients need to make that kind of investment to obtain the solution they need. Depending on what your firm’s individual needs are, FileCamp offers a great low-cost option starting at $350/year. Brandfolder, Bynder and Canto are also great options that range between $7,000 - $25,000 annually and offer additional custom benefits.

What to Consider When Shopping for a DAM System

Think about the following questions when evaluating your DAM system options:

How much storage do I need? We recommend 1 terabyte (tb). This will be plenty of storage but will not leave your firm stuck or needing to purchase additional storage at a premium. To put this in perspective 1 tb accommodates 2 million photos.

How many users do I need? This depends on the size of your firm and who will be using the DAM. In addition to employees, consider contractors, clients and industry colleagues. We recommend getting a program with unlimited users or enough to accommodate for your firm’s growth. It is crucial to identify admin users and light users in advance of selecting a DAM.

How long has the company been around? Many start-ups can be here today and gone tomorrow. You want to make sure that the company you are choosing is here for the long haul. Ask questions to make sure they are properly funded for not only now but also the future. The software will require future modifications to avoid becoming obsolete, and this will require proper funding/planning by the company.

Which companies use this software? The wealth management space has very specific and complex needs. A DAM system that caters to design firms or tech firms may not be a good fit for a wealth management firm. Ask your rep if comparable companies are using the software, and if so, how they are using it.

When is the best time to negotiate a DAM contract? Like many sales-oriented companies, DAMs are very goal-oriented. They typically are more inclined to offer discounts and promotions toward the end of the month or quarter. This can be beneficial to keep in mind to obtain the most economical price for your firm.

How Do I Get Started?

Now that you understand everything that you need to know about wealth management DAM systems, it is time to officially get started. However, with so many options to choose from, finding and implementing the perfect system for your firm can oftentimes be complicated and time-consuming. That’s where we come in. Contact our experienced wealth management marketing and communications team to get started today.

Rosemary Denney in MarketCurrents: Why Wealthy Families Need a Social Media Policy

Ever since the development of social media, its usage has posed serious threats for high-net-worth families. For example, an Instagram post on a vacation with the GPS tag can put a wealthy family member at risk of being kidnapped for ransom. Or, a hacker can gain access to an heiress’s email account and send fraudulent invoices to her family office for nearly a million dollars merely because her password was her dog’s name – a dog she plastered on her social media accounts.

In order to uncover a possible solution to this pertinent issue, MarketCurrents spoke with Wealth Matters Consulting CEO Rosemary Denney. In the article, Denney recommends that both wealthy families and the firms that manage their wealth create a robust social media strategy in order to combat security threats.

Specifically, in regard to wealth management social media policies, Denney states, “These policies ensure that everyone at the firm possesses a clear understanding of how their social media activity must work in connection to the business.”

When developing wealth management social media policies for firms handling the data and affairs of wealthy families, Denney advices firms to truly consider the long-term implications of their policy, review every endpoint device, utilize premium tools that go beyond the built-in privacy protections of online platforms, and regularly test their digital infrastructure for any weaknesses.

Denney also describes how the best social media policies leave no room for ambiguity. Instead, they should enable wealthy families and their wealth management firms to experience all of the benefits this digital resource has to offer – from maintaining personal and professional relationships to building an effective brand – all without compromising their security.

Read the entire MarketCurrents article here.

Wealth Management Social Media Policies: 5 Essential Guidelines

Despite the concrete evidence that social media can serve as a powerful marketing tool to increase brand recognition and build relationships with prospects, many firms avoid social media because they fear their online activity could pose a compliance risk. While there are certainly regulatory restrictions to be aware of, it is absolutely possible to use social media within those regulatory boundaries. The key is establishing a social media policy.

Having a social media policy in place allows a firm to leverage the power of digital marketing and expand the reach of their brand among their target audiences while being compliant, accurate, and consistent across the firm’s footprint.

When it comes to creating a wealth management social media policy, there is absolutely no room for ambiguity. The policy must ensure that everyone at the firm understands how their social media activity connects to the business. To eliminate any confusion, the policy must include specifics about who can post, what to post, and when.

We recommend that advisors consider the following guidelines when creating a social media policy for their firm:

1. Research Potential Pitfalls

It is critical for your wealth management firm to be aware of the many social media-related compliance rules. While rules regarding the nature of the content are often the first to come to mind, make sure your policies also include guidelines for setting up social profiles and communicating within a social media platform. Two important components to familiarize yourself with are defining testimonials and avoiding specific investment advice.

2. Determine Your Spokespeople

Decide who among your firm is allowed to speak on behalf of the firm and post on the official company page. Make sure those who are allowed to represent the firm publicly – whether on digital platforms or traditional public platforms – represent your firm knowledgeably, accurately, and professionally.

3. Create a Review Process

Before any content is posted on behalf of the firm, it should be thoroughly reviewed and approved by management and compliance to ensure that the post is compliant with state and federal regulations, as well as the company’s brand and content guidelines. Clearly define your process of review so that everyone understands the workflow and nobody posts something that they come to regret.

4. Make Policies Personal

While regulators are typically concerned only with communications related to conducting business, that doesn’t mean that personal posts are without risk – in this case risk to your brand and reputation. Search engines, screenshots, archives, and cached files have created a digital world where every piece of content lives forever. It is crucial that everyone at your firm acts as if all of their updates and comments will be posted on the front page of a newspaper – even if their profiles are private. Consider including this simple rule among your policies: if it is not suitable for everyone to see, do not click the publish button.

5. Create Record-Keeping Practices

The record-keeping rules for business communications apply to social media as well. Decide how to handle record-keeping and spell it out in your social media policies to ensure each post is accounted for.

These guidelines can help you get started in creating an effective wealth management social media policy. Embracing a robust and specific social media policy can alleviate compliance-related concerns while allowing you to strengthen your brand and professional reputation across all digital channels. Contact our experienced social media team to learn more.

Communication 101: What We Learned From Brexit

Last month the United Kingdom voted to break away from the European Union, resulting in dramatic swings in the global markets. Investors on both sides of the pond experienced anxiety, and the financial media only made matters worse by playing on those fears. The market recovered shortly thereafter but many investors were left wondering, “What next? Should I do anything? What does this mean for me?”

In times of uncertainty, communication is critical. It can calm fears, help avoid brash decisions, strengthen relationships, and create opportunities to demonstrate thought leadership and expertise. Communications has evolved beyond the bland, boring investment letters of the past. Investors today expect to read content that is engaging, relevant, interesting, and in a language that they can understand. Thankfully, there are several modes of communication for an advisor – all of which should be used in tandem in a thoughtful, proactive way. Email and social media should be used along with Old Faithful (the telephone) to reach clients and allay their fears. These cover the bases in terms of demographics and together reach a broad spectrum of audiences.

Email. A timely and informative email from advisor to client can be calming and reassuring. Rather than simply regurgitate market data, these should go further to answer a few basic questions that client families often ask: “How does this affect me? What does this mean for my wealth in the long term? Should I do anything? Is this a good time to buy?” This is both helpful and often very much appreciated. Email marketing is not just for sales, but can be a non-intrusive, private way to quickly update clients. 

Social media. Why do advisors flinch at the mere mention of the word Twitter? Since the UK’s EU referendum, 13,310 simultaneous hashtags regarding Brexit have been utilized on a global scale. What better way to jump into the conversation and communicate with people who use social media to get their news, including millennials, reporters and even many investors. In addition, social media is a great way to establish your brand among your peers and centers of influence. Social media has functioned as a fundamental voice in the post-Brexit conversation and will continue to serve as a channel to convey the latest information about current global events. Shouldn’t you be a part of the conversation?

A conversation. The personal touch should never be overlooked! Picking up the phone and letting clients know that they are a distinct and principal concern during times of crisis is comforting. The more information a client has, the less likely they are to make a rash decision that may lead to financial losses.  

Big news will happen and market volatility is a reality investors will face. Leverage these opportunities to strengthen relationships and help clients feel good about your advisory relationship.