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 For example, outdated materials and logos may get used, requests might be sent for assets that have already been produced, and what should be a quick turn-around oftentimes becomes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
Version control and history
Attractive user interface
Tracking and reporting
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.