Despite the significant increase in global spending on marketing technology (martech) and the boom in the industry post-pandemic, the wealth management sector is still struggling to fully understand and utilize the potential of martech. The global martech market is expected to reach $215 billion by 2027, but this growth has not been uniform across all industries.
The challenge for wealth management firms lies in integrating martech tools with their existing IT infrastructure and workflows. Many firms see martech as just another technology within their stack, with tools like marketing automation software and social listening platforms integrated with other IT functions and managed accordingly. However, some large RIAs have dedicated marketing departments focused on driving growth and revenue through effective marketing and communication strategies.
The challenge arises from the disconnect between these marketing functions and the tech tools designed to support them. Often, marketing departments operate independently from the martech tools meant to enhance their efforts, resulting in a missed opportunity for marketers to fully leverage these technologies to accelerate a firm’s growth. To overcome this challenge, wealth management firms need to prioritize investment in training, education, and collaboration between marketing teams and IT departments. By doing so, they can unlock the full potential of martech and drive more effective marketing campaigns that generate revenue for their clients.
