Broadridge's Kevin Mulhern urges advisors to prioritize automation to stay competitive
This article was produced in partnership with Broadridge
Most financial advisors will tell you they want to grow their business. But nearly 90% of them, according to a Broadridge study, also say they don’t have time for marketing. The paradox is easy to understand – managing existing client relationships, portfolio strategy, and compliance leaves little room for anything else, including sourcing new business.
But the truth is firms that prioritize growth create a dynamic and rewarding environment - expanding resources, deepening client relationships, and fostering career development. Conversely, without a steady influx of new clients, a proactive stance against competition, and a keen awareness of market trends, wealth management firms risk stagnation or decline.
And while marketing tactics have evolved with technology, the core principle remains unchanged - firms that consistently communicate their value proposition through a content-driven strategy position themselves for lasting growth.
“If you want to grow and retain your clients, you need a structured approach,” says Kevin Mulhern, co-founder of AdvisorStream, a Broadridge company. “It’s not about replacing relationships with technology; it’s about using technology to enhance them.”
Source: Broadridge’s Advisor Marketing study (2024)
Marketing without a strategy is a missed opportunity
Despite the clear business benefits, financial marketing remains inconsistent at best. According to the Broadridge study, advisors with a structured marketing strategy generate 175% more leads, onboard 69% more clients annually, and are nearly 90% more likely to turn social media engagement into new business. Yet, most advisors either don’t have a strategy at all or rely on a mix of disconnected tools that make marketing feel like a tedious, manual task rather than a strategic advantage.
Throughout his decades of experience, Mulhern has seen this challenge firsthand. “Advisors don’t want the swivel chair effect—using different platforms for different things. They need a system that works in the background while they focus on serving clients,” He explains. “Investors are telling us they want personalized communication, and it’s not just about pushing out content - it’s about making sure the right information gets to the right client at the right time.” That’s where automation is changing the game.
The impact of a defined marketing strategy
Firms with a structured marketing approach not only attract the right clients but also achieve sustainable success. The Broadridge report supports this observation, indicating that advisors with a defined marketing strategy generate 168% more leads monthly and onboard 50% more clients annually compared to those without one. Despite these benefits, less than 30% of advisors have such a strategy in place.
The reluctance to adopt structured marketing may stem from the industry's traditional nature. Mulhern observes, “We do find south of the border is more aggressive in the adoption of new tools.” In contrast, the Canadian market, dominated by six major banks, has been slower to evolve. However, the independent advisor segment in Canada is growing, mirroring developments that occurred two decades ago in the U.S. This shift presents an opportunity for Canadian advisors to embrace innovative marketing tools and strategies.
Platforms like AdvisorStream use AI-driven automation to ensure that clients receive insights that match their financial concerns - whether that’s retirement planning, home buying, tax strategies, or market trends - without requiring advisors to manually sift through content. This approach keeps clients engaged while freeing up time for advisors to focus on higher-value tasks.
Mulhern co-founded AdvisorStream in 2014 with Martin Hill, an innovator with a background in everything from automating trading at TD to testing robotic control software used onboard the International Space Station. Together, they built one of the most advanced marketing platforms for financial advisors, designed to remove the inefficiencies of managing multiple, disconnected marketing tools.
The evolution of AdvisorStream has accelerated significantly since Broadridge acquired the company in 2021. “Broadridge is one of the world’s largest fintech firms, and their resources have given us the horsepower to build even more powerful AI tools,” Mulhern explains. “We now have access to data pools and infrastructure we would never have had before.”
These new capabilities allow AdvisorStream to integrate seamlessly with CRMs like Salesforce, Wealthbox, and Redtail, making it easier than ever for advisors to maintain a consistent, automated client engagement strategy. “We’re now in what I call Web 2.5,” says Mulhern. “The next evolution isn’t just about digital presence - it’s about connecting everything, understanding everything about your clients and prospects, even the things they don’t explicitly tell you.”
The ROI of automation and personalization
The impact of a well-executed marketing strategy goes beyond lead generation. Client retention is just as critical, and lack of communication is one of the most common reasons investors switch advisors. Many firms focus heavily on acquiring new clients but fail to invest in keeping their existing ones engaged. In reality, consistent, meaningful communication strengthens relationships, improves retention, and helps advisors build credibility in an increasingly competitive landscape.
The data behind personalized, automated marketing is undeniable. Studies show that it currently takes just under four months to convert a prospect into a client. “But if you use personalized marketing and nurturing,” says Mulhern, “you’re going to shorten that conversion time significantly.”
AdvisorStream’s AI-driven approach ensures that clients receive the most relevant financial insights based on their specific interests - whether it’s retirement planning, home buying, tax strategies, or market trends—without requiring advisors to manually sift through content. The result is higher engagement, increased trust, and better retention rates.
“Advisors have to find the time to implement an automated system,” Mulhern says. “The reality is, once they do, that system gives them back their time.”
Marketing in wealth management has historically been reactive - something to focus on when business slows or compliance allows. But the advisors who are thriving today recognize that communication is just as critical as investment performance.
As 2025 unfolds, wealth management firms face a clear choice: invest in an effective marketing strategy or risk irrelevance. In an industry where visibility and engagement drive client relationships, marketing is no longer a luxury - it’s the cost of staying in the game.
