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A big Schwab RIA in Florida launches a mass-market venture with Placemark and Schwab as the key pieces

Rich Steinberg is using, in effect, his own RIA as the manager to clients of a startup RIA, outsourcing the technology and counting on Schwab referrals

Author Brooke Southall October 1, 2012 at 4:33 AM
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Rich Steinberg: We're essentially hiring ourselves.

Elmer Rich III

Elmer Rich III

October 1, 2012 — 6:08 PM

We are one of the very few financial pros that has actually done mass market B2C consumer advertising and marketing. We started and sold a regional consumer, retail ad agency before entering the financial services B2B market.

A few observations based on data and experience:

- Consumer marketing and business development is very expensive and complex.

- It demands deep experience and skilled professionals and supporting vendors. Ad agencies are critical. Others include direct mail, radio, printers, web designers, etc. Radio, BTW, is the most effective approach, by far.

- Most responses are from accounts that are too small. Direct mail response rates are in the low single digits.

Certainly, just based on demographics, wealth has become a mass market so mass marketing tactics are appropriate. There is just going to be a lot of expensive trial and error.

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

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