3 tips to help financial advisors make better video

Robert Sofia knows that experts throughout the wealth management industry have been talking about the value of video for a long time.

Its ability to gain the attention of prospects. Its ability to grow business. The way it allows advisors to show another part of their personality or establish themselves as experts via the creation of educational content.

But Sofia, the CEO of marketing technology firm Snappy Kraken, said those dishing out the advice often forget that making good video content is still a lot of work, and knowing where to start can be overwhelming.

"Setting up a camera. Setting up the lighting. Getting good on video and figuring out what to say … it's not as easy as it sounds. And people always say, 'Just take a video with your phone and then upload it,'" Sofia said. "That doesn't work for everybody, and most advisors hear that advice from people who are much better at it. So it's not all apples to apples."

In an effort to level the playing field and help more advisors tap into the power of video, Snappy Kraken is partnering with video production company Idea Decanter.

Co-founded in 2014 by Laura Garfield and Sharon Gottula, Idea Decanter is a firm built on the foundations of commercial photography and broadcast journalism that supports financial advisors interested in making video.

READ MORE: 7 ways for financial advisors to boost video engagement

Idea Decanter is the producer of the Idea Kit, a remote video production resource that comes complete with a crew of experts and some gear to get started. When advisors sign up for an Idea Kit, the firm ships that advisor a lavalier mic, a ring light and light stands with a phone mount.

Once the gear is in hand, experts from Idea Decanter work with advisors to develop concept, messaging and delivery strategy. If an advisor wants to work from a script, they have the option to write their own or have one created for them.

When the advisor is ready to go live, Idea Decanter assists by having an expert from their team provide live coaching during the shoot. Advisors also have access to a teleprompter upon request.

Once the video is done, Idea Decanter makes edits, color corrections and adds visual elements to create the final product.

"In short, we take all the time and talent we bring to on-location shoots and use it on your Idea Kit remote shoot," Gottula said in a video describing the service.

Education is also a big part of the pairing. The two companies kicked off the collaboration with a "Be a Creator Video Bootcamp" webinar for Snappy Kraken clients on July 12. The webinar covered the fundamentals of video creation and provided insights into making videos more effective.

Additionally, Idea Decanter will write exclusive video scripts for use in Snappy Kraken's personal connection video campaigns that focus on various aspects of jobs and careers, catering primarily to young professionals.

Combined with Snappy Kraken's existing automated video marketing tools, Sofia believes the partnership is a boon to advisors who understand the importance of video in today's environment but struggle to overcome their own hesitancy or self-doubt.

"If you think about shooting a video with your phone, you still have all those problems to solve. Is what I say is compliance approved? I've shot it, but what do I do with it? How do I upload it? What video host?" Sofia said. "We just take all that off their plate."

The partnership is the latest major effort to help advisors make more impactful videos as numerous studies suggest that both the format and sound financial guidance are trending upward.

A new study from Boston-based marketing tech firm Demand Sage finds that videos account for almost 80% of all internet traffic, and have a greater reach than any other kind of post across social media platforms.

In 2023, online video is expected to account for 82.5% of all web traffic, making it the most popular type of content over the internet. Since 2016, there has been a 25% growth in firms embracing video as a marketing strategy.

Americans are also hungry for guidance they can trust. The 2023 Northwestern Mutual Planning & Progress Study finds that financial advisors are the most trusted source of financial advice, outpacing spouses, family members, business news, friends and social media.

That holds true even among young clients. Only 4% of millennial and 6% of Gen Z respondents listed influencers/social media as the most trusted source of financial advice.

"When they are facing uncertainty, they want professional guidance," Sofia said. "And when you're in an environment where we're talking about recession and market downturns, the desire to have a certified, skilled, seasoned advisor give you guidance is greater than ever."

To meet the demand, Merrill launched Merrill Video Pro, a virtual video studio for financial advisors to create clips and connect with clients and prospects at scale. Billed as a turnkey video creation tool, Video Pro provides access to a template library of topics to help advisors quickly craft compliant clips.

In late February, Raymond James announced it was getting its advisors ready for the camera by rolling out Instagram Professional as an option for its 8,700 advisors, followed by a "focused launch" of YouTube and Spotify capacities in the coming months.

Ari Baum, founder and chief executive officer at Endurance Wealth Partners in New York, is an advisor who credits the Idea Kit for removing the guesswork involved in his own video production endeavors. As a result, Baum said he was able to more than double his client roster.

"At its core, providing financial advice is a relationship business. Videos are a surefire way to keep client relationships fresh and engaging," Baum said in a statement. "Through video creation with Idea Decanter, I have gone from an advisor to an ally by making my clients feel more connected to the work we are accomplishing together."

Here are a few quick tips from Idea Decanter and Baum to make better videos.