​Moz Local Report: Who’s Winning Wealth Management?

​Moz Local Report: Who’s Winning Wealth Management?

Focusing on Google, there are three major areas where financial service providers can compete: organic results, local results, and paid results (ads). Research methodology For the purposes of this study, we decided to target five keyphrases related to wealth management and financial advisory services: financial advisor financial planning financial planner financial consultant wealth management For each keyword, we looked at page one of Google results across 5,000 cities (the 5K largest cities in the contiguous 48 states, according to US census data). We then captured URLs and ranking positions across organic, local, and paid results. Among major players in the financial services space, only Edward Jones made it into the Top 5. Google seems to be interpreting this search as a job-hunting search and not a search for a service provider. Top 5 local leaders Applying the same analysis to the local pack, we came up with the following Top 5… Traditional wealth management players performed much better in local pack results. Across our data, though, Edward Jones dominated the competitors in local rankings, consuming almost 40% of the total Click Share. Interestingly, there was more overall diversity in local pack results, even with one dominant player and only three ranking positions per page. Interesting to note that relative newcomer SoFi seems to be spending pretty heavily in the space. Across even five keywords and 5,000 cities, there were roughly 7,000 domains ranking in the local 3-pack.

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As more people look for financial advice online, brick-and-mortar wealth management firms and financial advisors are competing harder than ever for search customers. More than 70% of millennials use search engines for research, and 15% of 18–34 year-olds are turning directly to search engines for financial advice. As consumers in their 20s and 30s grow their wealth, have families, and begin planning for the future, who is best situated to capture their attention online?

This turns out to be a more difficult question than you might think. Focusing on Google, there are three major areas where financial service providers can compete: organic results, local results, and paid results (ads). Even organic results are increasingly localized, with top rankings varying wildly from city to city, and traditional organic results are often pushed below both ads and the local 3-pack. Local packs command a large amount of screen real-estate — here’s a local pack for “financial planner” in my own suburban Chicago neighborhood:

In partnership with Hearsay Systems, which provides Advisor Cloud solutions for the financial services industry, we decided to find out who’s leading the pack (no pun intended) in 2017 for wealth management and financial advisory searches across organic, local, and paid results.

Research methodology

For the purposes of this study, we decided to target five keyphrases related to wealth management and financial advisory services:

  1. financial advisor
  2. financial planning
  3. financial planner
  4. financial consultant
  5. wealth management

For each keyword, we looked at page one of Google results across 5,000 cities (the 5K largest cities in the contiguous 48 states, according to US census data). We then captured URLs and ranking positions across organic, local, and paid results.

To aggregate the data, we weighted each result by the population of the corresponding city and the estimated click-through rate (CTR) of its ranking position. We used a fairly conservative CTR curve, weighting top results a bit heavier, but not too dramatically:

For the final analysis across all five keywords, we weighted each keyword by its estimated search volume (according to Google Adwords) in the United States. By far, “financial advisor” was the most popular keyword, scooping up about 55% of search share across the keyword set.

Since some large brands use multiple websites (domains), we consolidated their numbers across those domains. So, for example, morganstanley.com and morganstanleybranch.com were grouped together in the final analysis. Quite a few brands have separate domains for their corporate site and local/branch locations. We’re interested in the strength of the brands themselves, not the particulars of how they divvy up their websites.

Top 5 organic leaders

The Top 5 for organic results were dominated by informational and news sites. The following graph compares the total “Click Share” based on all available clicks across all sites:

Investopedia led the way, scoring almost one-fifth of all clicks in our aggregate model, across more than 4,000 ranking domains. Among major players in the financial services space, only Edward Jones made it into the Top 5.

This is consistent with the idea that people are seeking general financial advice, and may not always be looking to organic results to find local service providers. Google’s results can often tell us a lot about how they’re interpreting search intent.

Curious case of keyword #4

Across the five keywords, we generally saw similar patterns. There were ranking variations, of course, but most of the top sites for one keyword performed well across the other keywords in organic results. The notable exception was keyword #4, “financial consultant.”

The Top 10 organic competitors for “financial consultant” included Monster.com (#1), Indeed.com (#4), Glassdoor (#5), and Robert Half (#7). Google seems to be interpreting this search as a job-hunting search and not a search for a service provider. This goes to show how important it is to make sure you’re targeting the right terms.

Top 5 local leaders

Applying the same analysis to the local pack, we came up…

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