Episode 120: The Role of IMOs with Dennis Mattern

In this episode, Wade Pfau and Alex Murguia interview Dennis Mattern from Creative One about the role of Independent Marketing Organizations (IMOs) in the financial industry. They discuss the difference between captive and independent advisors, the services provided by IMOs, and the importance of infrastructure for advisors. They also explore the marketing support and business partnership that IMOs offer to help advisors engage new prospects and expand their businesses. In this conversation, Dennis Mattern discusses various marketing approaches and strategies for financial advisors. He emphasizes the importance of understanding social media preferences and recognizing the different generations. Dennis explains how Creative One helps advisors grow their business through strategy sessions and the development of 30-60-90 day plans. He also highlights the significance of setting realistic expectations and finding marketing tools that align with an advisor’s strengths. Dennis discusses the effectiveness of dinner seminars, educational events, and virtual webinars. He concludes by discussing the role of compliance and the importance of authenticity in marketing. Listen now to learn more!

Takeaways

IMOs provide support and resources for financial advisors, including marketing, product selection, and case design.

Choosing the right IMO is crucial for advisors, and they should ask the right questions to ensure the IMO can meet their needs.

IMOs can help advisors engage new prospects and expand their businesses through marketing strategies and advertising support.

IMOs serve as a business partner for advisors, offering guidance, expertise, and access to a wide range of insurance products and solutions. Understanding social media preferences and recognizing the different generations can help advisors tailor their marketing strategies.

Setting realistic expectations is crucial for both advisors and clients.

Different marketing approaches, such as dinner seminars, educational events, and virtual webinars, can be effective in reaching and engaging potential clients.

Working with an IMO that has a broker dealer or an RIA can streamline the marketing and compliance process.

Authenticity and finding marketing strategies that align with an advisor’s strengths are key to success.

Chapters

00:00 Introduction and Background

01:49 Understanding IMO and FMO

03:42 The Role of IMOs in the Financial Industry

05:13 Captive vs. Independent Advisors

06:39 The Importance of Infrastructure for Advisors

08:59 The Evolution of IMOs

12:19 Choosing an IMO and Asking the Right Questions

14:03 Services Provided by IMOs

16:13 The Role of IMOs in Product Selection

22:48 Marketing Support from IMOs

24:01 The Importance of Business Partnership with IMOs

28:46 Engaging New Prospects and Marketing Strategies

31:25 Social Media Preferences

32:09 Recognizing Generation X

32:29 Cutting Through the Noise

33:19 Helping Advisors Grow Their Business

34:10 Setting Up a Strategy Session

34:37 Creating a 30-60-90 Day Plan

35:08 Realistic Expectations

36:17 Marketing Tools and Strategies

37:26 Different Approaches to Marketing

38:43 The Effectiveness of Dinner Seminars

39:23 Educational Events and Seminars

40:07 Virtual Events and Webinars

41:12 Considerations for Marketing Approaches

42:40 Benefits of Classroom Events

43:11 Leading with Value in Education

44:25 Virtual Events and Expanding Footprint

45:50 The Role of Compliance in Marketing

48:11 Consolidation and Differentiation in the Industry

49:25 Setting Realistic Expectations

51:09 The Role of an IMO

51:39 Facilitating the Fulfillment Process

52:09 Setting Up a Flywheel for Bringing in New Clients

55:07 Authenticity in Marketing

56:12 Considerations for Evaluating an IMO

57:11 How to Start