Ryan Holdaway

April 14, 2023

Over the years, I've worked on and produced thousands of marketing materials and FinProms, including landing pages, websites, ad text, imagery, videos, brochures, application processes, sales materials etc., ensuring they meet the stringent regulatory requirements in the financial services industry. This first-hand experience has provided me with valuable insights into navigating the compliance process.

The process of creating and testing marketing materials for compliance was both challenging and rewarding. It required constant collaboration with various stakeholders, such as developers, copywriters, and designers, to ensure that the content was not only engaging and effective but also adhered to strict regulations.

Working closely with third-party compliance partners is essential to ensure that all marketing materials meet the regulatory requirements, but also, they need to perform. Collaboration helped identify potential compliance issues early on, making the process smoother and more efficient.

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The Compliance Gap: Modern Marketing vs. Traditional Approaches

The Slow Adaptation of Compliance Firms to Modern Marketing

One of the challenges faced by financial advisors and marketers in today's digital landscape is the slow adaptation of compliance firms to modern marketing and content delivery. This can make it difficult to strike the right balance between creativity and compliance, as traditional approaches may not always align with current marketing techniques.

Challenges Faced by Financial Advisors and Marketers

Financial advisors and marketers must navigate a complex web of regulations while creating compelling and engaging content. This can be particularly challenging when dealing with compliance partners who may not be fully up-to-date with the latest marketing trends or who may have a more conservative approach to content approval.

Finding the Balance Between Creativity and Compliance

To address this challenge, it's essential to find a balance between creativity and compliance when presenting marketing materials for sign-off. This can be achieved by adopting a few key strategies:

1.     Clear Presentation of Marketing Intent and Compliance Adherence: When presenting your marketing materials for sign-off, ensure that you clearly explain the intent behind the campaign and how it adheres to regulations. Highlight the innovative aspects of the campaign while demonstrating that they fall within the boundaries of compliance guidelines. This will help your compliance partners better understand the balance between creativity and compliance, and it will increase the likelihood of a smooth sign-off process.

2.     Provide Resources and Examples of Successful Campaigns: Equip your compliance partners with resources and examples of successful marketing campaigns that effectively balance creativity and compliance. By showcasing how innovative marketing techniques can work within the regulatory framework, you can help bridge the gap between traditional approaches and modern marketing, allowing for more effective collaboration and a smoother compliance process.

Collaborating with Compliance Teams: Flexibility and Understanding

The First Review Isn't Set in Stone

It's essential to understand that a compliance team's first review of your marketing materials isn't set in stone. There are often opportunities for collaboration to ensure that materials meet FinProm guidelines whilst maximizing effectiveness, and misunderstandings about the purpose of marketing materials can be addressed and clarified.

Opportunities for Collaboration

Compliance teams may initially take a conservative approach when reviewing marketing materials. However, as mentioned, there is often room for working together. By understanding the regulatory framework and providing a well-reasoned argument for your marketing approach, you can help your compliance partners see the value of your proposed strategy while still adhering to the rules.
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Addressing Misunderstandings

Sometimes, compliance teams may not fully understand the purpose of specific marketing materials or the intent behind a campaign. In such cases, it's crucial to clarify the goals of your marketing efforts and explain how they align with both the target audience's needs and regulatory requirements.

Tips for Successful Collaboration

Establish a Strong Working Relationship with Compliance Teams: Cultivate a positive and collaborative relationship with your compliance partners. Building trust and rapport will make it easier to engage in open and productive discussions, leading to a smoother negotiation process.

Present a Clear and Logical Case for Proposed Changes: When working with compliance teams, it's important to present a well-structured argument for any proposed changes to marketing materials. Provide clear evidence and examples of how your suggestions comply with regulations while enhancing the effectiveness of the campaign. This will help your compliance partners understand the rationale behind your proposed changes and increase the likelihood of a successful negotiation.

Streamlining the Compliance Process: Providing a Succinct Brief

The Benefits of a Clear and Concise Brief

Offering a clear and concise brief to compliance teams can significantly streamline the compliance process. A well-prepared brief helps intwo key ways:

Faster Review Process: A thorough brief allows compliance teams to quickly understand the goals and structure of your marketing campaign, leading to a more efficient review process.

Increased Likelihood of Approval: When compliance teams have a clear understanding of your marketing materials and their adherence to regulations, they are more likely to approve your campaign without extensive back-and-forth negotiations.

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Key Elements to Include in a Brief

To create an effective brief, consider including the following key elements:

·       Description of the Marketing Channel: Clearly outline the marketing channel you are using for your campaign (e.g., email, social media, or paid ads) and provide any relevant context about the channel's specific requirements or limitations.

·       Target Audience and Content Focus: Describe the target audience for your campaign, including their demographics, interests, and needs. Explain the content's focus and how it addresses the needs of your target audience.

·       Acknowledgment of FinProm Guidelines and Adherence: Explicitly state that you have taken FinProm guidelines into consideration while creating your marketing materials. This demonstrates your awareness of the regulatory landscape and shows that you have made an effort to adhere to the rules.

·       Explanation of How the Content Meets Regulatory Requirements: Clearly explain how your marketing materials meet the necessary regulatory requirements. Provide specific examples and evidence to back up your claims. This will help compliance teams quickly assess your materials and understand your commitment to compliance.

Conclusion

As we wrap up this blog post, let's recap the main points covered:

·       The importance of understanding the compliance process and navigating the regulatory landscape.

·       The challenges faced by financial advisors and marketers in balancing creativity and compliance due to the slow adaptation of compliance firms to modern marketing techniques.

·       Strategies for negotiating with compliance teams, including establishing strong working relationships and presenting clear, logical cases for proposed changes.

·       The benefits of streamlining the compliance process by providing a succinct brief to compliance teams, and key elements to include in the brief.

·       As financial advisors, it's essential to embrace modern marketing techniques while staying compliant with industry regulations. By applying the strategies discussed in this blog post, you can overcome compliance hurdles and create engaging, effective marketing campaigns that adhere to the rules.

I invite you to share your own experiences and insights on overcoming compliance challenges in the financial services industry. By learning from one another, we can continue to push the boundaries of marketing while maintaining the trust and confidence of our clients and regulatory bodies.

Over the years, I've worked on and produced large volumes of marketing materials including ads, content, imagery, video, brochures etc, ensuring they meet the stringent regulatory requirements in the financial services industry. This first-hand experience has provided me with valuable insights into navigating the compliance process.