Pros and Cons of Hiring an Outsourced Chief Marketing Officer for your business
A while back we wrote about the concept of an Outsourced CMO (Chief Marketing Officer) for financial advisors, wealth managers, lawyers and CPA’s.
The aim of the article was to introduce to them the idea that you don’t need one person, but can rather have an entire firm working on your behalf around all your marketing and branding needs.
We also have included here 10 benefits of an outsourced Chief Marketing Officer, including cost, speed, scale, and an outside perspective.
Read our full article here about the Pros and Cons of an Outsourced Chief Marketing Officer (vs. hiring one in-house or not hiring at all!)
Below we have explained the pros and cons to hiring an outsourced CMO for your firm.
Take a look and let us know if you have any questions.
+ Why do I even need marketing if my entire business grows through referrals?
You definitely can ignore marketing, but in an industry that is getting more and more competitive, you will notice your referrals continuously slow down as your competitors become more and more active in reaching out to the people you want to meet. These competitors no longer include just financial advisors, but banks, investment bankers, accounting firms, and roboadvisory firms, to name a few. Without the usage of marketing to Beautiful, Broadcast and bring Brand Awareness to your message, you will go into the category of the "Old Doctor": The doctor we all love but know will be dying soon.
+ What are the pros of hiring an in-house marketing employee?
There are many benefits to an in-house CMO namely:
- Ultra focus on only you and your marketing goals. With an in-house marketing professional, 100% of that person's focus will be spend on you and your goals.
- This person will come in, day in, day out, working on your behalf. They are heavily intertwined with you and your firm's marketing goals.
+ What are the cons of hiring an in-house marketing professional?
Although there are many pros to hiring someone in-house, there are many considerations to make:
⦿ Their initial cost: Depending on their experience, a person with high credentials around marketing, typically over 10 years, will cost you at least $200,000 per year.
⦿ Their ancillary costs: Beyond just their wage, an in-house marketing professional will have many many additional costs they will naturally incur, namely website coding, design, video production, advertising and more. So beyond the minimum $200K, you are looking at at least another $100-$150K in additional expenses to give to this person for a budget
⦿ You may be saying "Oh, my marketing person doesn't cost nearly that much; I got him/her straigh out of college." That's great, but then how much does this person know about law, the markets, investments? The real world? Probably not much, which means then you and your team are spending this time training him/her, without the forecast knowledge if this person will even stay with you in the long term. What is your personal hourly rate worth? $500/hour? $1000/hour? Are you willing to spend that training someone else?
+ How do I select an Outsourced Chief Marketing Officer?
There is really no secret formula to selecting an Outsourced CMO. We believe your main priority should be the level of trust and confidence you can have in this person and/or agency taking over many of the marketing and branding decision making as it pertains to portraying you and your firm to your target audience. Do you want to focus on the ultra high net worth market? If so, is Tik Tok the best platform for you? Are you seeking to focus on the retiree market? If so, should you be doing podcasts?
All of these are decisions that you can ask and discuss with your Outsourced CMO, rather than taking on the extra burden of making such big decisions.
One of the biggest advantages of hiring an outsourced CMO is the ability to maintain long-term marketing momentum without the commitment of a full-time executive salary. Many firms struggle to justify the cost of an in-house CMO, especially when marketing needs fluctuate throughout the year. With an outsourced CMO, businesses can scale their marketing leadership up or down as needed, ensuring they always have expert-level strategy and execution without the burden of fixed overhead costs.
Unlike a traditional CMO who may need months to integrate into your organization, an outsourced CMO brings immediate expertise, quickly identifying growth opportunities and implementing strategic plans. This speed-to-market advantage is critical for financial firms, private equity groups, and wealth management professionals who need to stay ahead of competitors in a rapidly evolving industry. Select Advisors Institute specializes in providing outsourced CMOs who can hit the ground running, ensuring your firm sees measurable marketing results faster than ever.
An outsourced CMO isn’t just a marketing leader—they are a data-driven strategist focused on delivering measurable ROI. By leveraging advanced analytics, performance tracking, and industry benchmarks, they ensure that every marketing dollar is spent effectively. This is particularly valuable for firms that need to justify their marketing investments with clear revenue impact. Select Advisors Institute takes a results-oriented approach, helping financial firms implement marketing strategies that drive client acquisition, brand visibility, and long-term growth.
With marketing trends constantly evolving, firms that rely on outdated strategies risk falling behind. An outsourced CMO brings fresh perspectives, innovative campaign ideas, and a deep understanding of the financial services landscape. Whether it's digital marketing, thought leadership, or client engagement strategies, partnering with Select Advisors Institute ensures your firm remains at the forefront of industry marketing—attracting high-value clients and building long-term brand authority.
In this article, we discuss the importance of leveraging social media as a financial advisor, highlighting the potential for reaching a vast client base and acquiring new clients through social media platforms. It also provides tips for creating impactful social media content, such as using polls, sharing quotes, storytelling, utilizing visual content, and engaging with live streams. The key point of defining a niche, maintaining an active social media presence, and considering outsourcing social media management is also stressed.