Attempting to creatively market a financial services company is a challenging task. Regulations may be difficult to keep up with. There’s a lot of jargon you need to keep up with, and you can’t point to a physical object as a final product and say “Here’s what you get!” And, often the sheer amount of financial lingo crowding the market can leave the public dazed, confused or just bored out of their minds. So we all try harder. The industry makes a lot of money, and they put us marketers to work in droves trying to create good marketing despite the inherent challenges in this category.
Here are 10 signs you work in wealth management marketing:
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You’re still working on that value proposition … because it’s incredibly difficult to explain your products, your services and their added benefits!
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You have the legal department on speed dial … because the sooner you know what you can’t do the better!
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Your layouts always have a huge white box left for footnotes … because there are typically items that need to be disclosed!
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You make no guarantees … while apparently all other industries shout out about their product performance you can't promise anything!
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You avoid real life story telling at all costs … because testimonials are verboten and you can’t share anything nice people say about you!
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You fight with the investment product teams on collateral … because your interpretations of clear and simple are very different!
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You’re arguing with decision makers over the use of photos and color palettes ... because everyone wants a say in the crayon department!
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You are frustrated with “old-school” marketing campaigns ... because your firm does not have the patience or budget to invest in long-term, integrated campaigns!
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You’re comfortable rejecting and being rejected … because you will attract people you don’t want, and it's a long sales cycle for those you do want!
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You dream of great ads you can never place … because they’d be awesome, but get you fired!
OK, some of that is tongue in cheek, but I do feel it's time for a change. While regulations serve to protect the public, wealth management marketers are at a relative disadvantage these days. I've noticed two major TV ad campaigns from insurance firms that are using client retention stats to promote their offer. They sure sound like wealth managers, but they are subject to a different regulatory standard. Testimonials may also describe the potential benefits of working with an advisor through the eyes of a real person. Beyond regulatory hurdles, we have our own cultural barriers to get through like confusing terminology and excess product complexity. It's time to give up trying to force people to adopt words like “fiduciary” and just speak plainly.