Schwab Advisor Services is jumping into television Monday with the first of a series of commercials promoting the independent advisor.
“The time is right to start a television campaign promoting those advisors who custody with Schwab,” says Bernie Clark, executive vice president and head of Schwab Advisor Services.
The new ads will showcase real advisors and are designed to raise awareness among high-net-worth investors and educate them on the benefits of working with an independent advisor, says Schwab.
“With the advent of the Department of Labor fiduciary rule and all of the discussions about being a fiduciary, we felt we could create significant exposure for independent advisors,” adds Susan Forman, senior vice president and head of marketing for Schwab Advisor Services.
The ads feature independent advisors talking about their work and what they can do for clients. One ad also has questions that a potential client would want to ask an advisor. They will appear on CNBC and Fox Business Network on weekday and evening business shows, Schwab says.
“This is an opportune time to highlight the independent advisor,” says Forman.
Schwab started its campaign on behalf of independent advisors last year. It created the online Independent Advisor Learning Center, a hub for investors to learn more about independent advisors. The site also includes a mobile-enhanced directory allowing investors to find and connect directly with an independent advisor in their region.
“Television ads about fiduciaries and independent advisors will resonate more loudly now with the consumer than they would have a decade ago,” says Clark. “Increasing the public’s awareness will help advisors grow.”
One of the advisors appearing in an ad, Rachel Robasciotti, principal and wealth manager at Robasciotti & Philipson in San Francisco, says, “This marketing campaign is the first to highlight independent financial advisors as a group on national television. We’ve been a robustly growing presence in financial services for decades, but many investors still aren’t aware that working with an independent advisor is an option.”
“Because we are independent, we tend to have more boutique-style firms that specialize in working with particular types of clients. We don’t have the advertising budgets of large wirehouses, so fewer investors know about us,” she says.