Top Marketing Trends Relevant for Wealth Management

2020 to 2021 presented amazing ways for Marketing to add a new level of value to their Wealth Management organizations. We had the opportunity to step beyond sales support and collateral creation - we reinvented the client experience and shifted to virtual events and identified unique ways to leverage digital while retaining some traditional strategies. While the past 18 months was the time period to pivot and build, this year will be our opportunity to grow! Hoping the pandemic becomes an endemic, Wealth Management marketers have access to more tools, information and experiences unlike ever before as we foray into 2022. We can maintain our fiduciary responsibilities and blend old and new ways to bring value to our clients. Check out these trends that put clients first and propel the business~!

Company culture eclipses all.?Productivity and company outperformance have been measured for years with a large dependence on internal and external brand including company culture. Given the impact of the pandemic and the recent “great resignation” never has it been more pertinent for us to focus on driving company culture through a purpose-led brand to better address client experiences and solutions. This will span across DEI, remote work, mental health, performance-based goals, living up to company values and ultimately the clients we care for. Ensuring we find ways to highlight talent within our organization and focus on engaging employees that inculcate them into the brand values, especially in our remote, not remote and/or hybrid work will be key. With the right focus on talent, culture, brand values and clients - companies can benefit from overall growth across the company.

Brand = solutions.?Historically and even most recently, brands like ours look at products and the overarching brand messaging as separate campaigns or platforms. 2022 will be the year we stop bifurcating these efforts. With respect for the sophisticated audiences, we tailor to in Wealth Management it is critical we present them with a brand experience that solves their problems and encapsulates the solutions we think would work best for them.?If your brand architecture is built with the foundation informed by your products and solutions combining the efforts to promote brand while presenting solutions should be an easy lift. It is essential to spend time from the start to build the brand bottoms up inclusive of products, people, purpose and culture.

Dump dirty data. While many other sectors have had readily available data and the ability to strategically use it within their marketing efforts, we know our world is highly regulated and smattered with disparate data due to legacy, mergers, etc. Building infrastructure and processes for these data streams while also integrating AI or ML will accelerate the results across the board. Does the Family Office in Hong Kong have similar needs to a Family Office in New York? Tech-savvy data aggregation can bring our global and local audiences together and will be core to driving operational efficiencies for a brand while presenting value to the clients. The time has arrived for truly aggregating the data and making it a utility in a variety of ways: reporting ROI, understanding our clients, optimizing client experiences, serving up meaningful content, reaching out with the right solutions and driving retention bountifully!

Get on the Peloton (if you can handle it). The speed at which our clients and prospective clients consume content to inform their decision-making is continuously changing at unprecedented speeds. HNW investors ($5M+ investable assets) are shifting how they interact with wealth managers.?84% of HNWIs demand digital interactions when obtaining advice or services from their wealth managers and 30% select a manager based on the digital experience, less select a brand based on fund performance. Driving a?multi-touchpoint strategy integrating digital, events and experiences with CX at the center is essential. Marketing teams must have?access to a quantum of quality data to best understand investor motivations and how, where and when they’re gathering intelligence. Whether it is basic Google or social channels like LinkedIn, IG, Tik-Tok, Clubhouse or Discord, podcasts or gaming there are a plethora of ways to engage and learn about products/brands.?Smart data is ultimately core to architecting the optimal CX to inform the right content or experience at the right place and right time whether enhanced through AI or ML and moving forward this will be key to driving growth and retaining clients.

The great “outdoor indoor” - it’s all converging. Lead your outreach strategy by where your audience is. There are viable channels to reach our audiences and provide valuable experiences across mediums beyond the pure print or linear tv routes. The year of CTV is finally here.?I experimented in this space back in 2015 and how far CTV has come across all facets from the content it serves to the audiences it attracts. It is not surprising advertisers are lining up to showcase their brands in CTV - and to add to it the programmatic ways you can leverage this channel to also surround your audience online, mobile and more. $65 Billion media spend* across all advertisers – this data reveals that American CTV viewers in 2020 totaled 45.7 million for Gen Z, 56.5 million for millennials, 48.5 million for Gen X, and 32.8 million for baby boomers –– adding up to 183.5 million viewers overall. The HNW and UHNW markets are dominant with viewers within this space and finding a way for Wealth Management to play a meaningful role can go a long way!

Verses R’Us. Imagine walking into a store where you can cherry pick your digital experience whereas yesterday it was a custom complex build and required a deep investment - it is now more accessible - especially with the proliferation of the metaverse. As marketers we will need to channel our childhood imagination where anything is possible versus just applying a b-school template. We need to reassess how we can bring the UHNW audience into the world of virtual reality, augmented reality and 3D experiences.?The tools at our disposal won’t be the issue but how to apply them in a relevant way to story tell more effectively while identifying unique client experiences will be of utmost importance. We’ll essentially remove the need to talk through a wealth solution…we’ll just show them! This isn’t just for GenZ but a ripe opportunity to engage broader NextGen - where the predominant wealth transfer is headed as well as today’s generation who’ve shifted drastically to digital due to the pandemic.

Sources: *AdWeek; **Forbes; Harvard Business Review; eMarketer; CapGemini Wealth Management Report 2021