Like other financial sectors, the investment and wealth management sector is dealing with changes in investor preferences and needs, as well as technological advances that impact how firms interact with both investors and their financial advisors. The following are 5 key marketing trends that we observed in 3Q21 as the industry seeks to respond to these changes.
- Introducing new digital tools to both investors and financial advisors. As investors become more comfortable with managing their financial needs through digital channels and tools, investment firms are improving the client experience and using these digital tools to serve as a point of differentiation.
- Investor tools: Schwab Retirement Plan Services launched My Financial Guide, an interactive, online dashboard; Jackson introduced an enhanced Retirement Expense & Income calculator
- Advisor tools: John Hancock reported that it has engaged with more than 1,500 financial advisors on the ON24 Digital Engagement Platform, which enabled partners to grow new business by 266%; Bank of America Merrill Lynch launched the MAX (mobile advisor experience) app to get advisors back in the field
- Using surveys to demonstrate that younger investors are committed to working with financial advisors, even as they embrace digital investment tools.
- T. Rowe Price’s Retirement Savings and Spending Survey: 43% of retirees receive advice from a financial professional
- New York Life’s Wealth Watch Survey: 61% of Millennials and 50% of Gen Zers (vs. 41% of all respondents) are interested in receiving help from a financial professional
- Broadridge: 61% of Millennials (vs. 44% of all investors) are likely to begin working with a financial professional over the next two years
- Schwab Retirement Plan Services: 62% of Gen Zers say their financial situation warrants advice from a professional
- Looking to position themselves in the ESG investments space via thought leadership, commitments and other initiatives as a result of growing awareness of and interest in ESG.
- Publishing ESG/sustainability reports to establish their own ESG credentials
- Making financial commitments: New York Life announced a $50 million investment to support the preservation of affordable housing rental properties, and Northwestern Mutual announced a $100 million impact investing fund
- Developing ESG-focused content, including articles and blog posts, as well as incorporating ESG into investor surveys: according to an Accenture survey, 80% of Gen Z and 63% of Millennials asked their advisor about ESG investments vs. only 27% of Baby Boomers
- Incorporating financial wellness elements into retirement solutions – an increasingly important theme in financial planning – as well as promoting financial education in thought leadership.
- OneDigital and Ascensus launched the OneDigital Complete Retirement Solution, which includes Financial Elements, a financial wellness solution
- Principal Retirement, Empower Retirement and TIAA all focused on the theme of financial wellness in recent surveys
- Rebranding and launching new advertising campaign to reposition themselves in a changing investment market.
- MassMutual introduced the “Uncomfortable Truths” brand platform and a multichannel brand advertising campaign
- Prudential launched the “Who’s Your Rock?” campaign, which used its famous rock image for the first time in a decade
- Protective Life rolled out a new brand identity and logo
- PNC Asset Management rebranded its personal wealth businesses as PNC Private Bank, with Hawthorn rebranded as PNC Private Bank Hawthorn