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Max Heppleston

IM & Wealth Marketing in 2020

Max Heppleston provides his views & predications for the Investment Management & Wealth marketing market in 2020.

2020 is here, and this could be the year that the Wealth & Investment Management sector’s marketing prowess catches up with the rest of the Financial Services industry

In the last few years we have seen the larger firms ambitiously building their digital teams, most now having appointed a Chief Digital Officer / Head of Digital with the clear aim of using technology to improve the customer experience & to deliver a global, customised service, as well as to use data to retain and acquire investors.

We have also seen the rise of some stiff competition from smaller firms. We saw Invesco buy the smaller Source ETF, which allowed them to acquire its marketing team who were tasked with implementing the digital/marketing strategy across the whole Invesco business. We have have also seen the Asset Management industry adopt Demand Generation/Performance Marketing, here at Lawson Chase we have been lucky enough to support the build out of some of these international teams and have been involved in the grassroots of a lot of these greenfield projects.

We have also seen the rise of In-house roboadvice technology from some of the larger firms such as Franklin Templeton, all in a bid to seemingly to secure the next generation of money.

So here is what I think are going to be the top 5 things to look out for in 2020 in the Wealth & Investment Management sector.

1. Customer Experience and Journey:

A fairly simple concept, if customers have a great journey and experience, they are likely to talk about it, same with a bad one.  There are certain firms I wouldn’t work with, and would advise my friends and family the same, and there are also firms I would recommend, some of them I have touched on in articles before.

Customers associate brands with experience and how they make them feel, and this starts from the first interaction.

The benefits of customer experience are increased loyalty from customers, awareness and reach, better insights into client behaviour and more trust.

CX boils down to a few key things, efficiency, convenience, and service, so think personalisation, mobile friendly, easy to use technology, brand, design, everything adds into CX. 

This is especially important when it comes to your discerning clients and younger clients as well, in fact 73% of people says it’s a key factor in their buying decision and less than half of people say they currently get a good experience.

2. Content is still king, it’s just different.

Visual content will take over from plain text, and if done right visual content can explain complex concepts in an extremely simple way.

Not only are the majority of people visual learners, eye catching/coloured visuals also increase people’s desire to read as around 93% of all communication is visual. Content with visuals usually get around 180% more engagement with our brain processing it over 60,000 times faster.

Although don’t over do it as too much going on has the opposite effect, keep it simple, with a good balanced mix of tones.

People also prefer quality over quantity so don’t give into the desire to have too much content, and instead shoot for high quality, easy to digest and informative content.

3. Automation & AI:

This isn’t Boston Dynamics or Terminator style AI, think Chatbots and repetitive tasks like email marketing, Social Media posting, Personalisation, even lead nurturing. Utilising marketing technology/martech makes this easier!  Automation won’t make your job redundant, it will just make you more efficient, analyse the data you just don’t have time to analyse, follow up with protects and notify the sales team, giving you more time to focus on the bigger picture strategy without compromising on the authenticity of your content.

Its pricey to invest in at first, but seems to rapidly pay for itself, with businesses both inside and outside of the Wealth & Investment sector already reaping the rewards.

4. Personalisation:

Simply, personalising marketing for an individual to engage them better, its already being done. But there is another level of personalisation in this content flooded market.  The situation is so bad people have started to tune them out, or not trust the marketing they see.

This is where a truly personalised message can help form a connection with the potential customer and your brand, in fact people are 80% more likely to do business with you if they feel like they have a connection or can relate to your brand!

So called Hyper-Personalisation takes this to the next level by using a mix of AI and real time data.  This most commonly takes the form of predictive analytics, UX & Content Creation by building a profile if this person and sending them a custom message.

5. Data Driven Marketing

Data is the new oil, or at least that’s what people keep telling me.

Data answers the questions marketers have, the who, when, where, what, and builds your customer profile, this loops back to everything we have mentioned, personalisation, automation, better media buying, better targeting, more relevant content and messaging and a refined multichannel customer experience.

You can use PPC to data to help optimise your SEO, and through your emailing list you can create a tailored social media campaigns and help you doble down on your customers or targets.

It will be interesting to see if it’s enough though, opposed to the newer firms that have built digital as the core of their business rather than a last-minute necessity, and to see what will happen to the smaller traditional asset managers, who’s idea of digital is a one-page website from the 90s.

I’ve read a lot of people saying that the winners of this will be the firms that can “Invest in People”, this is correct, but I think it means something different, larger firms have the money to invest in people, but mid to smaller firms have agility and can offer the opportunity to try new methods.

In the end, attracting the right talent, and retaining them is going to be key, this means showing flexibility with hiring, hiring for talent not length of experience, paying above average salaries or compensating for it some other way than free fruit and a beer fridge (come on people), and allowing marketers do what they do best, be creative and try new things. 

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