Updated: May 2, 2020
We hope you are staying safe and productive during these challenging times.
To help you build your marketing plan for next few months, we wanted to share some advice and Wealth Management marketing best practices from Jim Speros, who was CMO of Fidelity Investments during 2008 Financial Crisis.
While the health crisis dominates all of our attention right now, as weeks go by people's attention will turn to surviving the personal financial impact this crisis is having on economy and market.
Paul Romer, a Stanford economist ,once said “A crisis is terrible thing to waste”, and during a financial crisis is when your clients need the most reassurance, advice and help to navigate. Throughout history the top Wealth Management firms are able to effectively use the downturns and challenging parts of financial cycle, as opportunities to showcase their compassion and knowledge to strengthen relationships with existing clients and acquire new ones.
Fidelity Investments did just this in 2008. By acting swiftly and proactively they were able to weather the storm and ultimately come out stronger. Jim Speros, former CMO of Fidelity Investments, recently shared some of his learning’s on 2008 Financial Crisis during a webcast for Financial Communications Society.
Below is a clip. You can view full webcast here (registration required) : https://bit.ly/39Yc6BN
“As financial services company…be courageous and lead. People are worried about their lifesavings…so most important thing right now is proactively reach out to clients & customers…see how you can help…give them some level of comfort. If you don’t have physical #’s of people…you have to rely on technology. Each week…each day…you should be pushing out thought leadership and materials that provide people with perspective on what’s happening in market and your best insight on where things going.”
Jim Sparos - April 7 2020
3 tips from Jim's presentation :
Marketing needs to be proactive : Help advisors quickly connect with their clients
Use Technology : Don't rely on people. Use tools to scale & reach more clients faster
More Content Sharing : Increase distribution of knowledge & insights to Clients
Delivering on Jim’s suggestions may seem challenging in short term but will pay off in long term. Lucky for Wealth Management firms, the ReachStack team is here to help. Our new technology platform enables central marketing teams to organize and deliver more content to clients in Advisor friendly manner.