A finding from the Mutual Fund Education Alliance states that 64% of asset managers are challenged with developing a strategy for marketing content. At the same time, industry researchers consistently point out that financial advisors would like asset managers to send less, but more relevant content that is not so product oriented.
In parallel, Hearts & Wallets’ recent money mover focus groups found that financial services provider advertising and key message recall was dismal, equally suggesting a lack of resonance with retail investors. Note that affluent investor respondents were selected due to having moved and/or intending to move money. In other words, engaged prospects actively evaluating their options.
Despite focus group participants’ universal acknowledgement of being online (a key focus of marketing efforts), respondents struggled to recall messaging from either financial providers or asset managers. Moreover, of the few memorable advertisements, both campaigns included the use of some older technology – television. While the digital age offers marketers so many benefits, the digital landscape is a cluttered and challenging space.
Taking all of the above together suggests a challenged state of another alpha for fund shops to be thinking about - their marketing alpha. Beyond investment thought leadership which is an obvious content table stake for asset managers, what else is relevant? As reminded at this year’s ICI GMM, product innovation needs to be approached through the lens of how it solves for end investor needs. We heartily agree. Marketing strategists take note.