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Beyond Branding - How Wealth Managers Can Thrive In The "New Normal"


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Beyond Branding - How Wealth Managers Can Thrive In The "New Normal"

  1. 1. Ago Cluytens ago@brandingthroughpeople.com www.twitter.com/acluytens www.linkedin.com/in/agocluytens Beyond Branding How To Thrive In The New Economic Reality
  2. 2. Change Ahead 01 Regaining Trust 02 Moving On 03
  3. 3. 01 A brave new world for financial services ? Change Ahead
  4. 4. Trend 01 Financial services brand values have fallen at historic levels
  5. 5. “Brand value has never before eroded as quickly as it has in the financial services sector during the 2008–2009 period. As a group, financial services brands have lost a third of their value in a matter of months.” -- Interbrand 2009 “Best Global Brands”
  6. 6. Interbrand Global Best Brands 2008 - 2009 2008 25590 2009 31980 +25% 5000 32000 2008 20174 2009 10254 -49% 5000 32000
  7. 7. That is 10% of Citi’s market cap lost due to “an intangible”
  8. 8. Trend 02 Consumers have lost faith in their bank
  9. 9. “At the height of the crisis, when customers’ trust was at an all-time low, each and every brand was affected by the general mistrust prevalent across the industry - leaving no brand untainted or unchallenged to maintain its reputation.” -- Interbrand 2009 “Best Global Brands”
  10. 10. Brands that invest in marketing during a recession tend to gain market share when the recession ends. If the message is right and the campaign is well executed, the investment will pay off in the long run.
  11. 11. US Unemployment Rate, 2001 - 2009
  12. 12. “"There’s not one person involved in the demise of Lehman Brothers, Bear or even the troubles that have fallen on Citigroup who thinks they’re living happily ever after," Mr. Solomon said, "because their reputations have been tarnished, and what do you have at the end of the day but your reputation?" (NY Times, Flickr.com, CCL, pdstahl)
  13. 13. Trend 03 New entrants are reshaping the industry
  14. 14. Peer-To-Peer learning groups are taking a collective approach to investing
  15. 15. The Internet and Social Media are opening the floodgates of competition
  16. 16. “The really exciting innovations in financial services weren’t coming from the big banks. In addition to peer-to-peer networks, we increasingly saw new entrants like telecommunications companies, software firms and retailers offering alter native financial services that harnessed advances in messaging and Web-based-technologies.” -- World Economic Forum, “Technology and Innovation in Financial Services: Scenarios to 2020”
  17. 17. “What if Starbucks opened an online-only retail bank offering competitive deposit rates and a modest range of loans and mortgages? It could do that by partnering with a finance company such as ING, which has the appropriate banking licenses. All it would need to do is install ATM machines in its outlets, which would involve investing some money but would allow it to get more out of its existing branches.” -- John Gapper, Financial Times
  18. 18. (Flickr.com, CCL, amateur_photo_bore)
  19. 19. 98.06% repayment rate 1 loan every 13 seconds 5273 lenders joined this week
  20. 20. trend 01 + trend 02 + trend 03 = result 01 Branding is top on the boardroom agenda
  21. 21. “What do you, as CEO, consider to be your organisation’s current top differentiating factors ?” -- PwC, “Global Private Banking And Wealth Management Survey 2009”
  22. 22. Brand Value 210 Quality of CRMs 127 Product Open Architecture 106 Investment Performance 62 50 93,75 137,5 181,25 225
  23. 23. 02 Recapturing Consumer Faith Regaining Trust
  24. 24. ? Remember what happened to the
  25. 25. Isn’t that a little simplistic though ?
  26. 26. “As a manager, it is my job to serve the customer”
  27. 27. “As a manager, it is my job to protect the bottom line”
  28. 28. “As a shareholder, I am concerned about your ROI”
  29. 29. “As a shareholder, I am concerned about your business practices”
  30. 30. “As a lawmaker, I want to oversee your role in society”
  31. 31. “As a lawmaker, I am concerned about your financial survival”
  32. 32. “As a client, I am concerned about my financial health”
  33. 33. “As a client, I am concerned about our relationship”
  34. 34. Clients are no longer looking for complex products promising high yield, but rather trusted and independent advice that addresses both their short- and long- term needs.
  35. 35. “Most of the financial services brands’ recent advertising campaigns focus on strength and stability, something that may prove to last beyond a momentary marketing campaign. While the cynical may say that the world will quickly revert to the impetuous motivations of a 2007 bull market mentality, there is a subtle yet profound change in how customers are going to evaluate their service providers going forward.” -- Interbrand 2009 “Best Global Brands”
  36. 36. 96% see clients are demanding increased transparency from their bank and simpler to understand products. -- KPMG, “Private Banking In Switzerland, Quo Vadis ?”
  37. 37. Which business model is likely to do well in the next three years ? “Pure Play” 60 Hybrid Integration 28 Universal Bank 29 Independent Asset Managers 50 25 35 45 55 65 -- KPMG, “Private Banking In Switzerland, Quo Vadis ?”
  38. 38. Those that are likely to do well, are those that from the crowd. ✔ stand out
  39. 39. ”We accept that clients belong to the CROs in the first place, and not to the bank. That, at the end of the day, creates happy CROs, happy staff members, and happy clients”. -- Jean-Pierre Cuoni, EFG Chairman
  40. 40. 03 How Forward-Looking Companies Can Benefit Moving On
  41. 41. What box ?
  42. 42. Five Steps To Re-defining Your Box
  43. 43. Revisit Your Brand Values 01
  44. 44. Rework Your Business Model 02
  45. 45. Redefine Your Positioning 03
  46. 46. Reconnect With Your People 04
  47. 47. Rebuild Trust With Your Clients 05
  48. 48. Additional resources Interbrand 2009 “Best Global Brands” PwC, “Managing Tomorrow’s People” PwC, “Global Private Banking/Wealth Management Survey” KPMG, “Private Banking In Switzerland: Quo Vadis ?”
  49. 49. ago@brandingthroughpeople.com www.twitter.com/acluytens www.linkedin.com/in/agocluytens www.brandingthroughpeople.com