The results of the 2011 Dealers’ Report Card reveal that the firms that excel in their branding and marketing efforts are those that have emphasized regional advertising, sponsorship for local charities and marketing support for financial advisors’ community initiatives.
Overall, advisors saw improvements in their “firm’s consumer advertising,” “firm’s marketing support for advisor’s practice” and “firm’s image with the public,” rating all three categories higher by a half a point or more vs last year’s survey.
Lévis, Que.-based Desjardins Financial Security Independent Network, which received higher ratings in all three categories, increased support for regional advertising and marketing outside its home market of Quebec. In 2010, the firm doubled its advertising budget from the previous year for English Canada, where most of firm’s growth is occurring, and increased the number of marketing specialists, says Shawn Smith, Desjardins’ regional vice president in Toronto: “We do a tremendous amount of advertising directly to the public.”
Desjardins initiates marketing and advertising campaigns to profile advisors and branches, referred to as “financial centres” by the firm. Desjardins also promotes its services in local papers, on radio and at events.
“Along with partial funding, Desjardins also works with the advisors and [financial] centres,” says Giorje Kaniouras, the firm’s director of distribution, “on how to build an advertising campaign and on how best to get maximum utilization from it.”
Desjardins advisors also have access to a co-op marketing program in which advisors split the cost of advertising their practices and the products they offer with a product manufacturer.
Desjardins advisors laud their firm’s emphasis on regional advertising. “Our advertising generates interest in our financial centres,” says a Desjardins advisor in Ontario. “Ads also help financial advisors grow their businesses.”
Winnipeg-based Investors Group Inc. also was ranked highly by its advisors in advertising, marketing support and public image. The firm recognizes its advisors’ unique demands that stem from geographical and demographic diversity and assigned marketing specialists to its regional offices across Canada.
“If I am an advisor in downtown Toronto, my needs are going to be different than [an advisor] in Brandon, Manitoba,” says Kevin Regan, Investors Group’s executive vice president of financial services. “As a firm with 4,600 [advisors], we don’t have one way of doing things.”
The firm’s advisors praise these efforts. Says an Investors Group advisor in Atlantic Canada: “Our regional marketing manager has been exceptional. We have a good marketing division. Our head office is focused on branding, and the regional office develops marketing tools.”
The firm also focuses much of its regional marketing on charity work, which has helped build its reputation across Canada. Says another Investors Group advisor in Atlantic Canada: “We are the largest fundraisers for some local events, and we get a lot of positive feedback. When I joined in the 1990s, [the firm] wasn’t well known, but it has gained a presence in the community through advertising and local involvement.”
Investors Group is committed to donating at least 1% of its annual pretax income to charitable and non-profit organizations. In 2010, the firm donated more than $6.3 million to more than 1,400 organizations; this year, it is raising that amount to $6.6 million.
“This is an area we actually pay a lot of attention to,” Regan says, “and it’s really important to us.”
But good community work can go unnoticed if publicity isn’t generated. Thus, Toronto-based DundeeWealth Inc. , whose rating in the marketing support category rose to 7.0 this year from 5.7 last year, launched myPR, a tool for supporting its public relations efforts, in March 2010. MyPR includes templates for press releases and tips on media outreach and selecting the kinds of sponsorships that may raise an advisor’s profile in the community.
“The way we’ve chosen to do it,” says Richard McIntyre, executive vice president and head of retail at DundeeWealth, “is, really, enabling advisors to be predominant within their own communities.”
In order to educate advisors about how to apply myPR to their practices, DundeeWealth has created case studies to demonstrate how to generate media coverage through sponsorship and volunteering locally. “It’s quite outstanding,” says a DundeeWealth advisor in British Columbia about the program. “They make sure the money is in the right place.”
In contrast, the firms that received lower ratings in marketing support appear to be lacking regional efforts. Montreal-based eak Financial Group provides marketing tools, but the firm’s advisors say the efforts leave them wanting. Says a Peak advisor in B.C.: “I would like to see the firm support local advisors and have more of a presence in communities.”
And while Burlington, Ont.-based Manulife Securities was rated higher in consumer advertising, the firm’s advisors say marketing support needs work. Says a Manulife advisor in B.C.: “There’s very little originality, creativity and regional initiatives.” IE