When it comes to the “firm’s consumer advertising” and “firm’s marketing support for advisor’s practice” categories, most advisors surveyed for this year’s Dealers’ Report Card say their firms’ efforts are wanting. However, some advisors laud their firms for being on the right track, as they provide solid branding campaigns and customizable marketing materials.
The ratings for both categories paint a bleak picture, as advisors rated them lowest overall in terms of both performance and importance. As well, both categories saw the largest year-over-year drops in overall performance, as they each fell by 0.8 of a point, with consumer advertising dropping to 6.0 vs 6.8 in 2009 and marketing support falling to 5.9 from 6.7.
The reasons for these drops are plenty, advisors say. And although they stress they do not want their firms spending much on national advertising campaigns, they feel the amount they’re already paying in fees for such services merits more exposure than they’re now getting. Common complaints from advisors included a lack of branding, not enough funds being allocated to advertising initiatives and difficulty in accessing marketing support materials.
Advisors with Toronto-based Assante Wealth Management (Canada) Ltd. were particularly displeased, as they rated their firm a low 4.2 in consumer advertising, down by a whopping 2.3 points from an already subpar 6.5 in 2009. Advisors say Assante cut down on all advertising efforts during the recession, which is when they needed the publicity most.
“As a result of the downturn and subsequent revenue losses,” says an Assante advisor in Alberta, “the company has put consumer advertising initiatives on hold.”
“Advertising is needed,” adds an Assante advisor in Ontario. “You turn on a hockey game at night and see 15 different bank commercials, but nothing on Assante.”
Assante has been trying to step up its game, but its approach is focused more on helping advisors promote the brand. “We are working with advisors on how they can develop an Assante presence in their communities,” says Steve Donald, the firm’s president and CEO, noting the focus has been on hosting events to which advisors can invite clients, as well as providing templates for trade-show banners, websites and other marketing materials.
But Assante advisors are not satisfied with these efforts, either. They rated marketing support significantly lower this year, at 5.6 vs 7.2 in 2009. Says an Assante advisor in Alberta: “The hoops we have to go through on the compliance side to do simple advertising is horrible. And if I had three days to kill, I could design a small ad using the templates provided on our website; but that’s not possible. They are just not user-friendly.”
@page_break@Advisors with Toronto-based DundeeWealth Inc. also feel their firm’s efforts in consumer advertising and marketing support are not enough. “During the RRSP season, people get bombed with bank ads — and Dundee does nothing,” says a DundeeWealth advisor in British Columbia. “We are up against a wall with the banks and their bottomless well of advertising money.”
DundeeWealth advisors share a similar sentiment when it comes to marketing support. Says an advi-sor in B.C.: “The support, in terms of what the company provides for marketing, is limited.”
But DundeeWealth has launched an initiative to improve its consumer advertising and marketing support. “We have engaged with an ad agency to look at what a national campaign would look like,” says Richard McIntyre, the firm’s executive vice president, retail. “We are in negotiations right now.”
In addition, DundeeWealth just launched a comprehensive marketing support program that includes 170 tools, resources and templates advisors can use to develop a marketing strategy, create personalized multimedia materials and brand their businesses. “I think that there’s nothing that comes close to this [program], its comprehensiveness and its simplicity,” says McIntyre. “It’s very intuitive.”
Adds Myra Reisler, DundeeWealth’s public relations manager: “One of the great things about this program is it simplifies the compliance approval process because materials are pre-approved.”
DundeeWealth executives have been presenting the new marketing program to advisors across the country, and the good news is that the firms rated highest in these categories provide strong branding through well-placed consumer advertising and offer customizable marketing materials to advisors — services DundeeWealth is in the process of putting together.
For instance, advisors with Winnipeg-based Investors Group Inc. praise their firm for getting its name out there. “It has improved a lot,” says an advisor in Ontario of the firm’s consumer advertising. “We’re on a lot more stations as far as TV ads go, and it’s across the board instead of just out West.”
Advisors with Quebec City-based Desjardins Financial Security Investments Inc. are happy with their firm’s consumer advertising for similar reasons. “They are making more of an effort outside Quebec,” says an advisor in Ontario. “You can’t watch a hockey game these days without seeing a Desjardins ad on the boards.”
When it comes to marketing support, advisors with Mississauga, Ont.-based PFSL Investments Canada Ltd. are thrilled with their firm’s strategy. Says an advisor in Ontario: “We have unbelievable marketing materials. The money PFSL saves in advertising, it puts into marketing support tools.”
IE