Sales & Marketing not unified enough
August 24, 2017

Role Of Relevant Content in Client Communications For Wealth and Asset Managers

Changing Investor Expectations

When it comes to digital, it’s fair to say that Wealth & Asset Management firms haven’t lead the way. But times are changing fast and the industry has a growing appetite to engage its audiences more effectively. This change is driven by several factors, including a growing recognition that client expectations for communications are now much more demanding. Investors default expectations are increasingly to receive added value insights tailored to their specific needs and delivered at the right time.

This is especially true with millennials, who represent a growing proportion of economic wealth creation. are digital-first in how they operate and interact, and demand a more personalized experience from their financial service providers.

Smoothing The Investment Decision Making Process

The second factor is firms recognise that providing expert views, insights and research targeted to the specific needs of clients and advisors establishes trust and credibility, plus smoothes the investment decision-making process Furthermore, stronger online engagement offers invaluable access and analytics to understand emerging client needs.

Smoothing the investment decision making process

Today Wealth & Asset Management firms are split between those creating really good content but failing to present it effectively, and those generating reams of uninspiring content. Relatively few firms have yet managed to create personalized digital customer journeys. Herein lies both a compelling opportunity for progressive firms to grow their share of market, but also a warning for slow adopters that audience expectations are changing quickly, and a failure to adapt will be increasingly costly (as has already been demonstrated with dramatic effect by fintech companies).

How To Achieve Relevance

Ask just about anyone with a marketing role ‘what is the trick to maximizing engagement online’ and there is a high probability they respond ‘by ensuring the right audience receives the right content at the right time’. Sounds simple, but all three parts of that equation are challenging for the industry today.

A recent Financial Times Insight survey with 226 UK financial advisors found their highest priority from Asset Management firms was more and better communications. Feedback included the need for more communications from fund managers directly and also quicker responses to macroeconomic changes.

Due to the highly regulated nature of the industry, speed and responsiveness have often been lower priorities for communications compared with other industries. However, as the pace of economic news and change has accelerated dramatically in recent years, the expectations of investors and advisors has grown. Firms are now challenged not only to streamline compliance processes, but to make their marketing communications faster.

Heavy investment in marketing automation has been a step in the right direction. But whilst this technology does a good job of managing repetitive tasks such as emails, website actions and social media, it hasn’t addressed the more specific needs to automate the delivery of content to accelerate delivery.

In our recent article How AI Improves Content ROI And Audience Engagement With Relevant Content, we look in more detail at how AI (artificial intelligence) based Content Intelligence can be used to automate and accelerate the selection and delivery of content as well as reduce costs.

The role of AI & machine learning are crucial to creating greater relevance in communications for investors and advisors. For a better understanding of the basics in relation to Machine Learning, take a look at ‘The Role Of Machine Learning In Optimizing Customer Experiences’.

Too Much Content And Noise

Investors and advisors are swimming in a sea of content. Anyone who thinks these audiences just need more content, are simply missing the point. The critical challenge is creating the right content, together with sharing it at the right times and places.

Many firms continue to churn out great volumes of content, a good deal of which is either unappreciated or under-utilized. There are number of reasons for this, including:

Lack Of Alignment Between Content Creators And Audiences

Put simply, there remain a lot of firms creating content with outdated methods and approaches that have failed to evolve in parallel with the changes in how users consume content eg. types of devices, content formats, user behaviour.

Poor Measurement Of Content Effectiveness

One of the greatest benefits of digital for marketers is that just about everything can be measured, providing powerful insights on how clients are behaving, which channels perform effectively etc. However, in too many cases, Wealth & Asset Management firms have inadequate data in relation to content performance. Without that insight, content created is not accountable and the process of optimizing content outputs is undermined.

Sales & Marketing Not Unified Enough

Despite growing efforts to bring sales and marketing together, in too many firms the two functions make uneasy bedfellows, with a lack of mutual understanding and effective cooperation. The result can be frustration on both sides, with sales feeling they aren’t getting the level of support needed and marketing frustrated that sales don’t make better use of the support they are trying to provide.

Sales & Marketing not unified enough

One Size Fits All Not Good Enough

In the same way you wouldn’t wait two weeks to receive an online order or expect to walk into a bank branch to transfer funds, investors and advisors don’t want content that’s too late, too hard to consume or simply not relevant. Firms that embrace greater relevance, and where appropriate personalization, have the opportunity to stand out from their competition and grow stronger and more profitable business relationships.

About Knexus

Knexus is a real time decision making engine using AI & proprietary algorithms to match social, marketing & product content with dynamic customer profiles. The platform delivers personalized customer journeys in real time that improve engagement and increase sales (across ecommerce, websites, apps, and email).

Knexus specialises in financial services, working with leading Capital Markets, Wealth & Asset Management firms.