- Post by: William McMahon
- 22 March, 2019
The Marketing 5-Year-Plan for Wealth Management
The Wealth Management industry is a booming sector which is expected to grow even further in the medium-haul.
This fastly paced expansion is compelling all its stakeholders to adapt their business strategies, operational models, products, services, and technology in order to:
- Stay relevant
- Stay competitive
- Adapt to shifting customer expectations
- Be compliant with new regulatory scenarios
Some of the key challenges within this industry are prospect identification, navigating the complex ocean of ever-changing regulatory requirements, proactively targeting client life event identification, personalising pitches to clients, or finding that edge that is both compliant and a step ahead of the competition in terms of suitable investments.
Marketing and Advertising are walking the same road when it comes to translating all these challenges into adapted and differentiated messages for the various regulatory frameworks and investors across different markets.
Giving access to reliable data and offering a non-negotiable transparency is crucial in this industry. Providing clients, with the help of FinTech systems, a secure, clear visualization of their fund data is an aspiration all companies share.
The traditional end-of-exercise report or “fact sheet” is a thing of the past: the possibilities granted by digitalisation will very likely offer an increasing accessibility to live information, with customisable views for particulars to access their performance data on the fly.
Marketing and advertising in the Wealth Management industry will need to:
- Scale up. Companies will need to take growth very seriously in a largely competitive environment, and they will need to implement a more scalable business model that listens and reacts faster to external shifts. Predictive intelligence will have a key role in this aspect, in order to pinpoint new trends.
- Redefine the brand. Times have changed. The messages that sold five (even two) years ago are no longer valid, and incoming generations of investors and advisors are very much looking at what their younger peers are doing.
- Communicate. New markets have become giants in the global market and they need to be included in the conversation. How fluent is your Mandarin? Virtual reality is another technology which could greatly help in this area since it could prove to be a crucial tool for Wealth Management to advise their clients.
- Be there. Clients will need a clear, secure digital access to their fund data at all times, from any location. Any company not ready to jump on that will probably suffer loses, with highly-digital Gen Xers and Millennials coming into the market in huge numbers. Blockchain will be key in facilitating this new digital approach, by making secure transactions more flexible.
The future holds very exciting opportunities for a fast-growing industry that needs to leverage that expansion on all the possibilities provided by new technologies.
Gravitai has a wealth of experience in this industry and has implemented Marketing Automation Systems for a number of multinational asset management companies. Contact us today for more information on how we can help your asset portfolio.