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Consolidation and deconsolidation in financial services, the future of wealth management in a post FoFA environment and, most of all, how to engage with members, clients and customers in a rapidly changing environment were key discussion points at BlueChip Communication’s end-of-year CEO event.
BlueChip Communication’s end-of-year event was an intimate lunch where CEOs – clients and others – shared their thoughts on the business, marketing and communications challenges of 2013 and beyond. And, never ones to lunch without learning, guest speaker, Todd Wheatland, was there to share what content marketing has to offer.
While Chatham House rules most definitely applied, a number of broad general themes emerged and some intriguing possibilities were discussed.
One of the big questions was whether the tide of consolidation that has washed over the wealth management industry has reached its peak – and is soon to ebb – perhaps leading to a new wave of ‘de-consolidation’.
With consolidation arguably complete, the remaining, typically mid-tier, players are left on the field, Mexican stand-off style.
Their big challenge?
In BlueChip’s view, it will not just be developing a strong, clear value proposition (these folk know what they’re doing, or they wouldn’t still be standing). The real challenge will be effectively communicating this value proposition and articulating their points of difference over the – either much larger or much smaller – competition.
Further, should de-consolidation occur, these firms will need to be at the ready to look ahead and be at the ready to acquire, compete, partner: whatever it takes to stay on the crest of any deconsolidation wave.
Success in 2014 will be all about these firms’ ability to shape their identities and engage with their target audience in a way that resonates and delivers value, to ensure they become the go-to choice.
Which is where Todd Wheatland came in, with some insight on getting that engagement happening.
Word of the day? Respect. Respect for the customer, client, member and the industry. Respect for intelligence. Respect for experience. Respect for their need – and right – to make decisions on the best available evidence and information.
Respect that ‘selling’ is different now. Where once upon a time a salesperson may have entered the fray at the start of the so-called ‘buying cycle’, now, by the time a potential client gets up close and personal with you (and that’s even IF he or she ever does) they will have spent hours finding out all about your company, the competition and the landscape in general.
And yes, that would be online.
Which means that they’re only ever going to make the call if what they see, hear, discover resonates with them, bespeaks value and sets you apart from the competition. Enough to lead them to make the call. Because, in today’s world, it’s nearly always the customer who makes the call.
What does that mean to financial services?
It means whoever gives them the best available evidence and information wins. And that’s not just information from a ‘talking head’ – and it’s certainly not information from an advertisement. Not in this sector.
What our intelligent, discerning audience is looking for is credible, authentic stories, often from a range of sources – not just one ‘branded’ spokesperson – that objectively demonstrate leadership in the field and the ability to deliver the kind of value they.
What they’re not looking for is brand onanism (Editor’snote: yes, that’s a real word!), self-aggrandisement and all the other old-school ‘look at me!’ sales and marketing trappings that these days serve only to annoy and repel.
Deconsolidation, the return of the mid-tier, the continued challenges posed by ongoing regulatory change: whatever happens in 2014, one thing’s for sure: unless the industry respects its customer, member or client, and can clearly demonstrate value in a way that’s accessible and understood, it will be starting the year behind the eight-ball. So let’s make sure it doesn’t happen.
It’s on that note that BlueChip signs off from our blog for the year. We wish one and all the very best for the festive season and look forward to creating and sharing more, and better stories, with you and our clients next year.
