As a first blog entry, I thought I’d give you the content of an article I wrote some time ago for industry newsletter wealthbriefing.com. I feel it reflects well what this blog is about, and clearly illustrates the underlying philosophy. 

Wealth Management Brands Need Managing from Board Room to Cloak Room

Marketing professionals often devote an overwhelming majority of their attention towards external aspects of communication. Obsessed with target audience research, they fret on minute intricacies of brand positioning, whilst attempting to control every aspect of their messaging. In light of the current lack of clear brand leaders in the wealth management industry, they fear their organisations will be lost amidst a sea of indistinguishable peers – which is, in fact, just where they appear to be.

In a previous article, Arvetica founder Stefano Mastrogiacomo argued that most private banks in practice differentiate very little in their external communications. External research appears to corroborate these findings – when asked, most clients perceive private banks as being virtually indistinguishable.

At the same time as the number of high net worth individuals globally is set to increase significantly in the coming years, the industry as a whole appears to be unable to produce brands that stand out. Given the recent growth and future potential in the market, there are immense opportunities out there for firms that can create and deliver a clear and compelling value proposition to their prospective clients.

Achieving True Differentiation

Strong brands create reputations that precede our arrival, especially in emerging markets, where an image of trust and dependability is often key to establishing any type of relationship at all. The billion-dollar question in private banking then becomes: how can we truly differentiate ourselves, in an increasingly fragmented landscape in which we all appear to do and say the same?

Clients interact with our organisations through a variety of touchpoints, including communications, publicity, events, websites and other, often less-controlled experiences. If a brand is a promise, the overall impression a client has of our organisation depends on how well we keep that promise.

True differentiation is the sum of all interactions between an individual and an organisation. The way in which a company communicates with its customers is merely a prelude to what is about to come. To build a strong brand is to deliver on the promise we make to our clients, across all channels and experiences – time and time again.

This goes well beyond the traditional realm of marketing. Delivering on our brand promise is the responsibility of each individual employee, whether client-facing or not. This responsibility spans from client-facing relationship managers to back-office employees, from marketing to IT, from the corner office to the ground floor. The responsibility for keeping the promise we make to our clients is – ultimately – a shared one.

Integrated brand management means managing the whole value chain, bringing together elements that were previously considered to be owned singularly by HR, management and other dispersed functions within the organisation.

Engaged Employees Drive Success

The key to delivering a successful customer experience is building and maintaining employee engagement, crucial in an industry where word of mouth and reputation are key in the attraction and retention of clients. Ultimately, keeping your promise to clients may mean keeping your promise to employees, as well.

Organisations that succeed in attracting and retaining top talent will ensure clients get access to the best and brightest minds in the industry. Treating them as individuals and giving them increasingly challenging assignments means they will become increasingly involved in managing their own performance. Giving them clear objectives and a path to career growth ensures they will start displaying increasing levels of responsibility. Coaching them and holding them accountable for their results ensures they will grow as professionals and individuals.

Over time, organisations that succeed in making and keeping a clear promise to their employees will be most successful in doing the same to clients. Building the internal capabilities to deliver on the external brand promise is key to enabling future growth.

Where it is true that strong brands depend on continued and integrated external communications across all channels, this needs to be backed up by a consistent customer experience across all touchpoints. Organisations that are serious about building strong global brands understand that branding is a shared responsibility for everyone in the organisation – from the boardroom to the cloakroom.