Phoenix Marketing International has expanded its program of research studies within the financial services space with a semi-annual assessment of brands that offer wealth management and private banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services tailored to the needs of individual private banking clients.
The Phoenix Wealth Management/Private Banking assessment will provide clients with new insights on:
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- Where their brand stands competitively in the mindset of affluent investors in terms of awareness and consideration of their wealth management and private banking offerings.
- Specifically, a read on the extent to which affluent investors are aware of available wealth management services, their recall of brand advertising, their overall impression and consideration of the brand, and verbatim mention of factors that influence their perception of and willingness to consider specific brands.
- How current wealth management/private banking clients perceive their provider relationship(s), their overall satisfaction and why this is so, areas in need of improvement, their likelihood to remain a client for the next year, and their willingness to recommend their provider (net promoter score) to friends and family.
- Capabilities affluent investors report as most important when evaluating a potential firm for a new advisory relationship, plus the overall "health" of candidate firms on these most important factors deemed as a prerequisite for acquiring new clients.
- Also, the competitive strengths and weaknesses of specific brands for growing their wealth management and private banking business versus those of key competitors.
Phoenix clients will also achieve a new understanding of the role and importance of advertising their wealth management/private banking services through various media channels. For example, print, TV, radio, online, outdoor, direct mail, web site, and collateral materials. Clients will also acquire a read on how well their advertising is reaching affluent investors, by media channel. In addition, answers will be provided as to which media channels are better suited for achieving proprietary communication objectives.
John Duggan, employee, Phoenix said: "Our intent is to build on Phoenix experience over the last 10 years with quantifying the creative aspect of brand advertising and its impact on market impression and consideration of leading brands. We are very excited to offer our proven capabilities for assessing brand health and advertising performance to wealth management firms and private banks."
This new study will provide Phoenix clients with a "report card" on each of their Print advertisements insofar as:
- Achieving their desired communication strategies/objectives;
- Enhancing investors’ perception and consideration of the brand; and
- Provoking a market response and with communicated specific message points.
Finally, a battery of investors’ attitudes and sentiments plus detailed demographic profiles will be available to differentiate market assessment of selected brands and the effectiveness of their print advertising.
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