Financial services industry 'changing its image'
Wealth management and financial services firms have typically skimped on marketing, with the idea presumably being that their prestige or reputation gives them enough clout in the right circles that they don't need to advertise their services.
However, image-building and branding could become an important part of developing these businesses, especially given the panning many of them have been given by the media in recent years.
Jim Prior, chief executive of The Partners - a major media consultancy that has worked with heavy hitters such as Nike, Ford and UBS - told the Financial Times that the financial services sector must be more engaging if it is to expand.
"Successful businesses need successful brands and what is behind them is a strong sense of self. But financial services brand names do not carry a lot of weight and offer little or no proposition," he added.
One major problem facing big banks such as HSBC, Credit Suisse and Citi is that they treat their services as integrated, meaning that if there are problems like fraud or poor trading in the investment bank it can 'contaminate' the brand as a whole.
For example, UBS clients withdrew billions from the organisation after the financial crisis of 2008, underlining the need for strong marketing from the industry.
Alex Hoctor-Duncan, head of European retail business at BlackRock, told the newspaper things have changed within his company as executives are now focusing on relationship building rather than turning a short-term profit.
"I told [my team] to concentrate on the long-term conversation with clients, not on which products you can shift today," he explained.
A comparison can be drawn with the legal industry. Like the staid financial services sector, magic circle firms have tended to avoid marketing, safe in the knowledge that their expertise and history make them obvious options.
But as the market opens up and commercial companies offer cheaper legal services, law companies are reconsidering how they connect with customers. It appears likely financial services will need to do the same.
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Teaser
Commerce & IndustryContent Type
General
18/04/24
Summary
What is financial contracting? Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an orga
by
Kelvin Murphy
Related jobs
Salary:
£60,000 - £70,000 per annum
Location:
North West England
Industry
Insurance
Qualification
Fully qualified
Market
Financial Services
Salary
£70,000 - £80,000
Job Discipline
Internal Audit
Contract Type:
Permanent
Description
Internal Audit Manager - ESG & Operational, you'll contribute to external requirements & stakeholder expectations around ESG performance and reporting
Reference
BBBH180036
Expiry Date
01/01/01
Author
David ClampAuthor
David ClampSalary:
£150,000 - £170,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a Well-Established Listed B2B Infrastructure Consultancy Business
Reference
TA3249
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£180,000 - £200,000 per annum + exit bonus, benefits
Location:
London
Industry
Technology
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search has an opportunity for a Chief Financial Officer to join a high growth PE-Backed Tech-enabled business.
Reference
TA 3247
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£150,000 - £175,000 per annum + Equity, Bonus and Benefits
Location:
Yorkshire and the Humber
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search has an exciting opportunity for a CFO to join a PE Backed infrastructure business
Reference
TA 3246
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £130,000 per annum + equity, bonus and benefits
Location:
Derbyshire
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a Multisite Distribution business in their search of an accomplished CFO
Reference
TA 3243
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£180,000 - £200,000 per annum + Equity, Bonus and Benefits
Location:
England
Industry
Professional Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin executive Search is working with an international PE-Backed Buy and Build Corporate Services Business.
Reference
TA 3244
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£150,000 - £175,000 per annum + equity, bonus and benefits
Location:
London
Industry
Technology
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin executive is working with a PE Backed, International Software business, going through a period of rapid organic growth
Reference
TA 3242
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£25,000 - £28,000 per annum
Location:
Birmingham, West Midlands
Industry
Property and Infrastructure
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
After securing a new contract a housing association is looking for a new Accounts Receivable Clerk to join their Finance department. Needing someone experienced within Accounts Receivable clerk
Reference
BBBH180049
Expiry Date
01/01/01
Author
Olivia BalnaveAuthor
Olivia BalnaveSalary:
£24,000 - £27,000 per annum
Location:
Birmingham, West Midlands
Industry
Property and Infrastructure
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Are you in the market for a new role? Are you experienced within Accounts Payable? Specifically, within the housing sector?
Reference
BBBH180048
Expiry Date
01/01/01
Author
Olivia BalnaveAuthor
Olivia BalnaveSalary:
£35,000 - £42,000 per annum
Location:
Sheffield, South Yorkshire
Industry
Business Services
Qualification
Finalist / Newly qualified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Newly Qualified Finance
Contract Type:
Permanent
Description
Are you passionate about making a difference in the lives of others? I'm working with a charity who are looking for a part-time Finance Manager.
Reference
BBBH180040
Expiry Date
01/01/01
Author
Dean FollandAuthor
Dean Folland