You need to enable JavaScript in order to use the AI chatbot tool powered by ChatBot

Financial services industry 'changing its image'

Andrew Barnes our consultant managing the role

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.

11/04/16
jobs

Related jobs

Management Accountant

Salary:

£60,000 - £70,000 per annum

Location:

Basingstoke, Hampshire

Industry

Real Estate

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Management Accountant 60k - 70k Basingstoke

Reference

BBBH183397

Expiry Date

01/01/01

Ollie  Pizzey

Author

Ollie Pizzey
Find out more
Interim Management Accountant

Salary:

£225 - £250 per day

Location:

Bradford, West Yorkshire

Industry

Business Services

Qualification

Finalist / Newly qualified

Market

Financial Services

Salary

£250 - £350

Job Discipline

Newly Qualified Finance

Contract Type:

Contract

Description

Interim Management Accountant - Immediate Start (£225 - £250 per day)

Reference

BBBH183400

Expiry Date

01/01/01

Haroon Hussain Find out more
Accounts Assistant

Salary:

£30,000 - £38,000 per annum

Location:

Wetherby, West Yorkshire

Industry

Business Services

Qualification

None specified

Market

Commerce & Industry

Salary

£35,000 - £40,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

Accounts Assistant role in Wetherby

Reference

BBBH183399

Expiry Date

01/01/01

Cameron  Walsh

Author

Cameron Walsh
Find out more
Business Improvement Analyst

Salary:

£60,000 - £80,000 per annum

Location:

Bracknell Forest, Berkshire

Industry

Professional Services

Qualification

None specified

Market

Financial Services

Salary

£80,000 - £100,000

Job Discipline

Business Analysis

Contract Type:

Permanent

Description

As a Business Process Improvement Analyst, you play a critical role in enhancing the efficiency and effectiveness of the organisation's process.

Reference

BBBH183398

Expiry Date

01/01/01

Andrew Barnes

Author

Andrew Barnes
Find out more
Finance Assistant ( On-Site )

Salary:

£32,000 - £35,000 per annum + 12% bonus

Location:

Wokingham, Berkshire

Industry

Manufacturing

Qualification

Part qualified

Market

Commerce & Industry

Salary

£35,000 - £40,000

Job Discipline

Finance Change

Contract Type:

Permanent

Description

Finance Assistant, Wokingham, £32,000 - £35,000

Reference

BBBH183276

Expiry Date

01/01/01

Milly   Murray

Author

Milly Murray
Find out more
Technical Product Owner

Salary:

£60,000 - £70,000 per annum

Location:

City of London, London

Industry

Consumer & Retail

Qualification

None specified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Product

Contract Type:

Permanent

Description

Technical Product Owner

Reference

BBBH183171

Expiry Date

01/01/01

Alex Simmons

Author

Alex Simmons
Find out more
Interim Assistant Accountant

Salary:

£28,000 - £33,000 per annum

Location:

Leeds, West Yorkshire

Industry

Professional Services

Qualification

None specified

Market

Commerce & Industry

Salary

£30,000 - £35,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Contract

Description

Marks Sattin are currently recruiting an interim Accounts Assistant/Assistant Accountant on behalf of a very well established SME service provider, based in North Leeds.

Reference

BBBH183395

Expiry Date

01/01/01

Yasmin Clough

Author

Yasmin Clough
Find out more
Head Of Operations Finance

Salary:

£70,000 - £90,000 per annum

Location:

Slough, Berkshire

Industry

Consumer & Retail

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£80,000 - £100,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

We are working with an exciting client within the Consumer space who need someone to come in and support with leading financial planning and analysis in the FP&A and Supply Chain Finance team.

Reference

BBBH183396

Expiry Date

01/01/01

Ollie  Pizzey

Author

Ollie Pizzey
Find out more
Finance Assistant - London

Salary:

£32,000 - £35,000 per annum

Location:

London

Industry

Consumer & Retail

Qualification

Part qualified

Market

Commerce & Industry

Salary

£35,000 - £40,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Contract

Description

Seeking a Finance Assistant for a part-time position available on a 6-month contract within a consumer retail business based in Central London.

Reference

BBBH183394

Expiry Date

01/01/01

Jamie Smith

Author

Jamie Smith
Jamie Smith

Author

Jamie Smith
Find out more
View all jobs