Archive for the 'Marketing' Category
Published by Doug Miller on 12 Aug 2010
As was recently reported on Bank System &Technology’s website, Bank of America is looking to introduce a new checking account that is fee-free to users, but fails to include teller access or hardcopy statements. Instead, holders of the new account will be expected to do their banking at ATMs and online, and to rely completely on electronic statements and other private site details for account information. For those users that open the account and then visit a teller or request a paper statement, an $8.95 maintenance fee is applied for that month. While this new B of A product can be seen as an example of banks trying to generate new revenue from account holders in the wake of coming restrictions on overdrafts and other fees, it might be better viewed as an account analogous to a Direct Savings Account. Continue Reading »
Banking, Marketing
Published by Ian Lundahl on 14 Jul 2010
Summer is finally here, and credit card firms have added some new rewards programs to help defray the flight costs of summer travel. New retirement themed marketing campaigns were also introduced this June, and Merrill Lynch introduced a new site (Merrill Edge) with a focus on self-directed investing.
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Advertising, Annuities, Banking, Brokerage, Credit Cards, Marketing, Retirement
Published by Ian Lundahl on 09 Apr 2010
A recent Ignites article suggests that one excellent cost saving opportunity being overlooked by annuity providers is the promotion of eDelivery to investors. This conclusion is based on the NewRiver survey, which polled over 500 variable annuity or variable universal life insurance policy owners, aged 45 or older. The article raises some excellent points as to the possible reasons for the lack of promotions, including the high degree of compliance regulation applicable to annuities that may impact the streamlined delivery of electronic documents.
However, after taking a closer look at our Annuity Monitor coverage firms, we found that 79% of the firms we track are currently promoting electronic delivery to their clients. Continue Reading »
Advertising, Annuities, Client Communications, Marketing, Uncategorized
Published by Ian Lundahl on 08 Apr 2010
March was a busy month for the Corporate Insight tracked firms. Perhaps the most notable changes this month took place in the credit card space, as every firm in our Credit Card Monitor coverage group made announcements about changes relating to the CARD Act. Every firm posted notices alerting customers that their statements had been made available online. Additionally, several firms, including American Express, HSBC and U.S. Bank, either updated or announced updates to their monthly statements. HSBC also removed its Rush Payment service, which allowed customers to post same-day payments for a fee of $15. Prior to eliminating Rush Payment, HSBC had been the only Credit Card Monitor firm to charge customers for same-day online payments. Continue Reading »
Annuities, Banking, Brokerage, Client Communications, Credit Cards, Customer Service, Marketing, mutual funds
Published by Ian Lundahl on 19 Mar 2010
Firms that are looking for the blueprint on how to create an informative and focused product video should look no further than Prudential’s new HD Lifetime 6 Plus video. Available on the firm’s publicly accessible Retirement Red Zone page, the HD Lifetime 6 Plus video explains the inner-workings of the HD benefit rider that targets investors in the “Red Zone”, or critical years immediately before and following retirement. Firms have long been utilizing web demos to highlight new product releases; however, Prudential’s new video offers a wealth of basic product information on a visually enticing platform, without getting too complicated. The result is a video that is useful to both advisors and clients alike.
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Advisor Marketing Tools, Annuities, Marketing, social media
Published by Ben Pousty on 05 Mar 2010
Retirement Income Journal Article Written By Ben Pousty, Senior Analyst - Annuity Monitor
Published in the February 24th Issue of RIJ
With variable annuity sales down, firms are intensifying online product marketing campaigns to reach more prospective investors. No annuity product was hit harder during the financial crisis than variable annuities. Many variable annuity contracts saw significant drops in value, in many cases 30% or more, due to the products’ heavy exposure to the financial markets. For an investment that supposedly offers a guaranteed retirement income stream, variable annuities had been exposed as flawed and ultimately risky investment vehicles.
Despite the firms’ best efforts to evolve variable products to fit the new financial landscape, variable annuity sales remained flat throughout 2009 and were down significantly in contrast to 2008. In response to the lackluster sales numbers, firms have intensified their online marketing campaigns to the public, placing additional promotional muscle behind high-profile variable annuity product launches. Continue Reading »
Annuities, Marketing, Retirement
Published by Ian Lundahl on 04 Mar 2010
Following several months of new product releases, tools, and web promotions, the pace slowed across the industry this February. A few firms revamped their sites this month, and as the athletes took to the slopes in Vancouver, one firm promoted its 2010 Winter Olympics sponsorship online.
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Banking, Brokerage, Credit Cards, Marketing, Security, social media
Published by Ian Lundahl on 05 Feb 2010
January was an interesting month with firms wasting no time introducing new products and advertising campaigns. There was a new contest from Fidelity, new products from American Express and AXA Equitable, a new statement design from Vanguard and upcoming statement changes announced from Barclays and Discover.
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Advertising, Brokerage, Credit Cards, Marketing
Published by Michael Ellison on 28 Jan 2010
FINRA this week published guidelines around social media in Regulatory Notice 10-06. While I’m no lawyer, there appears to be a few things that were clarified with this notice:
- Records of social media communications will need to be retained as required by Rules 17a-3 and 17a-4 under the 34 Act. This alone might scare firms away from using social media tools – especially smaller firms. But, rest assured technology providers will find a solution that will make it easy for firms to do this. Continue Reading »
Marketing, social media
Published by Michael Ellison on 15 Jan 2010
InvestmentNews posted an interesting piece yesterday covering 8 ways that wholesalers get blacklisted by advisors. There are some good things here, but they are probably best summed up by one comment: “Be a good business partner.”
Really, this is professional services selling 101 and the examples posted here should be obvious to anyone who has been in sales. The fact that InvestmentNews posted this shows people are still violating the fundamentals. Some might argue that this is a reason to rely on e-wholesaling. My take is that while there are many reasons to pursue an e-wholesaling strategy, it should not be the only distribution method of your wholesaling team. People are still important, but if your people cannot add value to the relationship they have with advisers, they are wasting your clients’ time and your money.
What do you think? What is the right balance between e-wholesaling and live reps?
Report: Practice Management Tools for Advisors
This report examines the sales topics and practice management materials available behind login on advisor sites. While firms frequently release sales ideas and find ways for advisors to sell their products, back-office issues frequently go ignored. Since practice management skills are essential for building a business, firms should take the time to provide advisors with tips for gaining and retaining clients, in addition to standard product-selling information.
To read more information, please visit our website.
Marketing, mutual funds
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