‘Many finance marketing campaigns lack humanity’
The best form of marketing is a personalised strategy that enhances the client experience, according to Megan Pope, marketing executive at First Wealth.
But too often financial marketing is focused on products and ignores the emotion of money, she says.
In this Better Business Q&A Pope explains what makes an inspired marketing campaign, how marketing is different for advice businesses, and what the shift to digital has meant for adviser marketing.
Clients want to feel informed, educated, and empowered. None of which is possible with a strategy that alienates innovation
FTA: How would you define an effective marketing strategy?
MP: To put it simply, an effective marketing strategy is one which creates a roadmap for achieving business objectives.
For First Wealth, that means our strategy is growth focused with a view of differentiation.
It looks to deliver a clear message – that great financial planning should enrich your life and improve your wellbeing to help you identify, achieve, and protect the things that matter most.
This strategy naturally filters down into a set of channels and tactics that help us reach our target audience of high-net-worth business owners, professionals, and retirees.
While these tactics cover both on and offline tools, our strategy has a particular digital focus as this has historically proven most effective in achieving our objectives.
FTA: How does marketing for advice firms differ from other marketing?
MP: Marketing is much the same in terms of output but there are, of course, a few key differences. One of the biggest is the compliance aspect.
In the finance profession we have a big responsibility to ensure the information we put out is accurate. Whether it’s your website, social media, event speeches, or even client meeting resources, your marketing makes up a significant part of the consumer’s product and service knowledge – it influences their decision making.
The Financial Conduct Authority (FCA) therefore has strict regulations to ensure any promotions are fair, clear, and not misleading. It’s all about ensuring potential clients can make informed decisions.
We also have a moral responsibility – finance is personal and emotionally driven – ensuring we are careful with the vulnerability that financial advice necessitates is key, especially as a B Corp.
Of course, these considerations exist in other fields, but the stakes are higher in finance. Any good financial advice marketer knows this. And the great ones keep it at the core of what they do.
FTA: How has advice firms’ approach to marketing strategies changed in the past decade?
MP: The finance profession is fast moving. We’re often on the frontlines of technical advancements, changing consumer behaviours, and government policy.
And, as such, the tools we use in marketing (and how we use them) change.
One of the most obvious changes is the shift to digital.
The financial services sector has embraced digital platforms, engaging with consumer preferences for online communication.
Having to fight the flurry of online unregulated misinformation from finfluencers, finance firms have used digital platforms to produce regulated educational content.
With this has come an ability to better collect data and insights into campaign performance and consumer preferences.
Marketers can therefore better tailor marketing messages to their target market, causing a steep increase in the personalisation of marketing strategies that enhance the client experience.
But it isn’t all digital… We’ve recently seen an uplift in offline tools with an omni-channel approach to strategy. Many financial services firms are supplementing their online activity with in person events – offline breakfasts, drinks, and panels are on the rise.
FTA: What inspires you?
MP: One of my favourite financial services marketing campaigns is from Sofi back in 2023 – the American app-based company offering several financial services with a mission to help you “Get Your Money Right”.
The campaign in question, titled ‘Face of Finance’, utilised the power of video to explore the bias of artificial intelligence against women and money.
Having asked AI to generate pictures of people who are good with money, less than 2 per cent of the images featured women.
This contrasted heavily with the reality that nearly 90 per cent of women, according to research by GoBankingRates, either assume control entirely or share responsibility for money in their household.
Sofi questioned this disparity, looking to change this narrative with a more accurate depiction of being ‘good’ with money. They close with the message that ‘AI can’t unlearn bias until we do’.
To me, this is a powerful example of the way in which financial services marketing can be used as a vehicle for sociological change. They had a clear message, and communicated it in a matter of fact, yet impassioned, manner, appealing to audiences on both sides of the coin.
It’s inspirational to see and has remained a steadfast motivation for me as a marketer to use my skills and resources to do good.
FTA: Are there any vital aspects you feel are often missing in campaigns you’re seeing in the industry?
MP: Humanity! So many finance marketing campaigns lack that human feeling of community and understanding.
A lot of finance firms are still attempting to stick to tradition, neglecting the changes we’re seeing in consumer behaviour, and relying on the old way of doing things.
Think product led campaigns that ignore the emotion of money. They feel impersonal and miss the mark when it comes to audience expectations.
Consumers have come to expect a personalised experience; one which answers their specific qualms and helps them see the light at the end of the tunnel.
They want to feel informed, educated, and empowered. None of which is possible with a strategy that alienates innovation.
FTA: How do you approach marketing at First Wealth? What do you do differently?
MP: Most of our approach is rooted in trust. We focus on building trust amongst our audience by democratising financial information, demystifying finance jargon, and keeping transparency at the heart of all campaigns.
We understand that finance is personal, and people are rightfully cautious; money is an integral part of who we are, and that must be considered in any strategy.
We tackle this with client testimonials which take on a more personal approach. Rather than your usual ‘X firm helped me return X amount on my investments’, we explore more personal narratives.
Our clients speak of their emotional experience, the things our service has allowed them to do, and improvement to their lives following working with First Wealth.
All of this showcases the trust we have built with our clients and works to lay the foundations for trust at all touch points. This attitude is carried throughout the funnel with content like ‘You Ask, We Answer’ and our blogs.
Essentially, we use trust as the glue between all our campaigns, establishing a sense of cohesion and coordination.
FTA: What are the benefits to your business of your marketing strategy?
MP: The main benefit of our marketing strategy is in challenging the stereotype of financial services, differentiating us from many competitors who stick to more traditional methods of marketing and communication.
But it also informs part of our wider client approach, helping our clients feel valued and included by offering value beyond the realm of wealth management.
We do this, for instance, through hosting unique client events, celebrating personal accomplishments, and taking the time to curate our content to the goings on of our clients’ lives.
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