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Viewing report
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Social Media in Wealth Management
VRL Financial News Publishing, Jan 2009
In changing times industry players have had to open up to using new marketing techniques in order to raise awareness of their existence and communicate the benefits of their services to a new audience.
At the very least Wealth Managers need to be aware of what web 2.0 is (for the record a form of media that encourages interaction and collaboration), as for many consumers it is already become an expected part of the marketing mix. This report, with it’s glossary of key terms does just that.
Traditionally an industry that encourages discretion, wealth managers need to embrace new channels of engagement to ensure they maintain their share in an ever evolving financial landscape.
Web 2.0 allows wealth managers to provide personalized and reactionary marketing to a previously untapped and progressively modern audience, reflecting the high-level, tailored service High-net-worth individuals can expect from their services going forwards.
The tools explained
- Blogs and podcasts
- Social networking sites
- Consumer-generated ratings and reviews
- Integrated personal financial management (PFM) solutions
- Viral marketing
- Interactive online tools such as widgets, mash-ups, RSS feeds, virtual agents, and instant
- messaging
Beyond this Wealth Managers will need to understand 2.0’s potential to improve outcomes in a range of areas, including:
- client interaction and experience (in particular freeing up the time of client advisors)
- marketing
- product development
Finally they can take comfort from the fact that while financial services institutions have been slower than many other industries to embrace web 2.0 there is already a huge source of case study and best practice tactics to base their own strategies upon.
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