Opalesque Industry Update - New research finds strong client service, useful website, and recognizable brand are the most important factors in advisors' choice of an asset manager, according to Boston-based global research firm, Cerulli Associates.|
"The most important attribute (among 11) impacting a choice of asset manager is strong client service, chosen by over 50% of advisors, declaring it has a major impact," states Pamela DeBolt, Senior Analyst at Cerulli. "The second-most important factor is a recognizable brand (34%) followed by a useful website (34%)."
The January issue of the U.S. Asset Management Edition of The Cerulli Edge examines marketing and branding challenges, enhancing and expanding distribution efforts, and projections for product development in 2013.
"Brand has become increasingly important for advisors and asset managers. In fact, brand is a firmwide focus for many companies this year," DeBolt explains. "Many experts believe that consistent messaging over a period of a few years is required to make a significant impact on brand awareness."
However, Cerulli proprietary surveys show that resources for brand initiatives are not keeping pace with brand's perceived importance. "Marketing's most significant challenge is lack of financial commitment to advertising, brand initiatives, and website enhancements," DeBolt continues.
Cerulli reiterates that building a brand requires long-term, strategic planning and encourages asset managers to think creatively when developing and executing their branding and advertising campaigns. Given marketers' biggest challenge is lack of financial resources; Cerulli suggests firms utilize unconventional, less expensive ways to promote their capabilities. For example, Cerulli research finds that nearly two-thirds of asset managers expect to increase advertising through the Internet.
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