Latest research from Phoenix Marketing International shows what constitutes effective advertising directed toward financial advisors, how advisors evaluate financial services firms offering investment and insurance products, advisors' likelihood to recommend these firms to their clients and critical information needed by their clients
RHINEBECK, N.Y., Aug. 4, 2009 — Phoenix Marketing International, one of the fastest growing research companies in the U.S., announced today findings from its survey among financial advisors working for Broker-Dealers (Bank, Independent, Insurance, Regional) or National Full Service Brokers or Registered Investment Advisors working for a small practice.
Phoenix reports that nearly one-in-four advisors anticipate that the economic crisis will continue for five years, while about one-in-five believe the crisis will be resolved this year. One-third strongly agree that Americans' quality of life will be adversely affected for the long-term and a majority indicate that the crisis has had a large impact on their business. As a result, advisors report increased client contact, resulting in strengthened relationships. Advisor recommendations now include less-risky investments or those not recommended in the past and emphasize more trusted firms. Local banks and well-known insurance and mutual funds companies are seen as most trustworthy. Full-service brokerage firms and large national banks are viewed with concern.
The Phoenix study, which was conducted this past May/June, shows that American Funds, Franklin Templeton and Vanguard command the most favorable overall impression among firms well-known to advisors. John Hancock, MetLife and Vanguard are leaders among the most important criteria for advisors when recommending a brand to their clients. "Most importantly, a financial services firm must be perceived as conducting business with the highest ethical standards, as a company my clients can trust, and having a stellar industry reputation," stated Sarah Thompson, Phoenix VP managing this semi-annual study. "Also of interest is that several household-name firms are now viewed less favorably by advisors and these companies will likely receive fewer product recommendations going forward. Firms like AIG come to mind."
The Phoenix study was conducted among 898 financial advisors who sell securities, retirement services and/or insurance products. Study data are representative of the U.S. financial advisors universe grouped by the type of firm at which advisors work. Also reported are detailed evaluations of 31 broker-targeted print advertisements representing 21 leading brands such as Ameriprise, Charles Schwab, Fidelity, Guardian, Janus, Lincoln Financial, Massachusetts Financial Services, Nationwide, Oppenheimer, Prudential, Sun Life, TD Ameritrade, The Hartford and Vanguard Print ads that achieved the highest overall assessment were for Barclays, MassMutual and T.Rowe Price. "Conversely, the least successful ads share a number of common weaknesses observed in recent years by Phoenix and promote the offerings of Raymond James, State Street and TIAA-CREF," added Thompson.
A summary of study findings is available for purchase from Phoenix and a custom report can be produced for financial services firms seeking detailed analysis of their brand health and the effectiveness of their broker-targeted print advertising.
Phoenix Marketing Contact:
Sarah Thompson
VP/Financial Advisor Research
917-512-2108
Email
http://www.phoenixmi.com
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