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Understanding and targeting future wealth

A crucial step in wealth management

Is your referral journey fully optimised? It's crucial to create an aspirational and well-regarded brand that is recognised by those on the path to wealth as well as the wealthy.

By doing so, you can enhance the referral process and attract a wider audience. We can show you how.

David Barks Senior Director 21/07/2023

In the wealth management industry, the marketing landscape has evolved significantly, adopting more sophisticated strategies like digital targeting and data-driven predictions to engage potential clients effectively. This evolution has led to a key focus on targeting and understanding the needs of individuals entering the realm of wealth.

For wealth management companies, it’s essential to recognize that individuals who are already wealthy (affluent, high net worth, or ultra-high net worth) are likely to be well-invested and managed. While they might consider switching providers or adding to their portfolio, this doesn’t happen unless their existing provider is not considered up to scratch or they gain significantly more wealth. However, speaking to these already wealthy clients about your brand can have an indirect benefit: it can help brands understand what they say when they refer your services to others. Given that referrals are a significant source of knowledge about investment managers and advisors, it becomes crucial to manage the impressions they form about your brand.

However, the more valuable segment to focus on is individuals experiencing newfound wealth through business sales, bonuses, salary increases, or inheritances. These individuals are likely in need of financial advice and investment management services, making them a prime target for wealth management marketing. Although they might have sought basic financial advice in the past, their attention has primarily been on building their businesses or advancing their careers. This presents an ideal opportunity to showcase the benefits of wealth management and guide them towards making informed decisions about their newfound wealth.

To facilitate this understanding and engage with potential clients effectively, we have launched BrandVue Wealth, a subscription service designed to fill a crucial gap in the industry’s knowledge. BrandVue Wealth provides insights into whether these new individuals are aware of wealth management services, how they perceive them, and most importantly, how and where they can be reached and influenced. By leveraging the Savanta BrandVue platform, we are tracking 60 prominent names in UK wealth management among high earners, business owners, and professionals. Our platform identifies their interests, media habits, and current advice and investment arrangements, empowering marketing teams to improve targeting and differentiation strategies.

In conclusion, the wealth management industry’s marketing efforts are becoming more advanced through digital targeting and data-driven insights. Understanding the needs of individuals entering wealth and effectively engaging with them, especially those experiencing newfound wealth, is critical. Through our BrandVue Wealth subscription service, we aim to bridge the knowledge gap and help wealth management companies make informed decisions to enhance their marketing strategies and reach their target audience more effectively.

Find out more

Savanta’s BrandVue Wealth is a cost effective and reliable source of data tracking perceptions of leading wealth management brands to provide insight on the effects of campaigns, the competitive brand environment, and how to reach the wealthy before they need advice and management. For more information please click here.

To find out more about the work our wealth & luxury team do, or to speak to one of our wealth specialists, please click here.

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