The wealth management brand

This brief explores how private banks brand themselves and leverage their brand value, including case studies and primary research.
Report Highlights

A firm's brand is reinforced through multiple layers of corporate policy, strategy and practice. Beyond explicit branding messages that may be communicated through websites, promotions and public relations, for example, clients also experience the brand through customer service, distribution channels and sales and marketing policies. Some industry practitioners believe that, while 'old wealth' client segments, including inheritors, rely very heavily on word-of-mouth referrals, 'new wealth' client segments are likely to be more open to a strong, familiar brand, developed through targeted media and promotions. The latter group includes executives, entrepreneurs and expatriates. Wealth managers also conduct branding research among intermediaries and strategies to target them include advertising and sponsored events. Preferred advertising media include trade publications, while events take the form of conferences, dinners,lunches and other bespoke events for the most important intermediary firms.
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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Wealth managers are stepping up efforts to strengthen their brands 2
Branding begins and ends with research 2
MULTI-FACETED AND INTEGRATED BRAND STRATEGIES CREATE VALUE ACROSS THE BUSINESS 3
The wealth management brand is a complex mix of policy, strategy and practice 3
Primary branding takes place at the level of visual identity and promotions 3
Advertising effectiveness requires targeted media selection 3
Private banks court clients through sponsorships and exclusive events 4
Equally, wealth managers are taking advantage of opportunities to court the media 4
Beyond visual identity, products, services and service deliver the brand promise 5
The product portfolio can be used to reinforce positioning in the wealth market 5
Actions speak louder than words 5
Corporate policy provides opportunities to reinforce brands from the inside out 6
Wealth managers can build their reputations through risk and compliance policies and practices 6
An integrated approach to branding and human resource management strengthens positioning 6
Brands in wealth management are a mix of functional and values-based propositions 7
Credit Suisse places emphasis on advertising and sponsorship 8
Coutts harnesses the power of the media 9
UBS's re-positioning unified the bank's competing brands, drawing on management and staff buy-in 10
Barclays Wealth is building its brand from the inside out 11
Investment in branding yields financial and non-financial benefits 12
A holistic, integrated branding strategy helps the best wealth managers to stand out 13
A strong brand allows larger banks, in particular, to attract new clients 13
Solid brands boost the bottom line 14
The best brands attract and keep the best staff 14
Effective brands speak to distinct client segments and intermediaries and span corporate and national borders 15
A central branding message reaches distinct client segments through varied advertising and promotions 15
Intermediaries should be integrated into the brand-building strategy 16
M&A and cross-border operations present further challenges for effective branding 17
APPENDIX 18
Methodology 18
Further reading 18
Ask the analyst 18
Datamonitor consulting 18
Disclaimer 18
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Table 1: Interbrand Best Global Brands 2007 - Financial Services 12


Figure 1: Current tag lines of selected wealth managers and private banks 8
Figure 2: Credit Suisse sponsorship covers major sporting events 9
Figure 3: The 'You & Us' campaign focuses on shared values 11
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