Legg Mason

About Us: The Most Important Copy Nobody Cares About

Building on Mike’s post last month about marketing multi-asset class solutions, I reviewed asset manager’s “About Us” (or “Our Profile”, “Who We Are”, etc.) pages. Personally, I believe these pages (approaches vary from a single-page format to a 3-page section) are valuable and can impact professional buyers positively or negatively.

Anyhow, after reviewing ten firms, my immediate thought: wow, this content is dull!

Nearly all the firm’s pages follow a recipe with key ingredients of history, size/breadth, and high-level capabilities. The pages are full of vapid lines such as ‘We are among the world’s strongest financial firms’.

After my initial reaction, I started to wonder why this occurs. I think there are four reasons (not mutually exclusive).

First, there’s significant desire from many Marketing teams to shift to timeless or evergreen content versus timely, knowing the resources and effort timely content requires. I see the value in timeless content for certain topics, such as investor education. I understand and empathize with the thinking: we need to have fewer pieces to update so we can get our position on 2017 Muni Bonds out there fast. I think making the About Us absolutely evergreen leads to writing devoid of any business updates (e.g., acquisitions, new regions) and caps a firm’s ability to differentiate.

Second, everyone internally has a say on the About Us pages (just like everyone has an opinion on brand refreshes) and nobody wants to burn bridges by overly focusing on one channel or set of capabilities, leaving others to feel subjugated. But that all-children-are-equal approach is rarely true. Writing to a least offensive (internally) denominator is good office politics that leads to dull, high-level writing.

Third, writing interesting About Us pages is difficult. We’re in an industry with narrow differences between competitors and few firm story levers to pull. That combination challenges even the most earnest marketer to create something engaging. The simple issue of difficulty shouldn’t dissuade the marketer charged with creating compelling (potentially evergreen even) writing. Yet, rarely have I seen someone internally challenged and rewarded for creating high-quality About Us pages. It can be done but needs prioritization and prominence.

Fourth, site metrics will show how few page views About Us receives (relative to a high-yield bond strategy profile for sure) so why bother? I don’t think all page views are equal, however, so the raw metrics argument always sounds specious. As stated initially, About Us pages can impact prospective buyers and current clients.

Personally, I think Neuberger Berman did an effective About Us upgrade recently. Their About Us quickly lists the firm’s support points providing the user with clear copy related to each point. Additionally, the user can quickly access firm data (AUM, investment professionals, etc.) and link to other sections of the Web site.

Upgrading the About Us section dovetails nicely with overall brand design work. Next time there’s an effort related to the firm’s brand, consider devoting resources to the About Us.

ESG Study

Two Current Marketing Gaps for ESG

The ESG market is purportedly massive ($59 trillion globally with $6.5B in the US alone). Primarily these assets are held by institutional investors and predominantly in Europe.SRI Assets SRI Assets 2 ChannelsA conventional theory about why ESG hasn’t broken through in the US retail channel states FAs and HNW investors perceive a performance gap versus traditional products. For instance, a 2016 TIAA survey notes over 50% of FAs and investors expect a lower rate of return. However, significant academic research exists dispelling the notion that ESG products have lower rates of return. In a Deutsche Bank examination of academic studies, 89% show highly-rated ESG companies outperform the market. And more recent studies show the performance perception may be changing.

So what’s an asset management marketer looking to communicate its product lineup to do? For firms that have viable products and a desire to promote them, I see two approaches to begin materially-influencing US retail buying behavior.

Address Implementation

The “how” in terms of integrating ESG is often missing in firms’ messaging. There is an opportunity to answer straightforward questions like is ESG a full replacement of all my non-ESG strategies? Is it better to start in one asset class? If so, which one and why?

BlackRock provides a “Practioner’s Perspective (PDF)” that I’d consider only suitable for certain institutional investors and then a glossary of basic terms on their blog. Natixis provides a trio of views on ESG but doesn’t answer these or similar questions. Deutsche Bank shares highly technical implementation via smart beta in their 2013 paper, “SRI Integration via Smart Beta.” These examples don’t really support FAs that may consider integrating ESG into client portfolios.

Provide Examples

Showcasing practical hypothetical examples of how ESG can benefit a portfolio by improving returns and/or reducing risk while positively impacting the broader world enhances clients’ understanding. In essence, consider case studies. A case study can address performance bias or risk considerations or issues such as reducing firearmsaccess (USSIF data shows over $350B in policies restricting investments in weapons manufacturing).

These approaches provide showcase whitespace in ESG marketing that may support FAs integrating ESG strategies.

[1] – Top two charts via GSIA (PDF)

Examining Industry Web Site Log-In and Registration

We’re frequently asked for an opinion on financial advisor site authentication. In turn, we often ask if any content absolutely requires a log-in. FAs do not like to register and maintain an additional ID/Password, so securing as little content as possible is a sound initial mindset.

Yet, we understand that broker-dealer only materials require authentication. So what are today’s industry log-in and registration options? I examined how 19 firms enable advisors access to secure content and found two interesting conclusions.

Log-In / Authentication

Of the 19 firms, 8 firms try to authenticate the FA through an e-mail match against the firm’s CRM. Eaton Vance showcases that approach; when the FA tries to access secure content, eatonvance.com asks only for an e-mail address (see below). So an advisor with an e-mail already captured in the CRM does not need to register. That means 12 of the remaining firms make log-in harder than necessary for known FAs to access the content they want.

Eaton Vance Registration

Matching first against CRM will become status quo and firms without that capability are digital laggards.

FA Registration

Firms present registration in one of two forms:

  • 6 of 19 firms require a clear affiliation with a broker-dealer, either through a CRD number, dealer number (via Franklin Templeton), or valid broker-dealer e-mail address (via Legg Mason). This is typically a short form registration requiring only 4 or 5 data fields.
  • The 13 remaining firms present a single or multi-step process (via TIAA) that requests typical online registration information with 10 or more data fields, but without a CRD or Dealer number.

In parallel to these two registration approaches, 4 of the 19 firms also allow FAs to bypass on-site registration via social sign up. All four authenticate via LinkedIn and two also allow authentication via Facebook and Google. Royce (example) uses the LinkedIn approach with an “authorize” window popping up for user acknowledgement.

An abbreviated registration form with a required CRD or Dealer number is more straightforward than long-format registration.