For the first time, marketing professionals at retail and institutional asset management firms across North America have a window into what financial services firms spend on marketing — a closely guarded secret by most — as well as what these firms are buying with their marketing dollars.
Based on responses from nearly 70 firms, the Q2-2012 Wickware Financial Services Marketing Index (FSMI) report details how fast firms are growing, how much they’re spending on marketing, where they’re hiring, which marketing priorities they’re focused on and much more.
Key findings include:
- Asset managers expect solid AUM growth to continue over the next 12 months
- Retail firms expect to out-grow institutional firms
- Marketing budgets will grow at only about half the rate of AUM
- Nearly one-third of firms are currently hiring for marketing positions
“These survey results have enabled us to measure the overall health of marketing in the financial services industry, and set the Wickware FSMI at 100 points. We will adjust the benchmark in the future as AUM growth, marketing spends, hiring practices, and other trends evolve,” said Cara Crosetti, account director at Wickware Communications. “Our goal is to provide financial services marketers with a reliable benchmark and competitive perspectives that they can use to implement more effective branding, marketing and sales programs.”
