TV Ads in Financial Services: What Works, What Doesn't

BY JANE WOLLMAN RUSOFF


Finance marketing pros tell ThinkAdvisor what they think of recent ads from Wells Fargo, Schwab, Fisher and others.


The biggest driver of digital advice over the next five years will be the conversion of clients from traditional brokerage relationships to robo-advisors. That’s what Cerulli Associates reports in its 2018 retail investor survey that found a whopping 59% of investors aware of not a single digital-advice platform of the 10 presented in the questionnaire.

Meanwhile, large financial services firms continue running expensive television advertising campaigns aimed at further expanding their global brand awareness.

The companies, however, are wasting their money trying to beef up awareness, says Ken Schmidt, former Harley-Davidson communications director, who helped turn around the motorcycle maker when it was near death. “What the financial firms don’t need is awareness — what they need is preference. They clearly need to be engaging at a different level from what the other firms are doing.”

Whether companies are attracting new clients via TV commercials, only proprietary metrics will reveal.

ThinkAdvisor recently asked Schmidt and other marketing experts to share their views on firms’ current TV ads.