In the wake of the pandemic, a company's brand's significance has vastly increased and taken on new meanings. With the world in crisis, trust in institutions has reduced, and customers' inclination to engage with the companies they transact with has grown.
Fremont, CA: People's perception of brands has changed over time. Previously, a company's brand was mainly defined by its logo, typography, and colors. However, due to increased consumer engagement, brands have evolved into a more comprehensive platform. Consumers now encounter brands across various channels and often form their opinions based on a company's online presence.
In the wealth management industry, as in others, a strong brand should embody the relationships established with employees and customers and reflect the company's overall values and culture. A compelling brand should also tell a story about the company's identity and values while remaining distinct and genuine.
Today, a robust brand must encompass themes, core values, how the company connects and executes its objectives, and personality traits. The brand platform is as essential as the logo and color scheme. When developed effectively, a well-defined brand platform will enhance a company's credibility by improving communication with customers and prospects to build trust and drive success.
Customers expect brands to be authentic. When creating or redefining your brand, consider the personality attributes you want to portray. Don't hesitate to incorporate them into your mission, principles, and digital assets; it's not all business.
Next-generation clients and prospects place a high value on brand authenticity. Millennials and Generation Z consumers, in particular, expect companies they do business with to care about more than just their bottom line. A well-crafted and implemented brand platform enables you to show these potential customers who you are.
In recent years, brand strength and quality have gained relevance in the independent wealth management business. Complicated brand hierarchies that once made sense no longer serve the organization's employees, advisors, or clients' best interests.
A firm must be willing to develop and grow in today's shifting wealth management landscape, where consumers are increasingly discerning and interested in learning about the brands and businesses they work with.
Following the pandemic, independent consultants profit from having more well-resourced brands as partners. With clients asking more questions and placing greater weight on the brands with which they do business, advisers must demonstrate their brand's value while highlighting the quality of their supporting partners. Brands that focus on this will be more effective.
