Marketing tips from Allison Baird of Boston Private

Allison Baird, Boston Private’s senior vice president of products & solutions, shared some thoughts on marketing as part of a Q&A panel at a conference run by Skyword on June 6, 2019.

Here are some interesting comments she made:

• Typically, the board thinks of marketing as “fluff” that’s not really important. But now marketing is becoming more data-driven, which elevates marketing in the organization.
• No one wakes up in the morning thinking, “I wish someone would sell me a financial product.” They’re thinking about their kids, about an upcoming trip, or things like that. That’s part of what drives Boston Private’s approach to marketing, including its separate microsite, TheWhyofWealth.com.
• Big banks spend $1 billion or more a year on technology, so it’s very important for smaller banks to make the right technology choices and to find partners who can help them innovate.
• Do client surveys to understand clients better—not just annual surveys, but also pulse surveys to follow up client interactions. For marketing, it’s very important to understand who you are and what you represent.
• Boston Private is on all major social media channels except Snapchat. Employees are trained in compliance. The company also has monitoring so it can pull content quickly, if necessary—it’s good to put the technology in place to do that easily.

For a case study of Boston Private’s “Why of Wealth” marketing, read “Why Ask Why: How Boston Private’s Marketing Strategy Builds Trust Across Generations,” written by a Skyword contributor. Boston Private’s microsite at TheWhyofWealth.com downplays discussion of Boston Private in favor of zeroing in on its clients’ motivations for growing their wealth. This focus on clients and prospects fits with something I tell my clients: Focus on “you,” the client or prospect, not “we,” the providers of services or products.

If you’re marketing wealth management, it’s important for you to use all methods at your disposal—including the latest technology—to understand what drives your clients and prospects. Then, reflect that understanding in your marketing communications with them.