Interesting Ad Placement
This morning, I noticed this BlackRock ad (from my home computer no less) on ESPN. Interesting placement. (And no, I don’t normally look into spring training results. This was an extremely quiet morning.)
Thoughts
A Reminder of What Technology Can Do
A few weeks back, we presented at the MFEA Distribution Technology Summit in Tampa. Much of the discussion focused on the impact of mobile – Web sites, apps, CRM, advertising – on both asset managers and financial advisors. We’re biased, but it was a good day.
The last session was a panel of sales executives. Among the many issues the panel touched on was the idea of adoption – how much are advisors and wholesalers actively using mobile technology?
The sales executives provided a valuable reminder – there is a non-trivial subset of advisors and wholesalers who will NOT embrace mobile. While technology can bolster execution and add a positive dynamic to relationships with advisors, it is not essential for everyone.
The reality is:
- Many wholesalers and advisors have been successful for a very long time before mobile became important
- Some wholesalers and advisors will always be inclined to avoid new technology
Image via Kevin Knight
It reminded me of a project we did a few years ago. We spent 20 days in the field with some of the most successful insurance producers in the country. As it turned out, two of these producers were complete technophobes. When I say complete, I mean they:
- Did not have a computer or laptop in their offices
- Did not carry a smartphone
- Spent exactly zero minutes per day surfing the Web and using e-mail
And yet, both were HUGELY successful by any measure. In fact, these guys are in the top 0.2% of producers in terms of overall production. Similarly, some of the best wholesalers in the industry rely on zero cutting-edge technology. The MFEA panel discussion reminded me of this.
Technology in and of itself is not a solution, but part of a suite of resources that can make doing business easier. We need to avoid thinking that technology is universally transformational, that more of it is always going to help everyone.
Our collective excitement at the opportunities presented by technology needs to be coupled with an equal dose of pragmatism.
The Return of the Microsite
In 2007, microsites were all the rage. Manager after manager was rushing to put out some clever vanity URL with select content. Slowly, they faded from the mainstream.
In 2012, they are back and with good reason. I’ll focus on two good reasons microsites are returning.
At Cost Cafe Experience
I visited the At Cost Cafe yesterday afternoon while it was parked west of Union Square in New York. The experience was fantastic. Hats off to Vanguard for trying something interesting and executing it very well.
The Most Overused Word in ETF Marketing
Innovation is the biggest cliche in ETF marketing.
This was reinforced for me yesterday after reading about the liquidation of 8 Global X ETFs. Having never checked out the Global X Web site, I went there and immediately encountered this:
We’ve been working with an emerging ETF provider on how to best position their product lineup, so I went back and reviewed notes on 6 other firms. Five of them prominently include innovation in their marketing messages:
- As an innovator in exchange-traded funds…
- …providing access to an innovative array of opportunities…
- …provides innovative ways to enhance return potential…
- …our track record of consistently creating innovative investment vehicles…
- [firm] is an innovator in its field…
The definition of a cliche is something that has lost originality and impact through overuse. I believe that innovation has reached the point of having almost zero resonance with prospects and clients. It is a concept that everyone uses and tries to own, and therefore it has no power. Even when it might be factually true.
Now don’t get me started on solutions…