Want to reach affluent consumers in APAC? Here’s how to do it
As self-made wealth rockets in APAC, a report from LinkedIn reveals the scale of opportunity for wealth management, creating a window for financial brands and wealth managers to attract new consumers by speaking their language and meeting them where they are consuming content.
How financial brands can keep pace with the evolving needs of affluent consumers
The changing landscape in Asia Pacific – with a growing number of consumers, accounts and the transfer of wealth – presents a unique opportunity for finance and wealth management brands to build holistic, multichannel campaigns to connect with a growing pool of new and receptive prospects.
That’s according to a report from LinkedIn. With venture capital transactions hitting a record-breaking $10bn in the first half of 2021; APAC tech start-ups netting $8.2bn in 2020 and Southeast Asia now boasting more unicorns and decacorns (start-ups valued at $10bn or more) than ever, the market’s health is clear.
Those able to navigate the changing landscape stand to benefit significantly – with the current window of opportunity crucial in netting new consumers. And with 32% of affluent APAC consumers citing a lack of communication from their wealth manager as playing a role in their decision to switch, effective marketing strategies will be essential.
“A new generation of investors, whose expectations and preferences have been shaped by new technologies and living through the last financial crisis, have brought new standards to the wealth management industry in terms of how advice and investment products are being delivered,” explains Monica Bhatia, head of enterprise (SEA and Korea), LinkedIn Marketing Solutions.
“In this changing environment, consumers – both established and new – want clear guidance from trusted sources to protect and grow their wealth. Many are in the market for new financial advisers, which brings opportunities for wealth management marketers to connect with a growing pool of new and receptive prospects.”
What the consumer wants
Whatever a campaign’s core aims are, tone is increasingly important for wealth management brands. As the world appears to lurch from the upheaval of the pandemic to geopolitical fracturing against a constant backdrop of climate emergency and anxiety, consumers are looking for reassurance, constancy and consistency from their advisers.
In times of crisis, 75% of consumers want brands to keep them informed about their stance on a developing situation while 77% value a brand that is helpful in ‘the new everyday’. Wealth management campaigns must demonstrate how they will guide consumers through upheaval including geopolitical uncertainty, market swings and regulatory changes.
Timing is also key. While clients value frequent personal messages from their financial advisers during periods of uncertainty, the content mix varies by country and channel. Market and investment updates, video posts, newsletters, longer form posts and invitations to webcasts or events on timely financial topics are proving most popular ways to reach them.
“This is the time for wealth management firms to show how their values translate into strategic and sound advice, how they can help consumers stay ahead of regulatory changes, and how they respond quickly to market swings,” says Bhatia. “It is also an opportunity to help foster a responsible investing ecosystem.”
As family wealth switches hands and new sectors generate newly affluent individuals, the types of services and topics this changing client base wants to hear more about are also changing. From robo-advising to cryptocurrency trading, digital currency adoption is on the rise – with consumers in Singapore, Australia, Hong Kong and Japan, notably, planning further investment in this space over the coming years.
Trusted advisers on a trusted platform
It’s not just on brands to ensure they are offering the products and services that consumers want, but that they are communicating with their customers on the right channels too.
The report highlighted two key themes: personalized messages and technology. More than half (52%) of investors said they would like to receive personalized messages from their wealth manager, and 51% look to social media platforms for guidance on investments.
As geopolitical volatility increases, affluent consumers will place ever more value on trusted advice. In APAC, LinkedIn is the most trusted platform (73%), over established broadsheets (69%) and far above social media competitors (35%) thanks to its brand-safe environment.
BNY Mellon Wealth Management’s ‘Good advice makes a difference’ LinkedIn campaign saw it promote its Active Wealth framework, which encouraged consumers to rethink their wealth practices. Using LinkedIn’s targeting tools, it engaged a niche ultra-high-net-worth audience with a mixture of strategic ads and creative content including video, which drove 4x the engagement levels of other ad units. Reaching over 160,000 individuals, the campaign beat engagement benchmarks by 2.5x, drove over one million impressions and saw brand familiarity rise 14%.
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What’s more, LinkedIn financial services followers grew 250% during 2021, with one in five APAC company pages following a financial services brand – clearly demonstrating LinkedIn’s appeal to this sector. Those financial services followers are also increasingly attracted to LinkedIn content: over the last two years, APAC LinkedIn members increased their engagement with articles on investing, wealth management and cryptocurrencies by 240%.
That highly engaged audience has spurred marketing investment, signaling that marketers must focus their efforts in this space on increasing share of voice and mind.
To keep pace with the evolving needs of affluent consumers, download the full report from LinkedIn here.
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