If there’s any industry whose content should inspire trust, it’s that of the investment and wealth management industry. They’re asking consumers to entrust their nest eggs with them.
And there are lots of eggs. PwC forecast that the mass affluent segment alone would put up to $10 trillion under management by 2020.
Our analysis of a swathe of these companies’ content, however, was pretty damning:
The vast majority of investment companies failed to demonstrate a commitment to their customers through their content.
They talked (a lot) about how committed they were to their customers.
Examples like Wells Fargo’s recent scandals tell customers a different story. Customers simply don’t believe these companies. It’s down to this industry to demonstrate customer obsession.
Who’d we look at? I’ll say that Bank of America/Merrill Lynch, Blackrock, and Morgan Stanley all fared poorly in the analysis. Charles Schwab, Fidelity, and Vanguard fared better. Digital investment companies, who we thought would do well, didn’t. As a field, here’s what we saw:
For more on the methodology and findings, Forrester clients can read “Investment Companies All Talk Alike.”