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RADICAL TRANSPARENCY AND OPAQUE BUSINESSES
Dominic Gamble CEO & Co-Founder
PR Asia Conference
WHO AM I?
AND BY 32 I WAS HERE….ZZZZZZZZ
SO I FOUNDED THIS…
And now I’m:
But…
MY TALK TODAY
My experience in an opaque industry: Wealth Management
1. Operating effectively in an environment that demands transparency
2. Balancing the need for transparency with legal restraints
3. Using PR to effectively articulate opaque brands to customers
Part 1/3Operating effectively
in an environment that demands transparency
WEALTH MANAGEMENT IS NOTORIOUSLY OPAQUE
WHICH WAS FINE UNTIL THIS CAME ALONG…
BUT TIMES ARE CHANGING...
- 76% of Elderly people (55+) use internet for research, and 62% use smartphones- Our Average age of our users is 51 years old -
30% over 65- 88% go to the internet
first when they need info
- Only 1% of Singaporeans research only offline vs 74% research do a mix of both online and offline
MY INDUSTRY IS REACTING…SLOWLY
SPOT THE DIFFERENCE…
MORE SEXY THAN WE THINK
SO WHAT?
- The opaque industry is reacting = some good news to report at last!
- Opaque industry = new opportunities = eg robo-advisors, accelerators, entrepreneurs
- Opaque industries have older clients = not everyone is 25! – Social Media impact
Part 2/3Balancing the need for transparency with legal
restraints
LEGAL AND COMPLIANCE
HOW DID WE GET TO THIS STAGE?
- Boom & Bust
- 9/11 - 2008 crisis
- AML, KYC, RDR, FAIR, WTF?!
THE INDUSTRY’S REPUTATION
GOES FROM BAD…
…AND MORE BAD…
…TO WORSE…
…AND THE HITS KEEP COMING!
THE DAILY CHALLENGES DOING BUSINESS
- Promoting brand vs financial promotions
- Creativity vs caution
- Nimble vs slow process
THE VIRTUOUS CIRCLE OF INERTIA:Afraid of positive pr in case of negative pr!
Part 3/3:Using PR to effectively
articulate opaque brands to customers
ARE THERE ANY OPPORTUNITIES?
- When industries are this bashed and marketing is so bad….
- Asia
- Find the excitement….eg. Fintech
- Find the powerful messaging hooks whilst staying compliant
UNDERSTAND THE CLIENT TOUCH POINTS
Example: Wealth Management
- Seize on the sexy, drop the dull
- Identify triggers to act – wishy washy messaging has negative impact with younger client set
- Age of clients – still read newspapers
PR WORKS FOR US
Sunday Times, Nov 2015 Business Times, June 2015
GOOD COMMUNICATION: ROBO-ADVISORS
FINTECH
Homepage of FWM pls
WEALTH MANAGERS: CLEAR MESSAGE
WEALTH MANAGERS: GREAT DESIGN
BAD EXAMPLES: WHAT ARE THEY TRYING TO SAY?
SOLUTIONS FOR PR IN OPAQUE MARKETS
These are a given:- Patience- Persist
These are your USP vs the industry:- Understand backdrop vs consumer trends- Articulating messages clearly
FINAL WORD
- Opaque industries, esp. those with regulatory considerations, are tough
- But massive need for communicating clearly, concisely and effectively, even more so…
- ….because the market is rapidly evolving and transparency is demanded by consumers
They need third party professional help, that’s where you come in!
