Marketing has long been seen as a support function in wealth management, with relationship managers traditionally responsible for bringing in new business.
But the landscape is changing. Today’s environment calls for strategic marketing leadership to help firms differentiate themselves, build trust, and nurture lasting client relationships. As client demographics evolve, the industry’s approach must also shift, placing greater importance on marketing as a core driver of growth.
Now more than ever, it’s essential to elevate and recognise the value of marketing leadership within wealth management.
Yet despite this growing importance, the banking, finance, and insurance industries typically allocate around 9.49% of their revenue to marketing, notably lower than the cross-industry average of 13.6%. source
Marketing in wealth and asset management has traditionally relied on brochures, PDFs, and other static materials. However, as the industry evolves, forward-thinking leaders are recognising the need for modern digital strategies, elevated content design, and stronger brand marketing.
Marketing is no longer just about creating documents; it now plays a critical role in driving client acquisition, enhancing retention, and building long-term brand equity. It helps companies tell their story, differentiate themselves in a crowded marketplace, and forge deeper connections with both existing and prospective clients. In this new landscape, marketing must be seen not as a support function, but as a core strategic capability essential to sustainable growth.
Source: Broadridge 2024 Digital Transformation Study
As marketing becomes more central to growth in wealth management, marketing leaders are facing a new set of challenges that require both strategic vision and technical expertise. One of the most pressing is navigating digital transformation while maintaining the trust and compliance that the industry depends on. Introducing new tools and channels must be balanced with rigorous regulatory standards and a strong sense of client security.
Marketing expertise also plays an increasingly important role in content engagement. As wealth and asset management companies continue to create more and more investment content, senior management must empower marketing to own the design and distribution workflow. Until now, the investment teams too often dictate these critical last mile factors, affecting both client and sales team engagement.
In addition, marketers are tasked with creating seamless, consistent client experiences across multiple channels, whether through websites, mobile apps, in-person events, or relationship manager interactions. This omnichannel approach is essential in building lasting relationships and ensuring that clients receive the same quality of service regardless of how they engage with the brand.
Perhaps most critically, marketing leaders must bridge the generational gap. They are expected to meet the digital-first expectations of next-gen investors while continuing to serve and respect the preferences of long-standing clients. This balancing act requires deep client insight, thoughtful segmentation, and highly tailored messaging to ensure no audience is left behind.
Now more than ever, marketers need a seat at the leadership table. Strong marketing leadership drives impact, and organisations must foster an environment where innovation is encouraged and creativity is valued.
As marketing functions expand, it’s crucial to equip teams with the right tools, whether that’s social media management platforms, data and analytics systems, or sufficient budgets and senior leadership support for new initiatives. Where internal capabilities fall short, agencies can step in to bridge the gap by offering support in areas such as content creation, branding, and event planning.
Finally, benchmarks and KPIs should be realistic and holistic. Instead of focusing solely on lead generation, they should also account for harder-to-measure but equally important metrics like brand awareness, client retention, and overall brand recognition.
At WAM Digital, we believe that celebrating forward-thinking marketers is key to driving this culture of innovation and leadership in the wealth and asset management industry. That’s why we created the Power List: to highlight and support those who are shaping the future of marketing in this space.
If you’re ready to elevate your marketing and design, contact us to discover how WAM Digital can support your growth and innovation.
