Toronto-based agency Cundari has released its first-ever study examining North American wealth management brands that target affluent consumers, naming TD the best managed in Canada.
The survey was conducted online among various brand management professionals who are members of American Marketing Association and the Canadian Marketing Association. It looks at how this market has changed and what brand managers need to know to “effectively manage their brands as they emerge from the recession,” said Mary Newman, executive vice-president of strategy, insight and innovation at Cundari.
According to the study, the best-managed Canadian wealth management brands, in order, are TD, RBC, ScotiaBank, BMO and CIBC.
TD received the highest Canadian scores on several of the study’s criteria:
• Instantly recognized brand name and logo
• Positioning that is clear and meaningful
• Supported by a clear and consistent communications strategy
• Attracting a very loyal following
• Brand is growing
Charles Schwab, Fidelity, Metlife, Wells Fargo and Prudential make up the study’s top five best-managed American wealth management brands.
Newman said the agency decided to study affluent consumer markets because they represent the “sweet spot” among the agency’s clients, such as BMW and the Four Seasons Hotel.
She said wealth management brands are among the toughest brands to manage and are still trying to rebuild consumer trust, which was tested during the economic downturn.
“It’s a confirmation that probably the people who are leading brands and financial services markets have among the toughest jobs today building their brands. There are so many different factors that play over public perception, and they have limited control over them. Brands that are succeeding are the ones that have kept trust and are finding new ways of building trust,” she said.
Cundari also examined brands within the premium hotel and luxury automobile sectors, and will release those findings in October and November, respectively.
