JP Morgan Wealth Management advertising campaign starts in April.
JPMorgan’s wealth management unit is launching a major advertising campaign to attract younger investors.
It is the group’s first multichannel advertising campaign since the company merged certain wealth management activities into a single entity in December 2019. This unit includes branch and office financial advisors, remote advisory services, and self-directed investing and automating investment proposals.
Wealth management unit CEO Kristin Lemkau told Barron earlier this month that she intends to double the number of Chase deposit clients investing in the wealth management unit. The company would not share a timeline for this goal.
It also comes in a hot spot for retail investors with major online brokers like Charles Schwab, TD Ameritrade, E-Trade and Robinhood seeing a surge in activity. Charles Schwab saw a record 3.2 million new clients in the first quarter of 2021, more new clients than all of 2020. JPMorgan declined to share the number of its self-directed or automated investment clients.
Dipti Kachru, chief marketing officer for the U.S. wealth management group, said JPMorgan has strong brand awareness and credibility, but many younger investors see the brand as out of reach of themselves.
“We know this is a perception that we are not accessible to younger investors. We want to change that,” said Kachru. She said the campaign is also aimed at strengthening the wealth management unit and driving growth.
Some of the messages have an ambitious feel – some digital ads have messages like, “The life you imagine is our life’s work.” Others describe offers, like their advisors, by showing customers how to go into a branch and talk to one of them. The company, which worked with WPP agency Swift on the campaign, aims to reach more than 30 million US consumers through TV, video, social, audio and digital ads.
“It was important to us not just to say what we are going to do, but to show how we are going to do it and to demonstrate it clearly,” said Kachru. “It’s a pretty crowded and commercialized environment.… How do we bring 200 years of expertise and credibility to this environment, our investments in technology and digital, and make this work of serving the customer more personal? ” the thread that holds the work together. ”
Kachru said the campaign seeks to attract the attention of both those who are completely new to investing and those who are more mature investors who work with other companies but may be looking for more personal advice.
“We know that there is still a lot of work to be done to make more customers aware of how we can serve them in the marketplace. Many of them actually have a relationship with us at Chase today,” she said. These customers may have a deposit or credit account with Chase but are investing with another company, she said. “There are benefits to expanding their relationship with us, especially when the investing part of the story is neatly integrated into the app they deal with every day.”