Raymond James’ latest TV advertisements, launched during Game 2 of the American League Championship Series on Oct. 16, have a new tagline – “life well planned,” explains Michael White, head of marketing for Raymond James.
“We’ve been running one ad and another one should be coming out next week,” said White in a phone interview. “We’re also doing ads in print and online.”
In addition to the spots during baseball playoffs, Raymond James is booking time on CNN, CNBC, Fox News and MSNBC, as well as print and radio spots for the campaign, which is entitled "Tales of Financial Pragmatism.”
The ads focus on financial planning and investment planning. “They’re not a completely new way of positioning our brand, but they are an evolution in terms of what we’ve done in the past,” added White. “They emphasize the importance of professional advice.”
The print ads are parable-type stories with metaphors that zoom in on client needs, while the TV ad shows a woman living up to age 187.
“She’s still going strong, which is meant to address — in a metaphorical way — the benefits of planning and addressing longevity risk,” shared White. “By planning, she is able to enjoy life. It’s an optimistic message.”
Another ad will tell the story of a tree that magically bears fruit. It is then hurt during a storm, but recovers. The tree’s recovery alludes to invesment strategies like diversification and proper asset allocation.
“These ads should help us stand out competitively,” said White.
He says that by running the ads during the popular baseball games, Raymond James is reaching a broader audience than it typically targets.
While the company won’t disclose its ad budget, “It is safe to say it’s smaller than, say, those of the wirehouse firms,” said White. “Our primary marketing strategy is to attract and retain the best advisors we can and support them in our marketing practice.”
The latest message doesn’t represent a big change for Raymond James, which reported improved earnings on Wednesday, he added. “It’s more of a shift in our creative execution.”
The values conveyed in the ads are those that its 5,334 advisors and their clients share and may not be consistent with those of other firms, says White, namely pragmatism, conservatism, rigor and discipline in money management.
“We found out that, for example, a lot of our investors, even with $1 million in assets, will still buy used cars,” White explained. “And we wanted this to come through in our ads explicitly.”
The ads were developed in partnership with the Martin|Williams advertising agency of Minneapolis.