By early 2010, two-plus years of market and economic volatility had left investors deeply anxious about their financial future and wary of the financial services industry. At the same time, a renewed regulatory focus was being placed on the standards under which financial advisors serve their clients. Many in the industry bemoaned the so-called “fiduciary standard” debate, fearful that it might advance the notion that financial advisors were not always working in the best interest of their clients.
While others saw a challenge, Envestnet saw an opportunity. They were convinced that the fiduciary discussion represented a watershed opportunity for advisors to strengthen relationships and build business by reaffirming their commitment to service and alignment with clients’ most fundamental needs and goals. Envestnet set out to prove the scope and depth of this opportunity to its advisor clients, and, in doing so, strongly position its unique capabilities for helping advisors to seize the opportunity.
What We Did
Envestnet worked closely with Tiller and a national polling firm to conduct bilateral polls of advisors and investors designed to better understand the changing landscape for advisory service and demonstrate that — at a time when financial advice was more vital than ever — investors would engage advisors who acted in alignment with their client’s best interest. The research provided the platform for a media and educational campaign underscoring the “fiduciary opportunity” for advisors and Envestnet’s interest in and ability to help advisors realize that opportunity.
Trade coverage was critical. The public relations centerpiece was a pre-negotiated cover story in Financial Planning, the leading magazine for independent financial advisors, the key audience for Envestnet. Major stories also appeared in Financial Advisor, Investment News, On Wall Street and RIABiz, and byliners ran on Forbes.com and in Investment News. A special website featured a popular toolkit and “Standard of Care Checklist,” positioning Envestnet as a leading advocate for client centered fiduciary level service.