Channel Marketer Commentary: BNY Mellon Wealth Management

When the pandemic shuttered soirées and private events, wealth management marketing was forced to undergo radical digital transformation at the local level. Much was at stake, as the wealth management market began experiencing a massive growth spurt.

BNY Mellon’s local offices, which operate much like independent businesses, had relied on face-to-face interactions when catering to the ultra-high net worth individuals. Digital marketing was glaringly absent. But that all changed suddenly, and BNY Mellon needed a virtual way to reach these individuals.

“We had to do something different in order to be viable and get in front of our clients,” says Kirti Naik, head of marketing and communications at BNY Mellon. “It’s really hard to make folks change how they behave, but there was no other way for local sales teams to manage their relationships.”

The national marketing team jumped into action by helping local offices ideate, organize and activate virtual experiences. For instance, a local office wanted to tap into the local interest in plants. The national marketing team coordinated a virtual botanical event with a famous horticulturalist as a special guest.

Virtual events enabled local sales teams to offer experiences beyond local venues. A Minneapolis office was able to conduct a virtual private tour of a new wing in San Francisco’s Museum of Modern Art. Attendees listened to a curator talk about new art pieces while sipping wine that was delivered earlier in the day.

As upscale, in-person events return, will digital marketing at the local level fall out of favor? Hardly. Virtual events, social media, Internet influencers, geo-targeting and other digital channels will continue to be part of the mix.

“The next generation of wealth investors are going to expect digital experiences,” Naik says. “With the next generation of wealth managers and advisors, we learned that social media is exceptionally important in proliferating our value in the local market. Local sales teams need to know how to make it work for them.”