Richardson GMP
Richardson GMP was formed through the merger of Richardson Partners Financial and GMP Private Capital to create one of the largest independent wealth management firms in Canada with more than $25 billion in AUM. The firm is currently owned by the Richarson family, GMP Capital, and the wealth managers in the firm.
Industry
— Asset management
— Financial services
Branding to
— Attract top talent
— Articulate value
— Gain share of wallet
Services
— Brand & value proposition strategy
— Website design & development
— Advertising & promotion
— Marketing collateral design
The Situation
Richardson Financial Partners and GMP Private Client merged in 2009. They were rebranded to become Richardson GMP but the new identity and brand platform was a huge disappointment to the advisors who struggled to explain to clients the value of the merged firm. Richardson GMP planned to grow by attracting advisors and their book of business from the Big 5 Banks but recruitment efforts faltered, given the firm’s limited track record and fuzzy articulation of the value proposition.
Human catalyst
Advisors are the brand and want to be treated as such.
Our Solution
Following extensive research with advisors and clients, Yield realized that the firm’s value lay in their partnership model, which gave every advisor the independence and freedom to recommend the best products for their clients, not what a Big Bank owner was telling them to recommend. This strategic platform meant that the Richardson GMP story would be told from the advisor’s perspective. They would be front and centre in all communications from the website to the investor collateral and most importantly, in advisor recruitment materials. Here Yield came up with an innovative i-Pad app where the prospective could see the firm’s story and shown the financial advantages they would enjoy if they joined Richardson GMP, all in real time.
The website, which was the key point of validation for clients and prospective advisers was built out from the adviser’s perspective championing them on the homepage.We also created a TV advertising campaign featuring the CEO, Andrew Marsh with a simple, direct message contrasting Richardson GMP’s offering to that of the banks. The :15 advertising ran on BNN reaching Big Bank advisors at their workplace with a memorable, tongue-in-cheek series of ads.
The Yield
The firm attracted 14 new advisors in the first year of the campaign and following the merger with Macquarie Wealth grew the AUM to over $25 billion. The ‘independent’ advisors bought in to the program and brand compliance increased from 40% before the campaign to 90% following the launch, while over 50% of advisors provided positive unprompted feedback about the campaign.