INTERVIEW: Succession Wealth builds social proof in brand evolution

Succession Wealth is looking to evolve its brand in order to broaden its appeal, according to its Head of Brand and Marketing.

Dan Gillham took on the role in January 2019, bringing two decades of experience in retail banking, starting with his career at MBNA, which was acquired by Bank of America in 2006 and Lloyds in 2017.

His tenure has seen some changes for the business; most notably, Aviva acquired Succession in March 2022 in order to offer high-quality independent financial advice as part of its service to Aviva customers. However, Succession remains an independent brand and things haven’t changed much from an operational perspective or a marketing perspective.

The firm specialises in relationship-based, personalised financial advice. Succession’s advisors use software to review a client’s financial position and project it until the age of ninety-nine, offering a roadmap of how different choices might affect when they can retire, how much they can spend and how much can they pass on in inheritance.

Dan explains that the strong emphasis on personalised service in marketing reduces the need to actively market in order to retain existing clients. There is a balance to be struck in allowing advisors to manage their own relationships with clients, while keeping the main brand in the client’s mind.

Dan characterises this brand as “sophisticated, credible and supportive”.

“The imagery we use is glimpses into successful moments in people’s lives. We try and help our clients identify and maintain their desired lifestyles. We want to reflect that in what we do.”

He and his team also look to add further value through engaging touchpoints and communications. This includes high-quality educational materials on financial advice topics and needs, designed to introduce topics and support in-person conversations when individuals are ready to seek advice.

This type of content forms the backbone of the firm’s monthly client newsletter, boasting an over 60% open rate, including an Investment Market Commentary which summarises recent relevant headlines to keep investors informed about the market news that might affect their investments.

Marketing’s primary mission is to “drive and develop brand awareness and consideration within our key market segments, raising awareness of who we are, what we do, and how we can help – essentially prospecting.

“Our goal is to keep Succession front of mind with prospective clients and educate people about what is often a very complex and confusing, but vital, area of client need.”

There are seven distinct propositions under the Succession umbrella, all focusing on different segments. While the full wealth management advice service, Succession Wealth, does some digital marketing and social media, most of the work for the other brands is delivered through traditional channels: professional connections, event sponsorships and regional advertising.

“Targeting regional activities where we have a presence tends to be more successful for us; costs are lower, and the return on investment is better than large national campaigns.”

The most regular source of prospects is through client referrals, where marketing’s main role is to help provide social proof. Achievement of this especially focussed on ensuring that wealth planners are well-represented online through presentational profiles, positive engagements with review platforms and through PR.

Looking ahead over the next year, Dan hopes to refresh the brand while keeping the core assets the same.

“There are some elements that could benefit from being evolved and refined to be a bit more appropriate for a broader demographic of people to try and attract people with different needs.”

Another next step will be crafting a proposition specifically for ultra-high net worth individuals, following the acquisition of London Wall Partners this year.

He is also looking to evolve the firm’s use of digital marketing through SEO and PPC. Succession has been conducting some tests over the last year to craft the strategy.

“My experience is that digital marketing is quite difficult when you’re looking at a topic which is quite emotive and personal, as well as something where prospects need to feel a real affinity to then engage with the service.”

Developing social proof will be a particular area of focus, with Dan hoping to create client testimonial videos to complement the feedback on Trustpilot and VouchedFor.

“We know the power and importance of financial planning, as do our clients, but this isn’t always the case with prospective clients. While we can communicate this through our various channels, it’s much more credible and engaging coming from a real client with a personal story who has benefited from working with us.”