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Cogent Reports: Despite Heavy Use of Websites, Advisors Are More Likely to Recall TV Advertising
|By Business Wire
|June 23, 2014 12:15 PM EDT
Nearly six in ten (58%) financial advisors consider websites to be their
primary media source for work-related information, compared with only
12% who cite television as the information source they rely on most.
However, when it comes to advertising recall, nearly half (47%) of all
advisors recall seeing some form of advertising for leading asset
managers on television, versus 30% who recall seeing an ad for any of
those same companies on a website. These and other findings are included
in Advisor Media Consumption™, a new Cogent
Reports™ study by Market Strategies International.
According to the study, 87% of all advisors name at least one financial
or business website to be among the five sites they visit most
frequently. Individual sites named include Yahoo Finance (21%),
Morningstar (18%), Bloomberg (16%), CNBC (16%), Wall Street Journal
(15%), MarketWatch (10%), MSN Money (10%) and Google Finance (10%).
The top TV networks that advisors report viewing daily include CNBC
(45%), ESPN (33%), CBS (31%), NBC (28%), Fox News (26%), ABC (24%), Fox
(20%), Bloomberg (19%) and CNN (17%).
“Our research confirms that advisors are tapping multiple sources across
the broad spectrum of media to inform their professional thinking and
knowledge,” says Meredith Lloyd Rice, senior product director and author
of the report. “That said, when it comes to reaching an audience through
advertising, television is still the single most effective tool for
companies that can afford it.”
Advertising recall was highest for Fidelity Investments, with more than
three-quarters (77%) of advisors reporting seeing at least one ad by the
company in the previous month. Another six firms—iShares (63%),
BlackRock (61%), Franklin Templeton (60%), MetLife (54%), Pacific Life
(53%) and Vanguard (53%)—also managed to reach a majority of advisors
through advertising during the same period.
“In general, the list of providers earning the strongest advertising
recall aligns with overall ad spend by these and other companies,” says
Lloyd Rice. “Not only does advertising work, but spend matters.”
The study concludes that just over one-third (35%) of advisors who
recall seeing an ad, report taking some kind of action as a
result—anything from seeking more information on the company website to
contacting a wholesaler, to actually making an investment. Response to
advertising was even higher among Independent advisors (42%) and
advisors with under $100 million in AUM (38%).
About the Patterns in Advisor Media Consumption Report
Cogent Reports conducted an online survey with 400 financial advisors in
February and March of this year. In order to qualify, respondents were
required to have an active book of business of at least $5 million and
offer investment advice or planning services to individual investors for
a fee or transactional basis. Cogent Reports set quota targets and
weighted the data to be representative of the overall advisor universe
using the Discovery Data Financial Services Industry database as a
sample source. Market Strategies International will supply the exact
wording of any survey question upon request.
About Market Strategies International
Strategies International is a market research consultancy with deep
expertise in consumer/retail, energy, financial services, healthcare,
technology and telecommunications. The firm is ISO 20252 certified,
reflecting its commitment to providing intelligent research, designed to
the highest levels of accuracy, with meaningful results that help
companies make confident business decisions.
Market Strategies conducts qualitative and quantitative research in 75
countries, and its specialties include brand, communications, CX,
product development, segmentation and syndicated. Its syndicated
products, known as Cogent Reports, help clients understand the market
environment, explore industry trends and monitor their brand and
products within the competitive landscape. Founded in 1989, Market
Strategies is one of the largest market research firms in the world,
with offices in the US, Canada and China. Read Market Strategies’ blog
and follow us on Facebook,
Sign up for our syndicated newsletter, Cogent
Thoughts, to get monthly insight from Cogent Reports.
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