CASRO Chicago. Winning with Data: How a Data-Driven CMO can Empower Today s CEO. Chris Moloney Senior Vice President & Chief Marketing Officer

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1 CASRO Chicago Winning with Data: How a Data-Driven CMO can Empower Today s CEO Chris Moloney Senior Vice President & Chief Marketing Officer May 16, 2011

2 Who is Wells Fargo? Founded in 1852 by Henry Wells and William Fargo Headquartered in San Francisco Three major business segments: Community Banking (includes Home Mortgage) Wholesale Banking Wealth, Brokerage & Retirement 70M customers 1 in 3 households in US is a Wells Fargo customer 1 in 7 homes financed through Wells Fargo Home Mortgage $1.2T in client assets 1

3 Who is Wells Fargo Advisors? Created in 2009 WFI / Wachovia Securities (includes the former A.G. Edwards & Prudential Securities) Headquartered in St. Louis Third largest full-service retail brokerage in US Over 15.4K financial advisors Multi-channel model Traditional branches In-bank advisors Financial network Direct: Online & Service Center 2

4 Chris Moloney Six years at Maritz Loyalty Marketing Head of Financial Services & Strategy Former CMO Scottrade Former CMO Experian US Current CMO Wells Fargo Advisors 3

5 Our Business Challenges More than 15,000 financial advisors Each with different business models Diverse investment philosophies Multiple sales channels Different legacy firms multiple mergers Complex B2B2C Channel 4

6 Our Business Challenges Millions of clients with wildly different needs Portfolios from $50K to over $50M Young Professionals to Retirees Passive to Active Investors Conservative to Aggressive risk tolerance Self-directed to Advisor Managed 5

7 Our Business Challenges A newly-created brokerage brand name Subsidiary of well-established parent brand Low awareness relative to more established full-service competitors Nearly all clients started with a legacy firm acquired through mergers: Wachovia Securities A.G. Edwards Prudential Securities 6 Wheat First Union

8 What Research Does for Us Financial Advisor survey (B2B) Gathered insights on how advisors view the marketing of their practice & the WFA Marketing Department Results drive where to focus efforts & improvements Bi-annual surveys to measure improvement and new priorities 7

9 What Research Does for Us Client loyalty tracker (B2C) Why do clients come, leave or stay? Client profiling data Who are our clients and what are they likely to need from us next? Forrester Research Top U.S. investment firm for doing what s best for clients 8

10 What Research Does for Us Brand Tracker Survey Shows our relative position in respect to our competitors: Brand awareness Brand strength Calculated metric from unaided awareness, consideration, relevance, overall impression, etc. Brand attributes Financially strong & stable, are experts in investing, has top quality advisors, etc. Regular iterations show our progress over time 9

11 Research as Public Relations Homegrown Surveys & PR Retirement Fitness Survey WF / Gallup Investor & Retirement Optimism Index Industry Surveys Forrester J.D. Power Registered Rep. Smart Money Barron s 10

12 11 Research Drives Actions A Story

13 Research Drives Actions Historical competitor ad spending and brand tracker results give estimates: Minimum ad spending Point of diminishing returns Effects of not advertising Assists in developing the advertising budget and schedule 12

14 CEO Stories: NPS and Referral HIGH VALUE Trapped N Low/Low Avg. Advocates A R Influencers N=Typical New Customer A=High Value Advocate R=Newly Referred Customer N=0.7 A=2.5 R=1.65 HIGH LOYALTY

15 Research Goes Social Executive education Make it real, great examples Influencer and referral concepts Can be incorporated into other research Can be scary, but provides unparalleled content 14

16 Research Drives Actions Mining Google to find good keywords Adjust content to improve performance Higher in search results Detailed search terms High click-through rates High conversion rates 15

17 Research Drives Actions Using Google to find out what consumers are saying Examples Mutual Funds vs. ETF Retirement Plan vs. Estate Planning 16

18 Research firms: How to make your client successful Don t focus on the deliverable; focus on the business strategy The work begins with the presentation of results Key client contact should always get a presentation sneak peek Know the client s goals Sniff out controversy: e.g. Neuro-Marketing, pricing More infographics & charts; less data tables and text Think small, quick projects that deliver actions 17

19 No matter who they are ALWAYS MAKE YOUR CLIENT SUCCESSFUL 18

20 19 Q&A