As the Chief Marketing Officer for Morgan Stanley Wealth Management, Lauren Boyman is responsible for partnering with Field, Sales, and Product to drive growth via new client acquisition, deeper client relationships and a strong brand in the ever-changing investor marketplace.
She was previously head of marketing strategy and analytics for the investment bank and also its head of digital strategy, helping the financial services leader become a social media pioneer in 2012 on Twitter and LinkedIn—where one financial advisor landed a $70 million account.
Boyman, who also spent time in brand management at Colgate Palmolive, discusses the impact of the recent Capital Creates Change campaign, the firm’s Webby Award-nominated digital overhaul and “What Will You Create?” platform—and navigating Twitter and other social media—with Interbrand chief marketing officer Andrea Sullivan. Watch and read below:
Andrea Sullivan: How did you land on the Capital Creates Change campaign?
Lauren Boyman: Capital Creates Changes was a program that Morgan Stanley launched in April of 2015. This was a long process of figuring out who we were as a company coming out of the financial crisis and when was the right point in time for us to come out to the marketplace and put a stake in the ground in terms of what our best was going to be. And the message really was about the value that Morgan Stanley brings to not just our clients but their communities and in society at large.
It’s a different kind of approach from Morgan Stanley in terms of a marketing and branding perspective. We’re really trying to tell the stories around how Morgan Stanley partners with our clients to add value. We’ve done a strong job at measuring that, we’ve been very focused on understanding what the value is of our media spend. So we track the results of brand favorability, for opinion influencers, as well as our high net worth retail investors. Over the past 12 months we’ve seen a six percent increase in our brand favorability metric.
Sullivan: How has Morgan Stanley evolved its approach to recruitment?
Boyman: We had to change our messaging and what our value proposition is for somebody coming out of undergrad. We in the marketing department work very closely with HR and recruiting and played off of the Capital Creates Change campaign and launched a campaign last fall called “What Will You Create?” It’s really about challenging and empowering each individual to think about what value they are able to add.
We went into the company and pulled out interesting stories of diverse people who work at Morgan Stanley, which frankly wasn’t all that hard to do. And our ad agency looked at our offices in New York, London, Hong Kong and put together a full-blown campaign including a video that we use on campus (recruiting visits) to get different people thinking differently about working in financial services.
Sullivan: How are millennials influencing Morgan Stanley’s delivery of customer experience?
Boyman: Just the expectations of what millennials have of interacting with a company are totally different—it’s at “the speed of me,” everything should just happen as you want it in a personalized way. By nature millennials are young, so as they get older their needs will evolve, just like any generation. It’s just how we’re dealing with them, and that their technology habits are very different.
Morgan Stanley is taking that very seriously and we’re very hard at work on that digitally-enabled or digital-only platform, which will be an option for those investors who want to have that kind of relationship with their investment services provider but also have the strength of people and technology organization combined that we think is really the right answer for getting the most out of the client experience.
Boyman: Can you share more about some of your new investment products?
Sullivan: For many years there have been religious-based investing principles, so we’ve had Catholic values investment options where there are certain types of companies like tobacco or alcohol companies that are actually taken out of portfolios and that’s at one end of the impact investment spectrum. And then you go all the way to the other side of the spectrum, which is actual impact investments where investments are made in companies that are intended to bring social or environmental impact to their clients or customers and the community at large.
Morgan Stanley plays along this entire spectrum, and we have more and more clients that are proactively asking about these products to their financial advisors, especially high net worth millennials who really care about sustainability and an emotional connection with your investment so you’re not just blindly handing over your dollars but you have some sense of “Actually, my dollars are going towards a good cause.”
Sullivan: How did you help Morgan Stanley build a social media platform?
Boyman: We had lots of financial advisors asking us, “Can I be on LinkedIn, can I have a profile, can I send InMail, can I connect with people?” It was really the wild west, we didn’t have a lot of answers to give them. It required much more than writing a policy and letting advisors be on LinkedIn or Twitter or Facebook. It really was a more in-depth process where we needed a compliance technology sitting between our servers and the social networking sites so that we could meet all of our regulations in capturing and archiving all the correspondence that happens between a financial advisor and a prospect.
So it was quite an effort but in the end, I think what made it successful was that we had someone at the top who really understood the potential value of this from a business development point of view. The head of the Field for Morgan Stanley Wealth Management at the time gave us this goal of wanting to be the first in the financial services industry to enable our advisors to be able to do this. And we were.