PeachCap Case Study
Peachcap's brand & needs
PeachCap is a "disruptive startup Financial Advising firm" that works with emerging millionaires to manage their wealth in an unusual way. Unlike other investment firms, PeachCap is democratizing the 'Family Office' wealth management model that is typically only accessible to 100MM+ net worth individuals. The Family Office Model entails bringing tax services, wealth management, investment, and robust psychological risk profiling all under one roof. This means that their 1-100MM net worth clients can experience top-tier service, without having to be in the top-tier of wealth. PeachCap asked us for a campaign that would encourage 1-2 financial advisors in the Atlanta area to contact them for partnership/employment.
Finding The Hook
In order to create a campaign that would attract financial advisors, we needed to find out what advisors need most from their firm. This would allow us to use only PeachCap's most compelling offering in communications with prospective talent. Through rigorous quantitative research, we found a constant problem facing advisors: despite working hard to identify clients' communication style, earn their trust, and deliver desired results, advisors still lose 45% of new clients within the first two years. That statistic is extremely detrimental to advisors' productivity, because acquiring new clients is 10% more costly than retention. In order to determine how PeachCap could help increase retention, we needed to find out why 45% of clients are leaving their advisors in the first place. When examining the relationship dynamics between advisors and clients, we discovered that communication and trust are of utmost importance. When these break down, the relationship fails, and (45% of the time) the advisor gets fired. So we asked: 'how do communication and trust break down?' and from this, uncovered our key insight.
The Hero advisors need
In the first few meetings with a financial advisor, he or she will test their client's personality/communication style/risk aversion in order to deliver their desired results on their desired timeline. However, we found that during this testing phase, clients often accidentally misrepresent their true risk-aversion (whether that's too high or low). One client we interviewed said this: "I wanted a higher return. That half of my money was supposed to be the safe portion, so I told them to keep it low risk. But I didn't mean THAT low. It was probably my fault for... maybe I didn't explain myself really." This is not a one-off occurrence, We found that many clients accidentally mislead their advisors. Then, when reviewing results, they are unhappy, and 45% of the time - fire the advisor. However, PeachCap's Family Office style testing system empowers advisors to more accurately assess their clients from the very first meeting, thus keeping them happy and increasing retention. And the best way to show that to those '1-2 advisors' that PeachCap requested was directly to them. With a hyper-targeted campaign in the Atlanta area, we would entice specific advisors to reach out to PeachCap. Because what advisor wouldn't want to retain their clients by improving the relationship... if we showed them how much easier it could be?