Getty Images Finds Missed Opportunities in Financial Firms’ Branding

In an industry in which stock images of handshakes and retirees watching sunsets are known all too well, branding experts say financial firms could use visual content more strategically.

According to “The Great Finance Reset,” a report by VisualGPS, Getty Images Holdings Inc.’s insights platform, financial brands are missing opportunities to better connect with consumers through imagery.

The report drew on a survey of more than 3,200 U.S. consumers, an analysis of 750,000 images and videos downloaded by U.S. financial brands during a three-year period, and more than 10,000 search queries. Getty Images found that consumers want a more representative outlook to financial branding, particularly in areas of wealth management and retirement.

For example, the images most used by financial brands to depict retirement included images of traveling, life as a couple and time with grandchildren, yet many retirees pursue activities such as volunteering or starting businesses that reflect personal interests, according to the report.

Additionally, while 88% of surveyed consumers manage their finances digitally, only 9% of visuals depict someone actually managing their finances with technology.

Communications firm Gregory FCA Communications LLC, which studied advisory marketing’s overreliance on written cliches, found a similar issue with visual cliches in financial advertisements.

“Using images like the ‘polished older couple holding hands, facing a sunset’ is as detrimental to a brand as describing your firm as ‘client-centric,’” wrote Kerry Davis, a managing director at Gregory FCA, in an email to PLANADVISER. “Both suggest a lack of originality.”

Apart from still imagery, Getty Images also found video is an untapped avenue for effective branding. The survey found that 78% of consumers considered video the most engaging visual format, but only 11% of finance branding efforts actually used video.

“Video brings the people behind the firm to life in a way written content simply cannot, making it the most effective format for communicating both personality and expertise,” Davis wrote. “This is especially true for [registered investment advisers] and retirement-focused firms, where you have individuals’ financial futures in your hands, and the bar for building trust is high.”

In a separate article written by Frank Serebrin, the content marketing director for asset management public relations firm Sondhelm Partners, the author pointed out 14 overused images that financial service firms can avoid. Some of the stock images include handshakes involving two hands with suit sleeves, a bullseye or an arrow hitting a target, and retirees sailing into the sunset. According to Serebin, firms should cut generic stock visuals from online content and create a visual strategy with clear goals to support marketing and sales efforts.

As a starting point, Davis recommended that advisers and firms conduct an audit of their visual assets to determine whether they accurately reflect the organization, its clients and its long-term direction.

“Develop a plan to update your visual brand identity as needed,” Davis wrote. “Modern production tools make video creation accessible for most firms, and featuring real advisers addressing clients’ financial questions on camera builds trust. Short-form video should be a priority for firms seeking to grow their business.”