Doremus, the communications company that understands the business of business, has conducted one-on-one interviews with investors about how they are planning for retirement. The group included working individuals who are pre-retirement or at-retirement, as well as financial advisors.
While they are optimistic about retirement, most have not planned for it and are frightened by the process of planning. Their views of retirement and their behavior in planning for it are fraught with contradiction.
When presented with a variety of images that might represent retirement, most chose positive and traditional scenes: walking the beach, grandparents with grandchildren. Despite this, they do see their retirement as being more active and adventurous than the stereotype. Above all, they see retirement as freedom, as a time for them to indulge themselves, to be free from obligations, to be “the real me.”
Ironically, most of the respondents didn’t have a solid plan in place to fund this future, or felt whatever they’d saved so far was not adequate for a “happily ever after.”
When asked to choose a photograph that summed up how they felt about planning for retirement, the same group chose photos with scenes that depicted fear and stress.
Although they are desperate for advice, they are skeptical of advisors, wondering whether advisors are truly more knowledgeable, and whether they will be pushing products that have high commissions.
However, those who hired a financial advisor often did so haphazardly, sometimes based solely on a friend’s recommendation.
When asked to rate financial services ads, the group gave the taglines very low recognition scores. As one respondent put it, “They’re all basic, plain vanilla. Is there any marketing out there that shows those of us within 20 years of retirement that’s this is the company to go with? No.”
Howard Sherman, Managing Director of Doremus New York, said, “The opportunity for financial services firms to differentiate their brands is enormous. One way is to meet the fantasies and fears of the boomer generation with advertising that includes a balanced mix of optimism and pragmatism. The company that incorporates this into their financial brand’s offering will clearly dominate the space."
Doremus is composed of a unique group of people from the most highly regarded creative and strategic communications companies with one common goal: to bring a new level of thinking and execution to a category that is often orphaned in the general agency community. Doremus is best known for its commitment to understanding complex, considered decisions, multiple target audiences, and identifying the best communications channels to magnify budgets at all levels. Over 100 years old, with offices in the key business centers of the world, Doremus is constantly evolving to meet the marketing communications needs of business.
Omnicom Group Inc. is a strategic holding company that manages a portfolio of global market leaders. Our companies operate in the disciplines of advertising, marketing services, specialty communications, interactive/digital media and media buying services.