We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • 'Reputation Crisis' Hampering Financial Firms

    July 2, 2013 by Paul McCaffrey

    Once lost, a reputation is hard to regain, and it’s costing financial services companies hundreds of millions in sales.

    Even with a rebounding economy and a surging stock market, 44% of marketing and communications managers at financial firms say that their companies have lost at least 5% of their business over the last year because of reputation issues, according to the Makovsky Wall Street Reputation Study released Wednesday. All told, those surveyed reported an average sales loss of 9% over the last 12 months.

    “Almost five years later, the financial crisis has transformed into a reputation crisis for financial services firms and there is still a long road back to recovery,”Makovsky executive vice president Scott Tangney said in a statement. “Only about one quarter of financial services firms told us that their corporate reputation has already been completely restored to pre-financial crisis levels.”

    Of the 151 managers and executives queried in the online survey, most (61%) attributed their firm’s bad reputation to the public’s general disdain for the financial services industry. To the public, the excesses of one firm are viewed as representative of the industry as a whole. Other factors were poor crisis management (52%) as well as subprime mortgages and liquidity and capital problems.

    “Financial services companies now see the number one reputation challenge for the next year to be differentiating themselves from competitors saddled with significant negative perception issues,” said Tangney.

    Though a survey of attitudes rather than an analysis of hard internal data, the study has a sound empirical basis, Tangney says,

    “These people see the numbers because they have to manage them,” said Tangney. “They’re on the frontlines, saying ‘How are we going to increase sales?’ These folks are in the know in terms of what the issues are and how much business they are losing because of those issues.”

    And they don’t expect to recover their good names anytime soon. Sixty percent said it could take up to five more years before their firm’s reputation returns to where it was before the market crash.

    Among survey participants, customer satisfaction (82%), financial performance and/or shareholder value (71%), and having a strong brand (69%) are the chief factors influencing their corporate reputations.

    The study, which was conducted in March 2013 by Echo Research, found that investor relations (93%) and corporate advertising (92%) are the most effective means of counteracting negative perceptions.

    But many of those queried felt they were not being given the tools to fight these negative perceptions, with only 18% rating their company’s reputation restoration efforts “very effective.”

    “There’s a lack of commitment by management to rebuild reputation, so those in the wealth management industry are facing more of a wall internally,” said Tangney. “They’re not getting that internal commitment, that internal focus.”

    Originally Posted at InsuranceNewsNet on June 28, 2013 by Paul McCaffrey.

    Categories: Industry Articles
    currency