We see you, asset management marketers who dropped everything to communicate about the Silicon Valley Bank crisis and fallout. And we celebrate you. Hope you hear the same from the Sales and call center/customer service representative teams you armed with on-the-spot analysis.
Communicating as things are happening—even when the situation isn’t fully sized and even when specific perspectives may not be fully formed—is behavior to be expected from mutual fund and ETF firms in this day and age. (That would be particularly true for more than 300 mutual funds with holdings in SVB, as reported by Ignites. JP Morgan is reported to have the largest number of funds with exposure.)
Even so, not all firms do. National accounts, financial advisors, investment consultants and others who look to you for insights give proactive firms credit for communicating, and they remember.
We’re calling the work out here because as this work pinged around each firm—from the market strategists, investment teams, management teams, and compliance—it eventually arrived as a “get this out there STAT” project for PR, digital marketers, website, webcast, email and social media teams to carry across the finish line. In some cases, it seems as if PDFs were the preferred format to package something up quickly—kudos to the design teams, too.
A few notes for next time
There’s no evaluation, just admiration in what we saw as we visited lots of sites to get an idea of the state of play.
Especially noteworthy: Franklin Templeton and JP Morgan both hosted webinars on the topic on Monday (!), and JP Morgan held a second one Wednesday. As of this writing, Franklin Templeton has published six posts.
Capital Group accompanied its statement with a PDF listing their funds with holdings in both SVB and Signature Bank. BlackRock did the same, minus the kind of analysis that Capital Group provided.
But for next time: Even when time is of the essence, you might want to mind the following, to assure your work gets the maximum visibility it deserves:
- It’s tax time, lots of products are being launched, and the home page is just how you like it. Even so, if your team has collaborated to produce a special communication about a financial system threat that seemingly came out of nowhere, it merits mention on the home page. That’s where people will be looking for it. Don’t take the chance that people come to the site looking for analysis, see your January 2023 outlook—and leave without knowing that your firm had something to this week. Something that you hustled to get out there.