A message from Ameriprise Chairman and CEO James M. Cracchiolo
That was the headline of an email I received last week.
First off, let me say that, in general, I like Ameriprise. I have 3 accounts there and have been satisfied with the quality of advice I've received.
However, in 2008 to start an email with this subject line is counterproductive, IMHO.
Today, communication is about authenticity. It's about transparency. It's about that personal touch.
While the email content from James is valuable (get on top of your finances), I feel that the credibility is reduced by a subject line that isn't quite right.
Plus, there are a few other things that reduce effectiveness.
Let's look at the email (at first I included in the post, but on 2nd thought, didn't think it added that much.)
- We all know that James Cracchiolo isn't emailing me. 8 years ago, I would have been ok w/this. Today, no. Not so personal
- We can probably guess with some degree of confidence that James didn't actually write the email. Some corporate marketing person probably did. Doesn't feel authentic.
- The "ink" signature.
Nice, but feels like a cheap trick to add personal credibility. Instead of a signature, why not give me your personal email address? Or your blog address? or your LinkedIn profile?
Again, I think the service that Ameriprise provides is a valuable and important one. I just would take issue with the way they are trying to build that relationship.
I'd much rather have an email from my advisor (who could follow me on Facebook, Twitter, etc.) saying,
"Hey, Jeremy, congratulations on your new baby! Bet you are tired!
Have you set up a Coverdell or a 529 plan for her? I know you must be swamped, so I can get the paperwork done and just send it over to you for your signature. Then, when things calm down (will they ever? ;-)], we can start talking about paying for college and all of that other fun stuff that it's better to do sooner rather than later.
Congratulations again!"
If James Cracchiolo and his corp mktg team could empower his advisors to do that, I think they'd really be on the road to differentiation.
Comments
Adam Schorr said on 3.24.2008 at 11:17 PM
OK Jeremy, this makes sense. But is it really workable on a mass scale? Your financial adviser can take on as may clients as he feels he can service effectively and no more. But a large company with millions of consumers cannot do this. And I would think that the people who are into social networking also get how it works. And if they get something that "feels" personal from a large company they've got to know it isn't.
So what am I missing?
Jeremy said on 3.25.2008 at 12:05 PM
I don't think you are "missing" anything. I think there's not a 1 size fits all answer for using social networking to build B2C or B2B relationships.
Since Ameriprise's model is to have 1 adviser assigned to each client, I would start trying to have the corporate team empower the advisers to "listen" better through social networking, etc. to their customers. You have a blog. I have a blog. Why not have an advisor w/RSS feeds of the blog sites of their clients (for starters). They do this a bit (I get a bday card from my advisor b/c they have operationalized that), I'm just saying extend it.
As for millions of consumers, what if a brand manager at a large company, say Metamucil, had a blog where s/he is describing the new products and some of the processes they are going through w/focus groups to figure out which flavors work best. In those comments, interested consumers could put their suggestions and ideas for flavors, packages, etc. The brand manager doesn't have to do all or any of them, but s/he does have to LISTEN. Take a look at avc.blogs.com and the discussions that ensue and how the author is engaged w/his audience to build that sense of community.
Make sense?
cj linnell said on 4.14.2008 at 5:53 PM
I am so upset with my Amerprise advisor who sent me a letter last week that she is taking on more in her job and turining my account over
to an advisor from out east who is moving to Minnesota...poorly done and would like to take
what I have out of these funds but do not want to loose too much as I already have the past six months...anyone know that email for the chairman or his address.
jeremy said on 4.14.2008 at 7:48 PM
I don't have it, but will fwd this to my rep there. It'll be interesting to see if/how Ameriprise responds. My bet is they won't, but you never know.
Josh Rogers said on 4.14.2008 at 9:09 PM
I totally agree with Jer on this. As a client of AMP and former executive there I thought the email was totally disingenuous. I personally know Jim C. and he is totally not engaged with client's concerns. Besides, he just pulled down $23M in total comp. last year and I seriously doubt he even has an Ameriprise advisor himself. He's the chef who won't eat his own cooking. I also agree that a blog or vlog (which I am starting on my website next week) from your personal advisor would be much more valuable and personalized. Having been in this business for over 10 years and trained many advisors in my time, the best method for client contact is personal and frequent contact from the advisor the client has the relationship with, not from the corporate machine. This industry is moving into 2 camps: huge corporate wirehouses and banks where clients may feel "safer" being with a big name but basically get the warehouse client treatment; and boutique independent firms where clients get the best quality advice and service. After over a decade of experience you can see where I think clients are better off. I know Halpern feels the same way.
Mimi said on 6.20.2008 at 12:33 PM
I find this fake "engagement" with the CEO dishonest. I'd much rather hear from my advisor. Interestingly, I had a problem with an account a couple of months ago and was treated with incredible rudeness by corporate Ameriprise folk. I followed up with a letter to Mr. Cracchiolo describing the poor treatment that I (a customer of more than three decades) received, and did not even get the courtesy of a reply. I am seriously rethinking my involvement with this company. If I am not respected and valued, there are other places I can put my money.