Commonwealth Bank: Creating value in our advice from the inside out

Agency: BMF Advertising PTY LTD

Advertiser: Commonwealth Bank

Author: David Hartmann

Total Campaign Expenditure: $2-5 million

STRATEGIC COMMUNICATIONS CHALLENGE

The financial planning industry had been having a tough time for years and Commonwealth Financial Planning was no different. Referrals had been declining each year for the past four years. The public were confused and cynical as to the real value it offered them. On a ten-point scale, the appeal of getting financial planning advice had dropped to an all time low of 4.6 (down from 5.2 in 2008)1. And negative press was only fuelling the scepticism over the value of financial advice.

It wasn't looking good and things were about to get tougher. Through government legislation a more transparent pricing scheme was about to come into place, which would result in a more significant fee to be paid up front (rather than being absorbed in the costs of commissions).