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Economic turmoil smells of opportunity for some people, including financial-services marketers. They spent $9.12 billion on advertising in 2007, up 5.4 percent from 2006. Meanwhile the ad industry overall grew just 0.2 percent, according to TNS Media Intelligence.
"There's nothing like seeing your portfolio balance decline to spur consumers to start thinking about taking action," says Jon Swallen, a senior vice president for research at TNS. Retail banks and investment brokers both increased their bill for media in 2007 — even into the fourth quarter.
E*Trade, for example, had a sharp increase in its ad budget in the fourth quarter, he says. Fidelity Investments' mutual funds, online trading, and investment advisory services also bought more media in recent months, he says.
Another reason for the increase: Investment advisers often target their ads to people planning for retirement. Therefore conditions today don't necessarily affect their long-term view of that market, Swallen says.
The whole sector hasn't been increasing their budgets, though. Credit cards as well as the finance and loan industry have cut back, he says.
A Fidelity Investments spokeswoman declined to comment on the company's advertising spend or strategy. An E*Trade spokesperson didn't immediately respond to a request for comment.
by Willow Duttge
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