If you are in a marketing or business development role in the Financial Services Industry you are going to live in a very interesting and transformative time now that the JOBS Act has become effective in the US.
The JOBS Act is an acronym that stands for 'Jumpstart Our Business Startups Act'. In a way you could call it a creature that emerged from the recent global credit crisis that struck in 2008. When the leading financial institutions went into a meltdown and threatened to pull the rug from under the global economy, many businesses around the world went into survival mode as the traditional sources of capital suddenly dried up.
Despite the difficult times, a number of entrepreneurs came up with an alternative way to access the finance they needed to fund their businesses. It was in those dark days that the concept of crowd funding saw the light of day. Social networks made it possible for businesses to raise the capital they needed by appealing to thousands of people that would chip in small amounts of money, often even pre-ordering products or services that were nothing more than ideas.
An entirely new model was born and it caught the attention of the US authorities. But instead of breaking it up, they saw an opportunity. Desperate to find ways out of the doldrums, the US government saw this new trend as a way out of the economic malaise. It had been bailing out banks and financial institutions to avoid a meltdown and despite sinking billions of dollars into the financial system, they decided that this new approach to finance was the silver bullet this crisis truly needed. The JOBS Act was passed by congress in April 2012 with strong bi-partisan support.
The long-awaited SEC ruling lifts the ban that was in place since the great depression in the 1930's on general solicitation and advertising of private placements. What the JOBS Act essentially boils down to is that financial services companies can now more openly market their products and services to a wider audience. It dramatically raises the marketing game for fund managers as it creates a bigger platform for these business to communicate with the world.
In this podcast Ole Rollag and I discuss what the JOBS Act will mean for fund managers. We speak about the marketing challenges and opportunities that lie ahead and how a completely different approach to telling stories and creating compelling will become the standard to thrive in this new environment.
This podcast is just over 50 minutes but I am sure you will find what we discuss in this informal chat very insightful. It probably makes for great listening while doing some boring admin work or a great way to make your commute a bit more interesting. And if you plan on doing the latter, note that you can subscribe to our podcasts on iTunes or even Sticher (links below the podcast player)
We want to know what you think so don't hesitate to post a comment.
Oh, and if you'd like to further discuss how you can raise your content driven marketing game, get in touch with us because that is what Ole and I do at Perfecta Partners.
The books we mentioned on the podcast
The Culture Code (Clotaire Rapaille): An Ingenious Way to Understand Why People Around the World Live and Buy as They Do
Book Yourself Solid (Michael Port): The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling