Why JPMorgan is the 'trusted brand' wealth-builders need

The Cannes Lions International Festival of Creativity brings together premier marketing and advertising executives from across industries to discuss their brands and how they are engaging with their customers.

JPMorgan Chase & Co. (JPM) Chief Marketing Officer (CMO) Carla Hassan joins Yahoo Finance's Brian Sozzi and Rachelle Akuffo to discuss current trends in wealth management.

Hassan highlights the diverse spectrum of investors, ranging from established individuals to those just beginning their wealth-building journey. She emphasizes that JPMorgan's business strategy focuses on "how [do] we segment who those customers are and how [do] we talk to them?" The company aims to create tailored products for each individual based on their unique approach to building wealth.

"You can't think about the wealth continuum as just one customer, you have to think about the different phases of their life," Hassan stresses.

Addressing generational differences in wealth building, Hassan notes an older, established generation who "understand good financial acumen." In contrast, she points out "an entire generation that frankly, when you think about all the misinformation that is out there in the marketplace," requires a different approach. JPMorgan aims to position itself as a trusted financial institution that informs and enables this younger generation to make practical decisions regarding their wealth and future.

Addressing the evolving digital media landscape and the increasing trend of consumers seeking financial information online, Hassan emphasizes JPMorgan's role as a trustworthy institution. She tells Yahoo Finance, "It's across the board how people are consuming information and getting information, so for us we think it's a huge opportunity, as a trusted brand, to be able to say here's years and years and years of getting it right.

For more expert insight and the latest market action, click here to watch this full episode of Wealth! brought to you by Yahoo Finance. Also, be sure to keep up to date on Yahoo Finance's full coverage of this year's Cannes Lions International Festival of Creativity.

This post was written by Angel Smith

Video Transcript

All right.

Joining us now is JP.

Morgan Chase CMO.

Carla Hassan.

Carla, good to see you.

I know you're very, very packed here during Cannes.

Thanks for making some time for us.

Oh, it's so so nice to be here.

I'm so glad to be here with you.

So we and I were talking off camera about your role, I imagine.

Right now it must be so exciting because you have markets at a record and now a whole influx of new investors, notably retail.

How does that change how you get to this community?

It's a really, really good question, actually.

You know, when we think of the wealth spectrum and you've got people that are starting to figure out what they want to do with their wealth, you've got folks that are established from a wealth perspective that know a lot and are very informed.

And so for us, it's really trying to figure out how we segment who those customers are and how we talk to them.

And so, for example, you know, you've got folks that are starting to think about You know what their wealth should look like 10 years from now.

20 years from now 30 years from now.

And for those folks you think about, what are the products that they actually are going to need, whether and for example, like some people like to do it on their own.

So we've got a self directed product for them.

Some people like to pick up the phone and call an advisor, right, because they it's it's, you know, comfort for them, right?

And so we we really think about who are the different audiences who are the different segments, and then how do we talk to them?

Then you've got also a more established client that has, you know, potentially you been thinking about their wealth for a very long time, their future for a long time.

And so for them, it's much more about continuing to keep them not just engaged but feel informed.

And so we do a lot of events for them.

We bring them to the events, we do some leadership, so it really is.

You've got a segment that you can't think about the wealth continuum as just one customer.

You've got to think about it as you know the different phases of their life.

Are you extra careful in this environment where every day a stock price seems to be going up and you don't want to tell this community, go out and get the stock or now is a great time.

I imagine you have to put certain safeguards in when when things are so excited, like right now, I'll tell you we're extra careful, regardless, whether it's an exciting time or whether it's not an exciting time.

The thing that I would tell you is Number one is safety of our brand and safety of our customers and our clients.

And so for us, it's really about making sure they are as informed as possible so that they have the tools to be able to make the decisions that they need to make for themselves.

And so it really is like we don't you know, we think about it through the cycle, good, bad.

Otherwise, we really want to think we put them first, right?

So what are their goals?

What are they?

You know they are going to be some clients and some customers that are not as aggressive as others.

I mean, I'll tell you for, for example, even my own family right between myself and my spouse.

We have very different points of view of like how we should actually think about investing our own money.

And so you've got to be there for whatever their goals and whatever their targets are, regardless of whether to your point, it's an exciting time or not.

And it's interesting because we are getting ready for this massive, the biggest transfer of generational wealth that is coming to millennials.

How should they be preparing for this?

And what sort of tools and resources could put them in a position to make the most of this?

My gosh, what a great question.

And I will tell you we think about it all the time because, like I said, you've got an established group of people, sometimes older, that understand that have good financial acumen, have been thinking for a long time.

And then you have an entire generation that, frankly, when you think about all the misinformation about financial education that is out there in the marketplace, what we think is we know what we like to do is make sure that we come in as a trusted brand, right, helping them equipping them with thought leadership.

So how to think about what's going on?

What are the latest trends that are going on in the industry?

What are they seeing, what are seeing in the market and then informing them so that they can make their own decisions because you're right.

Like today, a lot of them are getting their financial education from social media platforms and you know, in some cases that might be totally well informed.

But in other cases we think that there are people that have been doing this for a really long time.

We have a brand that is trusted and we want to give them the tools to help them make the best decisions that they can make for their future.

And so it's a with something we think about quite a bit.

And I'll tell you, we are fortunate enough that we have had 200 plus years of doing this, that people trust us and so we don't take that lightly.

We're very, very careful because we understand that Look, thinking about your finances is not easy and it's completely uncomfortable.

It's also intimidating.

You know, I think there are people that, you know, look around you even in your own circle in my circles that are, you know, by all by any definition wealthy but actually don't understand how to manage their money.

They're scared to have the discussions with their families about it.

And so for us, this generation that's coming up that's coming into new wealth is very important for us because we want to make sure we are educating them to make the right decisions.

And then it's really important for us to give them the right tools.

Like I said earlier, you're going to have some people that say, I don't want to talk to a human.

I want to do all the research myself.

So have the research ready for me to read, which we do right?

And then have the tools for me to be able to transact as I want to.

Then there are others that are like, you know what?

No, no, no, no, no.

I need to talk to a human, and we just have to make sure, even by the way, at a younger age, you know, you'd be very, very surprised.

How many people, even the younger generation that is so digitally savvy still wants to talk to an adviser.

How concerned are you, Carla, that this generation is listening to experts on YouTube, Talk about stocks or, you know, viewing people on Reddit as experts, even though they're not.

Where are the experts at companies like a JP.

Morgan?

I mean, look, you, you you're concerned.

We're concerned about it.

Everyone should be concerned about it.

And by the way, it doesn't just sit in financial services.

It's across the board, right?

How people are consuming information and getting information.

And so for us, we think it's a huge opportunity for us as a trusted brand.

To be able to say Here is years and years and years right of getting it right, sometimes getting it wrong.

And it's OK when we get it wrong, we say we get it wrong.

In fact, sometimes we publish like here are our predictions.

What do we get right?

What did we get wrong?

So we can help people understand that I think the more you do that, the more you show transparency.

The more you people, the tools, the more trusted as a brand you are.

We just have to be able to be where those consumers are.

So we have to also be able to be on YouTube where they are.

We have to be able to bring our trusted advisors our trusted brand, to them where they are consuming the information.

And I think that's really important for brands today to really think about, particularly as it relates to financial health and financial well being.

You can't just if you build it, they will come.

Even if you are the best brand out there, which we believe we are.

You've got to make sure that you go to where they are and that, I think, makes me have faith when we are where they are so that they can see our information as well.

But I'm concerned about it.

You know, I'm concerned.

I can concern for the new generation of concern for my daughter who's up and coming, right, like in thinking about at some point will come into her own wealth.

And I want her to have the right information, you know?

And so you know that I know, right?

I know, I know.

I get it.

She turned 17 this week, so she's ready.

Well, Carla, So thank you.

So much.

It was a real pleasure to see you.

I know very busy times here at this event.

JP.

Morgan Chase CMO.

We'll talk to you soon.

Thank you.