Looking Forward — The Next 31 Years

By Andrew | Published: February 15, 2012

I have not been at Carpenter Group for the 31 (happy anniversary Polly) years since it’s founding so I cannot really look back. I can however look forward. I have known its founder and leader, Polly Carpenter for many of these years and watched the firm evolve and thrive. Thinking about where the firm is headed, I look closely at where the firm is now and the foundation that has been built, tweaked 100 times and the philosophy that will keep it vital.

Let’s look at why.

Focus – Polly has aimed the firm squarely at Financial and Professional services. Along the way this also means gaining expertise in many of the services provided to these industries in technology, middle and back office and services. This focus has yielded a knowledge bank and expertise not to be found elsewhere and insights that have benefited a multitude of clients around the world.

Focus – Polly has also made clear what the firm does for its clients, story telling in many formats. While most agencies focus on design, Polly has balanced design with strategy and editorial. She has two great senior editors and a stable of freelance writers that are truly known for their expertise, writing style and research. Strategy is a staple, and clients have come to expect great thinking and targeting along with creative.

Focus – Polly makes sure that the outcome each client is seeking is achieved. This often takes an investment in research. Not every client wants the time and expense of research (which can take many forms and levels of depth) but this focus, helps ensure outcomes that meet or surpass client expectations and have positive outcomes for our client companies. After all, the bottom line is results.

Focus – Polly doesn’t just like great creative (writing and design) — she demands it. Occasionally (don’t be too shocked) clients are junior or not as deeply involved in our focused industries as Carpenter Group. The firm protects and nurtures these clients creating paths, to real success for them.

Culture – Polly likes to develop people. There is so little turnover of personnel at the firm that institutional learning of processes and client preferences are peak. The culture is massaged and nurtured one person at a time, by discipline and as an overall team. This creates an environment of client focus, expectations of excellence and a partnership between strategy, editorial and design with one clear goal — client success.

Humility – Polly will blush when she reads this post. She is no bragger and we push her and the firm to increase its self-promotion based on the work, the results and client satisfaction. These three pillars keep clients coming back and taking the firm with them wherever their career brings them.

Through our client’s voices, now joined by some of our own in social media and interactions across the industries we serve, the firm’s reputation continues to grow. Looking forward, I see more of the same; great work, happy clients and long relationships. It is what has been built and what Polly continues to foster.

We all look forward to the next 31 years in anticipation of changes in the industry, the technologies we use, with our sites clearly fixed on the prize our founder has clearly set; client results.

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Keeping creativity alive in financial marketing

By Amy | Published: January 30, 2012


A recent article on TheFinancialBrand.com challenged marketers to contribute ideas on keeping creativity alive in financial marketing. We’re pretty familiar with the topic, so here’s an excerpt of our response. It just may spark some creativity in your office as well!

One of the most common ways companies attempt to generate innovative ideas is by brainstorming. Yes, I can see you rolling your eyes now. We’ve all suffered through painful brainstorming sessions that yield neither creative ideas nor the cheerful sense of goodwill they promise (“Remember, there are no bad ideas!”). But when done right, brainstorming can spark better creative ideas that solve real business problems.

We’ve led a lot of successful brainstorming sessions, and although tactics may vary from client to client, here are important ideas everyone should keep in mind:

  • Understand how to collaborate effectively. Obvious? Maybe. But think about how complicated the dynamics are in organizations. In our last blog post, we discussed how company culture impacts collaboration. Is your organization balanced? Does every person work toward a common goal? What is the role of ego? Consider these questions before launching your next ideation session.
  • Incorporate real structure. All too often, brainstorming consists of a room full of people yelling “out of the box” ideas. However, these unstructured free-for-alls rarely result in solid, actionable solutions. A recent article from McKinsey Quarterly discusses how to approach brainstorming more purposefully so you can generate better ideas – and boost odds that your company will act on them. For example, the article talks about knowing your organization’s decision-making criteria, learning to divide and conquer, and following-up quickly. Also, simple things like setting a clear agenda in advance, prepping participants with any pre-reading and stating goals at the onset will help make the session much more productive.
  • Challenge ingrained perceptions. Many of these tactics are relatively simple. One way is to try to solve problems by using analogies from leading brands outside of your industry (e.g., “How would Apple create our customer experience?”). Another way is to create artificial constraints that force creative solutions (e.g., “What if our largest distribution channel disappeared?”). Most of all, try to uncover and challenge core beliefs about the way your company (or, better yet, your entire industry) operates. This often generates ideas that are not only creative, but also truly differentiating.

Whether you’re building a brand or launching a sales campaign, these brainstorming tips will help you find ideas that can differentiate your firm or product in your customers’ minds.

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Is collaborative creativity possible?

By Amy | Published: January 20, 2012

In her widely discussed January 15 New York Times opinion piece, “The Rise of the New Groupthink,” Susan Cain champions the introvert, and reveals the need for workplaces, schools and other organizations to foster solitude. “Solitude is out of fashion,” Cain states. “Most of us work in teams, in offices without walls, for managers who prize people skills above all. Lone geniuses are out. Collaboration is in.” She continues, “But there’s a problem with this view. Research strongly suggests that people are more creative when they enjoy privacy and the freedom from interruption.”

Her article goes on to discuss how collaboration — and all the associated meetings, brainstorming sessions, and team interactions — may actually limit talented individuals and prevent them from generating truly innovative ideas. “Decades of research show that individuals almost always perform better than groups in both quality and quantity, and group performance gets worse as group size increases.” In particular, she calls out brainstorming sessions: “The reasons brainstorming fails are instructive for other forms of group work, too. People in groups tend to sit back and let others do the work; they instinctively mimic others’ opinions and lose sight of their own; and often succumb to peer pressure.”

No person, no matter how brilliant, is an island.

Is there truth to this? Absolutely. Most of us know from experience that forced collaboration among too large and wide a group can be unproductive, disruptive and sometimes downright painful. And creative thinkers — spanning a range of personality types — all require some level of privacy and interruption-free time to develop and work through ideas.

However, teamwork and collaboration may be getting a bad rap. Even the most brilliant individuals are limited by the sum of their experience and knowledge. They need the varied viewpoints and experiences of others to evolve their ideas.

Tightly knit creative teams have the advantage of cross-referencing and leveraging their combined knowledge and talents to produce results. And larger groups, when successfully executed, leverage and exploit collective knowledge and experience to not only generate ideas, but also quickly improve upon them. Wikipedia and Quirky are examples of successful group innovation.

It’s all about your culture.

So, what does this all mean for those of us for whom creativity and innovation are our competitive edge? First and foremost, you have to carefully consider your organization’s culture. Here are a few points we should all think about:

  • Is our organization balanced? Are team members’ days packed with meetings, or is there time set in which each person can think through issues. On the flip side, is there active effort made to ensure all employees are able to share ideas, provide feedback, and get needed support and perspective?
  • Does every person work toward a common goal? Does each person know what the organization is working toward? Do they take pride in it, and see the benefit of pushing beyond just their individual part?
  • What’s the role of ego? Ego is that sense of “I” or “me” that separates, judges, competes, dominates and seeks approval. This attitude creates a closed, defensive, exclusionary, resistant and intolerant culture that can dampen creativity and innovation.
  • Are team members comfortable with one another? Is your team actually, well… a team? Individuals who feel comfortable with one another can think freely and speak more openly. But if a person is reluctant to add ideas to the mix for fear of being shot down or criticized, eventually they’ll simply shut down and let someone else do the thinking.

So here’s what it boils down to: When done wrong, collaboration can be the New Groupthink. But when done right, it can be a differentiating advantage that drives an organization forward.

By the way… This Carpenter Thinks post was a successful creative collaboration between Amy and Cathy!

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A Brief Future for Time

By claire | Published: January 17, 2012

Hearing of Stephen Hawking’s upcoming 7Oth birthday got me thinking about time once again. While he explores the expansion of the universe and bends time as only a physics theorist can, time to mere mortals is a thing that drives us nuts.

It was no sooner than December 26th, but distressing nonetheless, that stores began to switch themes from Christmas to Valentine’s day. As if time wasn’t whizzing by enough, it is almost impossible to avoid this holiday front running. Forget about savoring any moment, or bending good times into a memory.  The retail calendar is now compressed to five “seasons” that have little to do with Mother Nature. We have Christmas, Valentine’s, Easter, Independence, Halloween and again Christmas. Each, as it passes, becomes instantaneously disposable, discounted, dead, over and done with.

And so we stress, “we haven’t got time.”  I believe it is because the time between these “seasons,” the dark matter of life—the regular everyday day —has gone into a black hole.

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A wonderful brand experience to “C”

By Amy | Published: January 9, 2012

C. Wonder (the concept store by Tory Burch’s ex-husband, Christopher Burch, a venture capitalist who helped found her company) recently opened their flagship store in our building at 72 Spring Street. There was so much hype, I had to take a peek.

The experience really was wondrous the first time I walked through the 20+ foot green doors into the highly designed environment. I was overwhelmed with desire for the variety of products displayed so intentionally throughout the store. I wandered in wonderment, envisioning myself carrying a C. Wonder tote or jangling 10 bangles on my wrist (one just isn’t enough). I could imagine snuggling under a monogrammed cashmere throw with my dog in his wonderfully preppy striped collar. I could see the wonder (no pun intended) on my neighbor’s faces as I rode down the street on my new aqua bicycle with matching helmet.

I was wonderstruck by the unique items offered. But, the more I looked around the store the more I realized that the individual items were not, in fact, so unique. I had seen most of them or like items elsewhere. The BIG difference at C. Wonder was the overall brand experience that had been so deliberately created. It is a perfectly executed experience, from the playful logo, advertising and graphics, to the chic interiors, to the selection and combination of products they sell, to the innovative mobile check out. It made me want C. Wonder stuff — not just any stuff!

In this world of similar offerings around every corner, a truly branded experience can really make the difference. Oh and by the way, my dog looks wonderful in his new collar!

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Five ways to optimize your marketing budget

By Polly | Published: January 3, 2012

Is your budgeting process dragging into the new year? Or, has planning fallen by the wayside while you act as a direct response shop, maximizing every marketing penny and pulling in as many new prospects as possible? Either way, it’s undeniable: Every facet of your marketing spend is important. And the success of your communications — and the return on your marketing dollars — is a telling measure.

Whether your budgetary pockets are deep or shallow compared to last year, there are plenty of ways to get smarter about your resources, and optimize them to increase your efficiency and achieve better results.

From our more than 30 years of strategic communications experience, there are five things we’ve found ourselves discussing with our clients again and again.

Okay, so these won’t sound groundbreaking, but they’ve helped frame thought processes to move the needle forward. We are sure that if you put them into fresh context, you’ll find they help you leverage the budget to strengthen your brand and acquire new clients.

Here they are:

1. Ready, Aim, Create

First, focus on the “ready” and “aim” portion of your efforts. What is the strategy? Does this project move the business forward or are there higher priorities to tackle first? How will we measure success?   Is the creative concept compelling, on-brand and will it resonate with your audience? Before creating anything, go back to the basics of asking all of the right questions.

2. Take a holistic view.

It’s just like nutrition: Both deficiencies and excesses can impact your health. If you look at your communications as a whole, you may find gaps or overlaps that mean you’re wasting resources, or worse, losing revenue opportunities.

Be critical. Instead of that massive general capabilities piece that says — and tries to do — too much, would a series of shorter Web pages or other pieces be better?  Would these items be more effective in targeting a particular customer segment, or serving a specific touch point throughout the sales process?

We ran into this in the past year with a major banking client, who found they were discarding hundreds of thousands of dollars in printed pieces. We started with a communications audit to see how all their marketing materials dovetailed with their business plan. Then, we mapped out the decision-making process of their customers against the selling process of their sales force.

Once we did this, we were able to design personalized direct mailers that drove potential clients to PURLs (personal Web pages), enabling our client to track and measure success, and generate leads for the sales force.

3. Test how well you know your audience.

The way your target audiences make buying decisions is quantifiable. Every once in a while it pays to make sure that what you think you know about your customers is still valid. Demographics can change. And purchasing psychology is always dynamic, changing with trends and events that influence sentiment.

Beyond surveys and focus groups that produce results from self-selected groups, listening software and analytics can uncover impressive insights into customer and trends into purchasing consideration and sales. Also, it’s important to realize that off-the-shelf methodology rarely works, but well-thought-out monitors supported by strong analytics are able to guide new sales paths, products and communications.

4. Integrate messages across materials, audiences and time.

In an integrated marketing system, each channel of communication supports all the others.  That means every message and item should communicate your brand attributes and core positioning, helping you acquire clients and build your brand.

We recommended a single positioning and umbrella messaging strategy for one of our international clients that was facing slowing growth and an evolving brand. This involved thinking about which long-term messages would be most useful, build the brand and help them acquire new clients. All subsequent communications were integrated beneath this umbrella, and this enabled them to create a brand with staying power while acquiring new clients.

5. Listen to your sales force.

Marketing managers who maintain an ongoing dialogue with their sales force have their finger on the pulse of their markets, and have a higher probability to anticipate the outcome of their strategies. After all, sales professionals are closest to their clients and prospects. They know the buzz on the street and where it’s emanating from. Ask them  which tools in your communications inventory they’re using, which they’re not — and why.

Optimizing your marketing is an intellectual and creative challenge. By following these guidelines, you can make your marketing more effective and optimize your budget.

Ultimately, you’ll have greater success in securing new clients and building your brand.

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The More Things Change…

By Bret | Published: November 18, 2011

The More Things Change…

Our founder's father, Joe Carpenter, created this illustration in the 80's. It holds up well.

I have had the privilege over the years to work with some great economists. Because each has a different worldview, speaking to several of them in the same week could lead to confusion. But one thing they had in common were their references to the “wall of worry,” and its link to the launch of bull markets.

What does that mean? It’s that it seems we have to build a wall of worry before capitulation becomes the catalyst for the markets to return to an upward climb.

Protesters in the streets, global unrest, politicians running wild, out of control energy prices, stagflation, inflation — who knows what’s next. The illustration in this blog brings to life the wall of worry. The irony of this work is that everything written in this post was true back in the 1980s when our founder Polly Carpenter’s father created this work of art.

The more things appear to change, the more we can learn from history. While known as a tax cutter, the Reagan administration also raised taxes and interest rates, killing off inflation. That led to 20 years of prosperity. Well, at least that’s what the economists teach.

We await our next chapter in 2012.

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Can Financial Services Lead in Social Media?

By Andrew | Published: November 8, 2011

Okay, so in financial services, we live in a highly compliance-oriented world. There have been some toes dipped and whole feet steeped in the social media waters: Facebook pages, blogs with dedicated mini-sites, and Twitter feeds. But let’s face it — these public-facing social media efforts are always done with one hand tied behind our backs.

That said, the financial services community is overlooking a great place to start: internally. In our global industry, one group that could really use more information and a way to feel more connected are our own employees. Brands are strengthened as internal groups align, with even greater impact when companies are regional or global. How hard is it when Mary is now on another floor, or George got moved five miles away to a new building? Now that they’ve moved, you can’t just walk down the hall to ask how they approached a project last year, or check-in on the status of a new initiative. What if they are located on the other side of the country or planet?

The fact is that people feel better and drink more company Kool-Aid when they have more chances to connect through things like social intranets. I read yesterday in the UK’s Marketing Week:

Coca-Cola is to introduce social media elements to its online staff engagement program, one of several global brands looking to social networks to improve internal communications strategies.

The soft drinks giant is to introduce social media functionality to its My KO intranet system, which features daily news, feature length articles and insight in a bid to better connect its 700,000 employees around the world.”

We have designed these types of systems before, and perhaps Coke is not going far enough. They can add “follow” features, “Like” buttons and more major social features such as collaborative areas for people in disparate places to join in conversations about their work, or to share stories of how they got something done right the first time (us marketing types call this best practices). When things go well, it’s nice to have people give the “thumbs up” for a job well done, even if they are half way around the globe (or even just around the block).

Coca-Cola Europe’s internal communications channels manager Louise Kelly says: “It’s a dream come true for a brand like Coca-Cola, where we have employees all over the globe, the digital connection is fantastic for us. It’s definitely an area where lots of exciting things are being developed at the moment”.

This all sounds great and keeping it internal makes getting through compliance a lot easier. It is a great way to get started. Yes, there’s tracking and lots of highly productive data-gathering bells and whistles to add to all of this to keep management happy. It also involves personalization for each firm, and further personalization by group or individual.  Of course, this gets us very excited. We love to architect and design these communication programs.

Ultimately, it takes a financial firm with the vision and commitment to develop and implement. Just imagine: Improved communications, increased productivity and esprit de corps — all at the same time.

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Is Move your Money Day a Big Movement, Or a Big Snore?

By Bret | Published: November 7, 2011

The movement has a clear visual iconography

Turning the clocks back was not the only event that happened this weekend—Saturday was also Bank Transfer Day, AKA Move your Money Day —when the robust organizations affiliated with Occupy Wall Street called for all like-minded individuals to move their money out of the for-profit banks to not-for-profit credit unions. By the look of this morning’s paper, the movement is off to somewhat slow start, but by the looks of their Facebook page, they’ve certainly got a lot of backers. And this is certainly a seemingly useful act in the true spirit of democracy—if you don’t agree with the policies of an organization, cease doing business with them. Sounds valid.

Whatever any of us think of the “Occupy” movements going on right now, this development is interesting on a number of fronts. First, while the big banks may hear collective sucking sound of millions withdrawing their money—it spells a huge business opportunity for the Credit Unions and other tech-heavy start ups like betterment.com. As reported in Fast Company, credit unions are adding Saturday hours, just to handle the madding crowds. That’s the inherent nature of our usually self-healing system—one company’s sales hemorrhage is another’s windfall. But there are a couple of other interesting points to note about this:

First, just how much money will move? And will it be enough to really make the difference its organizers are hoping for? Well, let’s think about this. Bank of America holds 12.2% of all bank deposits in the U.S., so they have the most to lose, right? While those deposits accounted for 12% of 2010 revenue, and it is the bedrock of their liquidity, those deposits also accounted for $1.4 B of their $2.2 B loss. So while it may feel good to move the money, it may actually be doing them a favor.

Second, consider this: whether it be B of A or Amalgamated, THE MONEY HAS TO GO SOMEWHERE. In this day where everything from gas to groceries and to $2.00 cup of coffee can be had using a piece of plastic connected to a banking institution, under the mattress is just not a practical plan. So while a kinder gentler banking system is a valid goal, the banking system is only going to get bigger, not smaller. And, as the Fast Company article points out, are the other options any better? And could they handle a huge influx of business? This will be interesting to watch.

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Wirehouse Brokers Dodge Fee Disclosure and Paperwork

By Andrew | Published: October 10, 2011

There are thousands of brokers selling 401k plans to small to mid-size companies. Most are gaining a few more grey hairs over mandatory fee disclosures concerning these very profitable asset gathering products.

Brokers love these plans. As the rainmakers, most are compensated by record keepers and new assets keep coming in based on the calendar. Fees in terms of dollars can start small but are usually well worth the time investment, as assets in the plan grows, total compensation keeps growing. Raining on the parade is new government regulations stating that fees will become transparent. Each facet of the total fees require explanation, broken down by provider and anyone paid indirectly (like most service providers) needs to send extensive disclosures to all of their clients.

This new rule can create discomfort, as the broker compensation may seem high in percentage terms. When considering the sales and post sales effort, the time invested may not pay off for a few years making these sales inefficient in the early years and a great profit center as plans grow. But as perception is the only reality that matters, this may become a tense situation. Additionally, brokers now assume they must make these disclosures themselves to all of their clients. This is an administrative headache and may also cause confrontational calls adding more time into the sales/service process and potentially confused or unhappy clients.

As these new regs are being assessed, do brokers really bear this burden?

According to the DOL, ERISA indirect compensation actually has a limited definition. Brokers are usually not the ones with the burden here. In most case it’s the administrator based on who is the “first” compensated indirectly.

CSP Definition

A service provider to a given plan is only considered a Covered Service Provider (CSP) if that service provider expects to receive compensation in excess of $1,000 during the term of the service arrangement and any one of the following is true:

A. The service provider is a fiduciary to the plan by virtue of an agreement with the plan, by performing duties of a fiduciary of the plan or by providing services as a registered investment adviser.

B. The service provider performs recordkeeping services and provides a platform of investments from which the plan fiduciary selects designated investment options for the plan.

C.  The service provider receives indirect compensation and provides any one of a number of services including “consulting” and “securities or other investment brokerage services.”

Item “C” is where the misunderstanding exists.

The definition of “Indirect Compensation” is in part “compensation received from any source other than the covered plan, the plan sponsor, the covered service provider…”, leaving open the question of whether the indirect compensation received by a record keeper and then paid to a broker remains “indirect” and therefore making the broker subject to fee disclosure.

The usual interpretation of “Indirect Compensation” has been that any compensation that is made indirectly remains indirect when paid to other service providers. In effect the compensation becomes more indirect the farther it is from the original source (think the participants’ accounts).

Examining where the line begins, indirect compensation received by a record keeper remains indirect if some portion is then paid to a broker/dealer, advisor or TPA. This leads the broker/dealer, advisor or TPA into assuming it is a CSP subject to fee disclosure requirements.

Revised Interpretation of “Indirect Compensation”

It was uncovered through the Department of Labor that the interpretation is that only the first recipient of the indirect compensation is considered a CSP and required to make the disclosures. Other service providers that participate in the compensation are NOT considered CSPs even though they receive some portion of the indirect compensation.

Ultimately, a broker/dealer, advisor or TPA that is paid by a CSP does not become a CSP unless they qualify under “A” or “B” as outlined above!

So for all of you out there in branches scrambling for clarity and how you were going to gather the information, get it past compliance and disseminate it to clients, enjoy a sigh of relief.

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