Magazine article American Banker

Massachusetts Bankers Take out Ads to Flaunt Track Record

Magazine article American Banker

Massachusetts Bankers Take out Ads to Flaunt Track Record

Article excerpt

The Massachusetts Bankers Association has launched an advertising campaign to convince consumers that banks are solid money managers.

The ads, running since early this year, compare the performance of banks with that of other money managers such as mutual funds and insurance companies. The comparisons are based on data provided by CDA Investment Technologies, Baltimore.

"For a long time the trust officers on the sales and management side didn't think the whole trust industry gets the respect it should for the performance it gets," said David E. Floreen, senior vice president with the association. Consequently, 23 of the state's 50 trust banks decided to shell out $40,000 for a statewide print campaign.

Massachusetts banks, with $186 billion in trust assets at the end of 1992, have 10.4% of the country's trust assets and rank third overall behind New York and California banks.

The ads were inserted in subscriber copies of Fortune, Money, Kiplinger's, Nations Business, Time, U.S. News & World Report, and Financial World, Mr. Floreen said. It was necessary to use a variety of publications because Massachusetts does not have publications that reach all the customers in the state, Mr. Floreen said.

The association hired Jonathan Wolfson & Associates, of Sharon, Mass., to develop the ad.

"While our image may be a bit restrained, our investment record is anything but," says the headline on the advertisement's marbleized background.

|Don't Doze Off Yet'

The ad campaign also plays off the trust business's somnolent image. …

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