As wealth management continues to consolidate, firms are increasingly looking to work with a smaller number of strategic asset management partners.
For Stephanie Bone, Marketing Director, UK Intermediary at T. Rowe Price, this shift is central to her focus on evolving how the business engages with intermediary clients.
“We’ve built a strong reputation in the US for our research depth, credibility and scale,” Bone tells Financial Promoter, adding that the opportunity now is translating that strength into greater recognition in the UK market.
“Historically, the business has been more product-led. But recent market conditions across the industry have shifted that dynamic, so our focus is evolving,” Bone says.
“Rather than simply selling products, we are placing greater emphasis on partnership and creating solutions for clients.”
For Bone, this means marketing has a broader role to play in helping clients understand where an asset manager can add value.
In wealth management and advisory, she notes, firms are increasingly focused on challenges such as retirement, income generation and portfolio construction.
“They are looking for better solutions, not just single fund products,” she says. “We’re positioning ourselves as a partner that can support that.”
Building a more relevant and transparent conversation
Changing expectations from clients and advisers are influencing how T. Rowe Price communicates, and Bone highlights two key trends shaping the firm’s marketing strategy: personalisation and transparency.
“Clients increasingly want timely insights, clear communication, and practical content that helps them make sense of markets,” she explains.
“There is also growing demand for more tailored support and communications. Different client segments have different business models, pressures, and end-client needs. As a result, marketing is becoming more targeted, relevant and aligned to where clients are in their decision-making process.”
Transparency has also become increasingly important, particularly around performance, fees and market risks.
“When advisers and clients have a clearer understanding of both the ‘what’ and the ‘why’ behind an investment, it helps build trust, engagement and long-term advocacy,” Bone explains.
In addition, technology is helping support this evolution. Digital channels and AI are being used to make communication more targeted and scalable, although Bone emphasises that it’s a trade-off between person and machine.
“We are still learning where AI adds the most value, but it can support clearer, more personalised communication when combined with human judgement, strong governance and a clear understanding of client context,” Bone says.
Marketing measured by commercial impact
While brand building remains important, Bone says T. Rowe Price is increasingly focused on understanding how marketing contributes to business outcomes.
“We balance short-term performance marketing with long-term brand building through a structured measurement framework that tracks both immediate engagement and longer-term shifts in perception and trust,” she says.
A marketing attribution model developed by the digital team also helps connect campaigns more directly to commercial outcomes.
“This gives us a clearer view of which channels, campaigns and touchpoints are influencing engagement, progression and investment intent,” she says.
The balance, she adds, is ensuring marketing supports both short-term activity and the long-term trust critical in financial services.
Building trust through consistency in storytelling
An acute ear for storytelling is key to how T. Rowe Price’s messaging strategy builds brand trust across channels.
“Trust is built when storytelling is not just about visibility, but about helping clients understand what we stand for and why that matters to them and their clients,” Bone says.
One example of this approach is T. Rowe Price’s recent UK fixed income campaign, designed to build awareness of the firm’s capabilities in an area where research showed recognition was relatively low.
The campaign spans trade media, thought leadership, digital content, email campaigns and events. But the objective is not simply product promotion.
“The aim was also to build confidence in our fixed income expertise and credibility, and make it easier for clients to understand where we add value,” Bone says.
The firm is also looking at how it creates more engaging experiences with clients. Events, for example, have been redesigned based on feedback, moving away from traditional formats towards more interactive approaches.
“We’re always looking for ways to move beyond the standard event model of breakfast, presentation and home, and instead create more engaging and memorable experiences,” she says.
Supporting the next generation of investors
Retirement is another key area of focus for T. Rowe Price, particularly as the industry looks to engage younger investors and address the challenges around long-term saving.
Around two-thirds of its assets are retirement-related, and the firm recently appointed a Head of UK Retirement.
“As a long-term investment business, we believe in a thoughtful long-term approach,” Bone says.
With no direct retail licence in the UK, T. Rowe Price’s role is to support the advisers, platforms and retirement providers that have relationships with end investors.
“The brand has to work differently. It’s less about speaking directly to consumers and more about being the firm that partners trust to help them connect with a new generation of investors.”
Looking ahead, Bone defines her marketing philosophy as centred on experimentation within the boundaries of financial services regulation.
“I would always push for being bold and trying new things,” she says. “That is how brands stand out, deliver different results, and do things differently.”
For T. Rowe Price, that means building a stronger partner brand – one that helps intermediaries and retirement partners engage younger investors more effectively, while reinforcing trust, credibility and a focus on a long-term approach.