BBDO will handle creative and media planning for a new Schwab brand positioning and umbrella campaign.
The agency also gets a shot at picking up Schwab's estimated $50 million OneSource mutual fund account. The shop already has gained the TV assignment, last handled by Door No. 2, New York. Print, now handled by Cohn Godley Norwood, Boston, may be put into review, said Len Short, exec VP-marketing.
The move reflects Schwab's development from a company that did relatively little advertising four years ago to one that may shell out up to $120 million this year.
"We've been through an evolution," Mr. Short said. "Schwab built the brand based on product advertising" and now is moving more to brand-building.
"They've clustered some, but not yet all, of their products and services under a new positioning and umbrella campaign," said Tom Carey, president of BBDO North America, adding that they are still working out the details of what that umbrella campaign will include.
Wieden & Kennedy, Portland, Ore.; Foote, Cone & Belding, San Francisco; and TBWA Chiat/Day, Venice, Calif., were among the finalists for the business. Lowe & Partners/SMS, New York, previously handed the sports sponsorship and other project work for Schwab.
$8 MIL IN SPORTS SP0NSORSHIPS
Schwab's $8 million sports sponsorship account includes the PGA Tour and the U.S. Ski & Snowboard Association.
BBDO also gained the spot TV planning business from Young & Rubicam's Media Edge, which will continue to handle spot buying.
Los Angeles-based Suissa Miller's $30 million to $40 million trading and online assignments are not affected by this review, although some industry observers see the financial services win as a prelude to BBDO nabbing the entire Schwab account.
Schwab's other roster agencies are Highway One, San Francisco, and Rapp Collins Worldwide, Chicago, for direct marketing; Rubin Postaer & Associates, Santa Monica, Calif., for network TV buying; and Western International Media, Los Angeles, for direct-response TV buys.