“We’ve got our awareness numbers at a really great point,” Halloran said. “We’ve got a lot of the core groundwork done, and now what we’re really doing with our agency partners is picking at pieces of the portfolio that we really need to emphasize or work on this year. That’s not to say that we are never going to do any brand work, because the team is also helping us reset our brand as we look at where it’s evolved.”
Wealth management has become more competitive as larger firms such as JP Morgan and newer entrants such as private equity firms continue to invest in the space. Halloran said the key will be telling MassMutual’s story and leveraging the fact that MassMutual also has insurance offerings.
“We know we have the asset management, the credibility, the core values people want. It’s just getting the word out there,” Halloran said.
Sports marketing will also remain a key part of MassMutual’s strategy moving forward. MassMutual is a sponsor of the NHL and the MLB’s Boston Red Sox and Halloran wants to attract women’s sports fans, too.
“We are really excited to launch in March Madness, a whole platform around being a champion for helping women to get prepared and be ready, whether it’s as an athlete every week or as the rest of your life,” said Halloran. “Women do have very different preferences and patterns in investing, and they usually don’t have the right coverage and don’t spend the time to build a plan.”
MassMutual is also working with 72andSunny to figure out how to best target Gen Zers.
More: 5 ways financial brands are connecting with Gen Z
“It’s really about future-proofing our customer base,” Halloran said. “We have a lot of current contract holders that are in their 60s, and we love them, and we’re committed to working with them and all their challenges. But we need to really think about what the next generation of customers is going to be and they’re younger and they’re more diverse.”
MassMutual spent $41 million on U.S measured media in 2023 and $28 million in the first three quarters of 2024 according to MediaRadar data.
Marianne Malina, 72andSunny’s North America president, said the agency is growing organically and through new business pitches. Part of the agency’s recent success comes from embracing all types of work, whether it’s top funnel or low funnel, and being open to collaborating with other agencies and brands’ in-house teams, she said.
The Stagwell agency has been on a winning streak as of late, picking up work over the last year with Panera, Choice Hotels, Adobe and General Motors.