While the stock market tumbles and Washington's bailout plan disintegrates on Capitol Hill, financial institutions are trying to stop the bleeding by increasing their ad spend in efforts trying to calm investors.
While many financial institutions have been quiet about the turmoil on Wall Street in recent weeks, they have now begun placing more targeted messages meant to curb consumer fears, according to Ad Age:
Charles Schwab, Fidelity Investments, CME Group, Prudential, T. Rowe Price, and TIAA-Cref have all stepped up their efforts to display institutional strength through their advertising.
A recent Charles Schwab ad in The New York Times read "Thanks for your confidence in Schwab during this period," while TIAA-Cref went with the pointed question "Since when did survival become the bar?" in the Wall Street Journal and local papers starting September 19.
And The Wall Street Journal today is filled with ads trying to emphasize stability amidst the emotional turmoil. A full page Fidelity ad boasts "Fidelity's strength and stability have helped us weather challenging markets before, and we remain steadfast in our core investment principles." AIG's commercial insurance company, which teetered on the edge of bankruptcy just last week, tells readers "AIGCI subsidiaries are highly rated and financially secure."
Derivatives exchange CME Group says "Rise above the risk," while Certificate of Deposit Account Registry Service CDARS warns: "Protect all of your money."
But it's Charles Schwab's ad that plays most on the uncertainty that pervades the current market:
