Rockefeller and Company, to be rebranded Rockefeller Financial, is part of a trend of companies in this sector which have adjusted their brands recently.

The 125-year-old firm, bearing one of the most recognisable identities in the financial world, will be rebranded with immediate effect. The firm now operates four primary divisions: Rockefeller Wealth Advisers, which will oversee individual clients; Rockefeller Asset Management, which works on equities and fixed-income portfolios; Rockefeller Capital Partners, focusing on alternative investments, like hedge funds and RockIT will provide financial data and information to clients.

The wealth management industry has seen a number of name changes, in part due to a wave of merger and acquisition activity, as well as by an attempt by some firms to increase their profiles or emphasise certain parts of their business. Examples abound: Zurich-headquartered private banking group EFG International’s business in France has changed its name from EFG Gestion Privée to EFG Banque Privée; SG Private Banking has rebranded itself as Société Générale Private Banking, to emphasise the importance that the banking group gives to this business division. (By coincidence, SG Private banking purchased an undisclosed minority equity interest in the Rockefeller Financial Services, the parent of Rockefeller & Co, in June 2008).

And in the US, of course, there is now Bank of America Merrill Lynch, following the former’s purchase of the latter last year. Additionally, the private client brokerage of JP Morgan’s Bear Stearns business is to be rebranded as of the start of next month in a move which will consign the name of the collapsed investment bank, Bear Stearns, to history.

Brand evolution

The Rockefeller name change, which includes a new logo, was described as a “brand evolution” by Austin Shapard, president and chief operating officer of the firm, which is conducting a search for a new chief executive officer to replace Jim McDonald, who died last year.

Other marketing executives thought more non-wirehouse firms will follow suit, they told Family Wealth Report.

“Given the opportunity in the market for firms with less brand recognition, straightforward changes such as this assist them in educating clients and prospective clients quickly and simply about who they are and what they do," said Marla Bace. Ms Bace is an industry veteran who was head of global marketing best practices at UBS Wealth Management before joining Brinton Eaton, a boutique wealth management firm in Madison, New Jersey last month.

“The role of marketing in wealth management has changed,” said Ms Bace. “Traditional cookie-cutter letters and mass mailings don’t work, especially in light of the explosion of digital media. What is required now is more personal touch and real relationships.” Consequently, Brinton Eaton will update its website to include blogs, podcasts and webinars, Ms Bace said.

In the announcement, Mr Shapard of Rockefeller Financial, said: “We believe this brand evolution, an initiative underway for nearly a year, both honours our legacy and positions the full range of our capabilities in today’s marketplace with clarity.”

“Our new logo underscores the hallmarks of Rockefeller Financial - a culture of integrity, independent thinking and stewardship, focused intently on the interests of our select clientele,” said Mr Shapard.

The firm now has $25 billion in client assets under administration, serving wealth families, foundations and trusts.