These costs include agency fees, production fees, including creating a “hero” film to promote savers owning a slice of British companies, social media content, the purchase of TV slots and digital ads.
There are also variable costs such as the number of delivery channels used and how many “bursts” of advertisement activity the group decides to do throughout the year to make savers aware of the benefits of retail investing, the documents show.
These core campaign costs will be funded entirely by firms that are steering group members which will have to sign a three-year commitment, the IA wrote in the documents. The group — which is led by the IA and chaired by the CEO of Barclays Private Bank and Wealth Management, Sasha Wiggins — is made up of a mix of smaller and larger firms and banks, including NatWest, Barclays, HSBC, Lloyds Banking Group, AJ Bell, Hargreaves Lansdown, Vanguard, Robinhood UK, Schroders and the London Stock Exchange.
Two directors at smaller and medium-sized investment houses, granted anonymity to speak freely, voiced concerns about the “proportionality” of the costs, telling POLITICO they have yet to decide whether to take part as a result.
The IA, Treasury and WPP have been contacted for comment.
Despite pushing for the campaign, the Treasury will not be involved in its funding. Reeves announced in July the “hearts and minds” campaign, inspired by the 1986 “Tell Sid” ad drive that was launched after the privatization of British Gas when Margaret Thatcher was prime minister.