Advisors, too, Can Benefit from Media Exposure

by Tony Kono, SunStar

Your business is managing money for your clients. But growing that business remains your ultimate goal. So during the day you’re researching, trading, prospecting and working with your existing group of investors, but that’s not generating significant buzz or adding to assets under management.

A recent conference call hosted by Investment News’ editor Jim Pavia attempted to address the “what’s missing?” aspect of your approach. During their “adviser to adviser” conference call Mr. Pavia and a group of distinguished panelists including Vern Hayden, President of Westport, Connecticut based Hayden Financial Group, Karen Altfest, Vice President of L.J. Altfest of New York and Don Schrieber, President and CEO of WBI Investments in Little Silver, New Jersey explored ways of “reaping benefits from working with the media.”

For your convenience, the archived Web cast can be viewed by clicking here.

Advisers explored targeting effective media strategies aimed at establishing your brand while increasing your firms’ public profile. They also looked at the pros and cons of working with harried reporters on deadline or indifferent broadcasters. They discussed why it isn’t always a pleasant experience working with the financial press but how the expenditure of time can lead to relevant coverage of your firm and investment approach. And of course one of the main concerns of the panel was related to the chance you’ll be misquoted or that something you say today will come back to haunt you tomorrow.

Still, working with the media can produce real results and generate leads that may lead to new clients.

A necessary evil? It doesn’t have to be. Start by becoming an expert in a particular topic. Vern Hayden says it’s important to differentiate yourself from the rest of potential sources. He believes it’s important to offer specialized expertise in your field. And repeat your message over and over. He also suggests branding yourself as he did when he became known as “Mr. Mutual Fund,” after talking extensively to the financial press about the industry over the course of several interviews.

Investment News’ Jim Pavia, reiterates that theme when he says, “have something interesting to say and we’ll quote you.”

Clearly, if it were that easy every time you had a winning trade or successfully identified a market trend the financial press would be lining up to talk with you. Since that isn’t likely to happen take the time to learn who the beat reporters are who cover your area of expertise.

Read their stories and then contact them either by e-mail or phone to offer alternative opinions to those of the experts quoted in a recent piece. Network and develop relationships with the media so that the next time they are looking for a source, they’ll think of you first. Karen Altfest believes it’s appropriate to contact reporters who may have made a mistake or seem to be in over their head by offering them the correct information. That way the reporter will be able to avoid future problems with their editor, think of you as a friend and hopefully use you as a source in the future so that “a good story will come out of it too.”

Interaction with the media and generating third party endorsements is hard to quantify. But don’t shy away from it for the wrong reasons. The fear of being misquoted is misguided according to Don Schreiber and it’s “not dramatically important” to overreact to a mistake.

Karen Altfest goes one step further suggesting a misquote can be a benefit giving you the “opportunity to go back to that reporter, explain what you said and then perhaps generate a more accurate story,” in the future. Don Schrieber also says that if a live broadcast interview goes awry remain calm. The best thing you can do under pressure is not to let them see you sweat.

Which medium generates the most beneficial results? Don Schreiber says print helps to “create more traction with your client base” and potential leads. He believes that while television has a glamour element to it, a TV interview only lasts as long as the interview and then it’s over. While print has a longer shelf life and your target audience that missed you on the tube may have multiple opportunities to read about you and your work. The ability to reprint, while costly, can also become an integral part of your firms marketing materials. But Vern Hayden adds that when he was a regular guest on CNBC in the mid 1990’s his weekly stints talking about the mutual fund industry lead directly to more then 30 new accounts and an increase in assets under management of more than $30 million.

Finally, how do you manage the demands of your time and media requests? On this point Ms. Altfest, Mr. Hayden and Mr. Schreiber agree, you need help. Public Relations firms can be a cost effective way to help you target the right reporters and publications and manage your time and contact with them. Let your PR firm know what you can talk about and when and let them find the right outlets and make the introductions. The good PR firms will know all the players in the various markets and publications. They can also help you refine your message and decide what you do, and perhaps even more importantly, what you don’t want to share with the press. After all, you tell your clients that working with a professional money manager is in their best interest. The same is true when positioning your firm’s message in the media. Don’t leave it to chance or amateurs. Work with an experienced, professional financial services focused public relations organization.

Tony Kono is a Senior Account executive at Alexandria-VA based Sunstar.