Go forth and blog, advisers urged

Independent financial planners are poised to “own” the personal finance market, but that is partly contingent on advisers getting up to speed and becoming more comfortable with the Internet and blogging technology. This was among the key messages from a training session entitled “Transition to New Media,” which was presented as part of the Alliance of Cambridge Advisors Inc.’s annual conference in Nashville, Tenn. The conference concludes today. “Most of the personal finance blogs out there right now are written by Joe Consumer, who might just be somebody who has read a book about investing,” said Benjamin Lewis, president of Perception Inc., a Gaithersburg, Md.-based public relations and consulting firm. “You guys have an opportunity to take over this [personal finance] market,” he told the audience of nearly 100 advisers affiliated with the Highland, Mich.-based association. While some advisers in attendance raised questions about compliance when it comes to posting advice and perspectives on a public blog, Mr. Lewis emphasized that independent advisers should take advantage of not being constrained by cumbersome compliance departments. “As fee-only advisers you have the ability to have an opinion on something,” he said. “You people are in a unique position to offer straight talk, but if you’re truly worried about compliance, then you shouldn’t do a blog.” The ACA, which was established in 1994 for advisers who sought to avoid potential conflicts that can come with charging commissions or fees based on assets under management, requires members take the fee-only approach of charging flat or retainer fees. The association has 142 members, 94 of whom attended the four-day Nashville conference. Beyond blogs, which Mr. Lewis illustrated can be set up in a matter of minutes; he also encouraged advisers to focus on webinars, podcasts and to link everything to a vibrant and inviting website. “Your website is the central nervous system of your entire marketing effort,” he said. The message resonated with advisers in attendance, even those formerly skittish about launching their own blog. “The blog is definitely something I want to do,” said Jane Young, owner of Pinnacle Financial Concepts Inc. in Colorado Springs, Colo. “I will be moving forward with my own blog and I plan to make my website more dynamic,” she said. “But the podcasts sound a little elaborate, and I’m not sure I’m ready for that yet.”