It’s always been a difficult task for financial advisors to measure the exact return on their marketing or public relations (PR) spending. And most likely it will always be that way.
That said, advisors still need to try to understand how to get the biggest bang for their bucks. Right?
Advisors who consistently demonstrate their expertise and thought leadership through media interviews, podcasts, industry event speeches, and insightful social media posts are the ones who win in the long term, according to Sally Cates, head of public relations and communications at Dynasty Financial Partners. In her view, this is the essence of thought leadership: intentionally building your profile and showcasing your areas of focus.
“One advisor was able to position himself on exit planning for family businesses through an aggressive PR and marketing campaign which resulted in significant growth of his business,” Cates said.
Along similar lines, Amiee Watts, founder of Watts PR Group, a boutique PR agency specializing in working in financial services, believes one of the most effective strategies is media-driven thought leadership paired with clear, confident messaging.
“I work with advisors to clarify their message and sharpen their brand. When they develop a strong point of view and appear in outlets like Barron's, InvestmentNews, or on the Schwab Network, it builds instant credibility. When that visibility is reinforced through consistent messaging across their website, social media, and media interviews, it becomes a powerful trust generator,” Watts said.
As for the payoff, Watts said advisors who invest in this kind of visibility often see real ROI in the form of new business, referrals, and even team recruitment.
Due to the difficulty in pinpointing the exact ROI for their PR dollar spend, many advisors opt to perform their own PR in-house. Alexandra Zendrian, founder of AtoZ Communications, understands why wealth managers may go this way due to the costs involved, yet she sees it as being penny wise and pound foolish over the long run. In her view, PR should be considered an investment in brand and reputation building as opposed to a debatable expense.
“While PR has gotten a reputation for being expensive, there are affordable alternatives for advisors who are willing to network and do their research,” Zendrian said.
When advisors fail to follow up on a PR or marketing activity, then it very well may end up becoming a waste of money.
To prevent such waste, Dynasty’s Cates recommends advisors maintain an active editorial calendar so there is discipline and focus throughout the year, as opposed to betting on one-and-done events.
“Some advisors need to understand what is considered newsworthy and relevant. The fact that you played in a golf tournament or went on vacation often doesn’t resonate with your target market and is not considered newsworthy,” Cates said.
Another big miss is not repurposing media wins, said Watts. When advisors land interviews or quotes, those moments should be amplified on LinkedIn, in blog posts, newsletters, even client updates.
“If you don’t repurpose media coverage, you’re leaving opportunity on the table,” Watts said.
Social media, especially LinkedIn, should not be treated as an afterthought, according to financial PR specialists. While it’s great to show the culture and people behind the firm, there is widespread agreement that advisors should also be using LinkedIn to share media wins, comment on relevant stories, and build relationships with reporters.
“Engaging with journalists on LinkedIn, reacting to stories, and showing up consistently can lead to meaningful media relationships. I’ve seen clients maintain strong connections with reporters over years and those connections really matter when you have something big to announce,” Watts said.
According to Cates, advisors who can carve out a few narrow areas of expertise are able to leverage these by showcasing this expertise in the media, on social media at a conference, all resulting in a higher profile.
“When a financial advisor tells me that he or she is focused on financial planning, I explain that financial planning is much too general a concept; no one understands what that means. Instead, it’s best to determine what your unique perspective is that you can share externally, whether that is bitcoin or financial planning for oil & gas families,” Cates said.
While unveiling new portfolio management and direct indexing tools for RIAs, Betterment's Devon Klumb said the firm's advisor referral pilot is intended to convert retail users into RIA clients as their financial needs become more complex.
Dynasty advisors gain access to white-label fund solutions and relationship pricing as two firms cement long-term build-out.
The AI prospecting startup expands beyond individual advisors, targeting centralized marketing groups at firms with large home offices.
With a 25% revenue share and $250,000 client minimum, Robinhood Advisor Network pitches a mobile app-based client-to-advisor match pipeline at it plans to soon expand from 16 to 60 independent advisors.
New data from FINTRX show breakaway teams and M&A powering the next generation of mega-firms, with Wisconsin emerging as a dark horse on the state-level leaderboard.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
