Financial advisers, pressed for time, increasingly are turning to podcasts to help them keep abreast of regulatory issues, management best practices and marketing trends.
Call them pod people.
Financial advisers, pressed for time, increasingly are turning to podcasts to help them keep abreast of regulatory issues, management best practices and marketing trends.
Adviser Cheryl Krueger prefers to listen to job-related podcasts — rather than music — when she's working out at the gym. Using her iPod, she listens to podcasts through The Garrett Planning Network Inc., where she is a member, and also Horsesmouth, where she subscribes.
“It's a way for me to do some work stuff that I may not have made time for during the day,” she said. “If I try to listen to the webinars live, I'd never do it. It's a great way to multitask.”
Podcast technology has been around for years. Essentially, a podcast is a series of digital media files — usually either digital audio or video — that is made available for download via web syndication. A number of industry organizations are taking advantage of the technology, offering audio podcasts. Typically, the podcasts feature tips on how advisers can improve their practices.
Ms. Krueger listens to a wide range of topics, such as practice management and marketing tips. Some of the podcasts she listens to run as long as an hour.
“I like this more than music when I'm working out,” she said. “I've tried music and books on tape, and I like this more.”
Paul Lofties, first vice president, wealth management services and product distribution for Securities America Inc., said his firm began offering short podcasts to advisers in June 2009. He said they've been a huge success. The firm gets on average about 162,000 downloads from iTunes each month.
Mr. Lofties, who often speaks during some of the podcasts, said each podcast is no more than 10 minutes. He said he takes a radio talk show approach with the podcasts, with quick discussions about important topics that affect advisers.
He said the firm has completed podcasts about how to price services correctly, as well as working with younger clients and other basic practice-management tips.
“We try to make it fast, fun and entertaining. We boil it down to the basics,” Mr. Lofties said. “Then, we'll also include a downloadable tool, and that helps too.”
Don Patrick, managing director of Integrated Financial Group Inc., a firm that manages about $1 billion in assets, said he listens to podcasts from Securities America, with which he is an adviser.
He uses his Blackberry and listens to the podcasts while he's making his 40-minute commute to and from work each day.
“I also will listen to these things out in backyard when I'm smoking a cigar,” he said. “I'll do this when I'm relaxing. If I need more information, I can print something out on it.”
