Positive publicity is a cost-effective way to boost an advisory business, but many advisors are still resistant to getting public relations help.

Brett Weinberg, an senior vice president of corporate communications at LPL Financial, gave two sessions on media relations at the LPL Focus conference earlier this month in Boston. In a follow-up interview, here is some of the advice he shared.

Know The Pros And Cons Of PR

Weinberg cited a Bill Gates quote: “If I was down to the last dollar of my marketing budget I’d spend it on PR!” That is because PR can greatly help increase awareness, promote a business and demonstrate thought leadership. All this can translate to leads, said Weinberg.

The weakness of public relations compared to advertising is that the message cannot be controlled and the amount of effort does not always equate to in-depth coverage. “There is no guaranteed placement and your message cannot be controlled,” warned Weinberg. 

With that said, publicity derived from public relations efforts is much cheaper than advertising and can carry more weight than ads.

Pitch The Media

One way for advisors to drum up publicity is to offer up consumer trends and tips, said Weinberg, who called these tips “lifestyle packages.” For example, weddings are popular in June, so that might be a good time for advisors to offer financial tips for newlyweds, possibly through an article in a bridal magazine, he said.

It is important for advisors to know the characteristics of the media they use for their messaging, he said. If an advisor is pitching a story to a monthly magazine, for example, it might take three months before the story goes into print. Meanwhile, a spot on a TV program might only take a week—or as little as a day if they like the story idea. That's why it's good to pitch something related to the news of the day, Weinberg said. 

To pitch the idea, he suggested that the print media might want to receive an e-mail, while the TV media might prefer a call.

Be A Resource

Whether it is for print, radio or TV, or whether it is for local news, trade media or something else, it helps to be a "goto" expert, Weinberg said. 

Even providing shorter news nuggets in the form of one or two lines can get an advisor in with the media over time.

If an advisor is a trusted source, the media will reach out for the local point of view on national or global stories, he said. That can happen if you get placed into the media's Rolodex, he said.

Be Careful

Know what the compliance limitations are when planning a public relations effort, he said.  “Love your hedge words from a compliance standpoint. Be careful of what you are putting out there,” said Weinberg.

Also be sensitive to the circumstances reporters are in. For example, a daily print reporter might not want a call at 3 p.m., when they're usually on deadline.

Also make sure your pitches fit in with a media outlets coverage area. “Do your homework on the reporter. Tailor your pitch to the reporter and the outlet. If you don’t know, it is OK to call and ask which reporter would be the best to pitch the idea to,” advised Weinberg.

“Be clear and concise. Brevity is key,” he added. “Don’t over answer the question.”

Avoid speculation or answering hypothetical questions, as that can be a slippery slope, he said. And be careful speaking when speaking on background, as reporters have a job to do.  Also, do not assume a camera is off.

Know What You Want Out Of The Publicity 

What are the three to four messages to communicate? What is your agenda? “Know the critical thing you want to get across,” Weinberg said. This can mean gathering all needed backup data and being prepared.

If general questions come up, that is when to hit on the key messages. Regarding ending interviews, Weinberg recommended, “If people are nervous, they want to wrap up the interview. Instead, say, ‘Just to reiterate, this is what I am trying to get across.’”

If reporters go off on a tangent, that can be a good thing. However, you might need to find a way to bridge back to your key messaging, he said.

Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.