The National Association of Personal Financial Advisors (Napfa) has released a media relations module to assist its members with getting publicity.
The announcement was made at Napfa's national conference. A show of hands demonstrated that almost all advisors there want to do a better job of working with the media. To help them even more, the organization brought in a heavy hitter to teach them how the industry works.
Jonathan Dahl, editor in chief of The Wall Street Journal's SmartMoney, spoke to a packed room. He cautioned the attendees, saying, "It is tricky working with the media. It can work to your advantage or your disadvantage."
Education On The Industry
Dahl pointed out that SmartMoney's ad revenue is in between Money and Kiplinger's, with a circulation of 800,000 and readership of more than 3 million.
He said of his personal finance magazine, "Today we are much more oriented around the news and there is a higher level of detail (in articles)." Of the areas of topics they cover, he noted: investing trends, financial products, fiduciary updates, psychology of investing and more. Dahl said, "We try to be the advocate for investors." He added that the magazine has had more coverage of alternatives: anything global, Forex, hedge fund like strategies, commodities and small businesses.
Dahl noted that the decline in jobs continues. At its peak, the industry had 56,600 jobs. Today the number is only 41,500. He noted that this is in part because of the Internet and it is also due to the recent market crash. It seems that a big way the industry has adapted is to have brought in lots of interns -- up to 25% of the staff in SmartMoney's case.
How The Industry Has Evolved
One audience member asked about the issues the magazine has when writing negative stories about big firms and how that must alienate big advertisers. Dahl answered, "They are trying to reach an audience that fits their clientele. You would be as surprised (that they do not get upset very often.) It seems that as long as you spell the name right it doesn't matter."
He sees that today's demand on faster news impacts accuracy. It also hurts the reporters' ability to take the other side, as that is sometimes where the better story gets told. He seemed most proud of one of his magazine's stories that showed "how independent studies were paid for by big companies." Dahl added, "We see a huge conflict there."
Working With The Media
"As more and more news services lose their staff, they need to rely on other sources for their news," said Dahl. Knowing they are needed to help with stories, advisors should be proactive. A big piece of advice was to narrow down the list of who to pitch.
"A nice way to build a relationship with a reporter is to pass on the blog (of the reporter's)," said Dahl. "Ask a reporter what they read for their sources. It is even OK to pass along your own blog."
Dahl suggested advisors look at these publications to get started: Reuters/Associated Press, FinancialTimes.com, Wall Street Journal Weekend Investor, NYTimes "Bucks" Blog, and the Sunday Journal (which runs in 70 papers with a 7.5 million circulation). He said, "A blog person needs to file three or four times a day." That's a lot of content. Dahl explained if the reporters hear from a larger audience, they do not have to use the same person over and over.
From Dahl's point of view, advisors should know the publication. For example, he likes his readers to hear something they have not heard before. He thought "quirky" news was a good thing. Dahl explained, "Our readers want to find out about financial advisors. The more they know about you, the better they can work with you."