Here's some insight on the media bang you should get for your marketing buck.
If you've been dreaming of becoming one of the
financial media's newest darlings, you're not alone. A select but
growing number of advisors are hiring public relations firms to help
them achieve their publicity goals. After all, a good PR campaign can
ramp up your reputation, your clients and your assets.
And it may be significantly more effective than an
advertising campaign, according to a new internal study by Proctor
& Gamble. With a hefty $4 billion ad budget, P&G found the
return on their PR campaigns often exceeds traditional forms of
advertising and for significantly less money.
If anyone knows how effective PR can be, Ronald W.
Rogé does. The 30-year-plus financial services veteran, who helms R. W.
Rogé & Company in Bohemia, N.Y., spent a chunk of the mid-1990s as
the public relations chief for the then-fledging National Association
of Personal Financial Advisors. Rogé says he got
pretty comfortable talking to journalists and arranging interviews for
his fellow Napfa members.
But two years ago, as he and son Steven set out to
launch their first mutual fund, the Rogé Partners Fund, a fund attorney
suggested the Rogés hire JC Public Relations, Morristown, N.J. "I was
skeptical at first. But when I talked to Jenn (Jennifer Connelly,
president of JCPR), she told me something that struck home. She said,
'It's one thing to get quoted. It's another thing to have your firm
featured in each story.'"
Rogé credits Connelly for landing him on numerous
cover stories in the advisor press, including his rank as lead advisor
in Investment Advisor magazine's 2006 Top 25 feature (May 2006) and
this magazine's cover story Starting Your Own Mutual Fund (May
2006). "Jenn really keeps our names in front of reporters," Rogé
says.
In just the past few months Connelly also has booked
Steven Rogé on Bloomberg TV and TheStreet.com Web TV, as well as
getting him featured as the lead commentator in investment stories in
Barron's, Business Week and Kiplinger's.
The Rogés aren't alone in their quest for the type
of media exposure that will drive business to their door. Nor are they
the only advisors stepping up to the plate to spend significant sums to
buy professional PR services. The advisors we talked to pay between
$4,000 and $7,000 monthly, usually for a one-year period, to purchase a
publicity campaign that helps them achieve their goals, whether that's
building a brand or marketing advisory services, a new mutual fund or
even a book.
Here is an in-depth look at the PR firms that
advisors are hiring (these are the same firms who routinely contact us
on behalf of advisor clients), the services they provide and what they
charge. What we found was a range of prices and varying success stories
that should give advisors a clear snapshot of the spectrum of services
they can choose from. Here's what we found:
Firm: JC Public Relations, Inc.
Morristown, NJ
(973) 625-0300
www.jcpublicrelations.com
Principal: Jennifer Connelly
Founded: 2003
Staff: 8
Number of clients: 14
Retainer and terms of contract: Typically ranges
from $6,000 to $8,000, commensurate with the scope of clients' needs.
Connelly is fairly unique in not requiring clients to sign term
contracts, but does ask firms to work with her company exclusively.
Retainer is a flat fee, with no add-on expenses for calls, faxes, etc.
What do you do well? "We earn our fee each and every
month," Connelly says. "We know that the majority of advisors are small
business owners, and the time and money necessary to commit to a public
relations effort is a precious resource. We maximize that by becoming a
true extension of their team. And we don't feel that we're truly
successful until we have helped our advisor clients attract their own
new clients and new assets under management."
Specialties in working with the press? "We have
strong and deep relationships with the financial and consumer press,
based on mutual trust and respect," Connelly says. "This allows us to
be an asset to our media contacts by providing interactive dialogue on
story ideas, angles and positioning. We work to deliver great sources
and content to the media and prominent media placement to our clients."
Media highpoints for clients in 2006: Fox News, Your
World with Neil Cavuto, CNBC's Closing Bell, Power Lunch and Squawk on
the Street, ABC and NBC affiliate morning shows. Numerous stories in
the Wall Street Journal, Barron's, Businessweek, Kiplinger's,
TheStreet.com and with Associated Press (AP) wire
service. Cover stories in Barron's, Financial Advisor magazine and
Investment Advisor Magazine.
Why do you like working with advisors: "I think advisors have
fascinating stories to tell and we're very good at helping them tell
them," Connelly says.
Advisor-Client Testimony: Ron and Steven Rogé, R.W. Rogé & Company,
Bohemia, NY, $250 million in assets. Working with Jennifer Connelly
Public Relations Inc. for more than two years. See Rogés' quotes, above.
Firm: Gregory FCA, Ardmore, Pa.
(610) 642-8253
www.gregoryfca.com
Principal: Greg Matusky and Doug Rose (right)
Founded: 1991
Staff: 45
Number of clients: 75; 25 are advisors
Retainer and terms of contract: Ranges from $7,000
to $20,000 per month. Initial contract is typically for six months,
with an "opt-out" clause after 90 days.
What do you do well? "Our strong suit is high-end
media coverage," says Doug Rose. "We're not really the people to come
to for brochures and sales kits. We commit to generating very targeted
press on an ongoing monthly basis. We focus on a fast start to our
relationship with advisors and submit a custom campaign to them one
week after meeting with them."
Specialty in working with the press? "If you serve
the media and make clients look good, your phone rings and it's
reporters on the other end," Rose says. "About 50% of our calls are
from reporters, saying: 'I need a source or a soundbite. I'm on
deadline, can you help me?'"
Media highpoints for clients in 2006: More than 300 national TV
appearances, 400 top-tier print articles, including stories in the Wall
Street Journal, New York Times, Washington Post AP, Reuters, Investor's
Business Daily, Business Week, Smart Money, USA Today.
Why do you like working with advisors: "We're good
at it. If an advisor tells us: 'I want to brand myself as a financial
guru,' we're the folks to come to," Rose says.
Advisor-Client Testimony: Greg Church, Church
Capital Management, Yardley, Pa., $2.2 billion in assets. Has worked
with Gregory FCA two years. "We've had great growth and a lot of doors
open that would not open without a PR firm," says Church. "They've also
helped move our current relationships along, which is very important to
us," adds Church, who regularly appears on CNBC, Bloomberg TV, Fox New
and Forbes on Fox and has been in Barron's and Forbes, thanks to
FCA/Gregory.
Firm: Mount & Nadler, New York City, N.Y.
(212) 759-4440
Principal: Hedda Nadler
Founded: 1981
Staff: 4
Number of clients: 16, including the Financial Planning Association of New York.
Retainer and terms of contract: Typically starts at
$4,000 per month and goes up from there. Firm uses no contracts. "We
need to feel a high level of comfort, as do clients," principal Hedda
Nadler says. "No one wants to be locked into a relationship that might
not be as productive as it could be."
What do you do well? "We promise our clients that we will expend all
necessary efforts to achieve their stated objectives and goals," Nadler
says. " "During
the course of the relationship, we evaluate results and adjust our
activities accordingly. We love to be piped into what they're doing,
whether it's meetings, internal newsletters or articles. It gives us
ideas to talk to the press about."
Specialty in working with the press? "We like to call the media to
discover their interest in pursuing a particular story," Nadler says.
"We find out their preferences and then accommodate them. That said,
we've found places like CNBC and Bloomberg to be bottomless pits. They
call me because they know we have good folks."
Media highpoints for clients in 2006: Bloomberg,
CNBC and PBS. Article bylined by advisor clients appeared in Worth.
Articles in Business Week, Money Magazine, The Wall Street Journal,
Wealth Manager Magazine Roundtable.
Why do you like working with advisors? "We ask
advisors what they're looking to achieve and then work to achieve that
for them. If they say they want more clients, that's what we tilt
toward," Nadler says.
Advisor-client testimony: Lewis and Karen Altfest,
L.J. Altfest & Co., Inc., New York City, have $500 million in
assets and have had a relationship with Mount & Nadler for one
year. "We've always had a good relationship with the press, but at the
end of 2006, my husband Lew came out with his financial planning
textbook, Personal Financial Planning (McGraw Hill), and we thought we
could use PR help to get the word out," Altfest says. "Hedda got Lew on
the PBS show Wealth Track with Consuela Mack. She got me on the Wealth
Manager Magazine Roundtable. I think her work really builds business
over time, and existing clients love it," Altfest says.
Firm: Perception Inc., Gaithersburg, Md.
(301) 963-7555
www.perceptiononline.com
Principal: Benjamin Lewis
Founded: 2003
Staff: 5
Number of clients: 18, including the
National Association of Personal Financial Advisors, the FPA of the
National Capital Area and the FPA of Georgia.
Retainer and terms of contract: Typically ranges
from $3,000 to $5,000 a month for a one-year contract, with discounts
for two-year contracts. Lewis is launching a new Web-based PR service
under the auspices of Napfa, which will allow clusters of advisors to
receive local PR at a discounted rate (cost is $2,000 for a media kit
and $2,000 each in monthly retainer). The PR service, called Rapportico
(www.rapportico.com), is scheduled to launch this summer.
What do you do well? "We ask of each prospect, 'What
makes you unique?'" Lewis says. "Whether that's a book an advisor wrote
or a PBS show they're trying to launch (Lewis will spearhead press for
a Napfa-sponsored PBS financial planning call-in show set to roll out
in August), we want to help them achieve success."
Specialty in working with the press? "We provide
timely, expert sources. We're very responsive. Clients have to agree to
be responsive, too," says Lewis. "We got an advisor a Wall Street
Journal interview once, and he thought he could put it off for two
weeks. We educate clients that the press doesn't work that way. They
need what they need when they need it."
Media high points for clients in 2006: Articles and
appearances for clients included: Time, CNBC, BusinessWeek, Money,
ESPN, US News & World Report, Newsweek, Financial Advisor,
Financial Planning, Wealth Manager, Los Angeles Times, New York Times,
Washington Post, The Wall Street Journal. Lewis himself is a media
maven. He does a weekly podcast (30 Minutes of Personal Finance with
Ben Lewis), available on www.perceptiononline.com) and has a new PR
book coming out.
Advisor-Client Testimony: Brian Jones, Cooper, Jones
& McLeland, Fairfax, Va., has $350 million in assets. Jones has
worked with Perception for almost four years. Lewis helped Jones ink
the deal for his just published book, Getting Started: The Financial
Guide for a Younger Generation (Larston Business Reporters, Potomac).
"Both with new prospects and existing clients, the press Ben gets us on
Bloomberg TV, CNBC, MSNBC and USAToday really builds credibility. I
hired him personally and now he works for the entire firm, helping us
develop our message and speak with one voice."
Firm: Ink&Air, Wellfleet, Mass.
(508) 479-1033
www.inkair.com
Principal: Lisbeth Wiley Chapman
Founded: 1991
Staff: sole proprietor
Number of clients: 6 to 8 clients at any given time.
Retainer and terms of contract: "I offer two levels
of service," Chapman says. "Clients can pay $1,000 a month to appear in
Trends, my monthly newsletter, and receive follow-up press calls to
targeted media. Or, clients can choose to work with me on a
full-service basis for $3,000 to $7,000. I suggest it takes a year to
create branding, but have a 30-day opt-out clause."
What do you do well? "Clients hire me to build their
brand and their reputations," Chapman says. "I'm good at zeroing in on
the type of exposure they want. For some that is consumer press or
leading local business publications. For others it is professional
journals. I've gotten very good at writing or co-writing journal
articles and getting them past peer exceptions."
Specialty in working with the press? "I'm fairly
tenacious. I just got word after 14 months of talking with an editor
from a financial advisory magazine that a client of mine will be
prominently featured in a story. I ghostwrote several articles for the
magazine, but it took that kind of persistence to get the advisor
featured.
Media highpoints for clients in 2006: Clients
appeared in the Wall Street Journal, Worth, Kiplinger's Personal
Finance Magazine and Kiplinger's Retirement Letter, and have started
doing Bloomberg and CNBC. Journal work has included co-authored
articles in The Journal of Financial Services Professionals.
Why do you like working with advisors: "I've enjoyed
it since I was the editor for Financial Services Times and the vice
president of public relations at Putnam Investments," Chapman says.
Advisor-Client Testimony: Seth Pearson, Pearson
Financial Services, Dennis, Mass., has $250 million in assets and has
worked with Chapman for one year. "Beth has really opened doors for
us," says Pearson, who's appeared in Kiplinger's, Worth, Consumer
Reports and the Wall Street Journal and writes a column in Cape
Business, thanks to Chapman. "The press momentum is really feeding on
itself at this point," Pearson says. "She's been a great investment and
is like a full-time employee at our firm. If I look at the new clients
who are coming in the door and what is happening with boomers, the
timing of her work for us couldn't be better. She takes our ideas and
makes them happen."