This situation is probably all too familiar to you. You’ve been cranking away at client emails for hours, hoping to get to all of them before your meeting that starts soon.
You’re just about to finish up when a new email comes in. You scan its content as quickly as possible, then press delete. It was just a media query from a reporter who wanted 30 minutes of your time for a story, which sounds like the last thing you have time for.
Occasionally you’ll get a query that peaks your interest. Who could turn down The Wall Street Journal? You make time for that interview but have no real plan in place. You respond to each email on a case by case basis. Wouldn’t it be nicer if you had a plan in place to deal with media queries for your wealth management firm?
We believe it’s important for all wealth managers, no matter the AUM, to create a media plan that everyone at the firm can follow.
We’ve compiled our top insights to help you manage incoming media queries and get you on the right path to creating a media plan for your wealth management firm.
Understand That Media Can Bring You Business
If you’re like most wealth management firms, you get a majority of your clients through referrals. You treat your clients well, and through word of mouth your business spreads. Wouldn’t it be nice if you could supplement that with leads that come directly from your website?
Appearing in news stories relevant to your industry shows high net worth investors that you are a thought leader in the industry. For example, imagine a reporter asks for your help on a story dedicated to mistakes people make when planning for retirement. You spend 30 minutes giving your thoughts and the reporter quotes you in the article and lists your firm name. Not only are you meeting a high net worth investor at a pain point, you’re also providing them a solution that has your firm name tied to it. This is the power of the news media, and we encourage all firms to make time to participate in it.
Think About Which Stories You’d Like to Appear in
When creating a media plan, have an idea of what type of coverage you would like to see for your firm. This goes back to the pain points mentioned earlier. What questions do high net worth investors have? That’s where you want to meet them, and the type of stories you should agree to participate in.
This tip will save time for everyone at the firm time when reading an email from a reporter. Think “Will a high net worth investor be reading this story?” If the answer is yes, then it’s probably worth a 30-minute interview. If the answer is no, then you’re probably better off politely declining the request.
Have a List of Ideal Publications
Knowing which publications you’d like to appear in is just as important as knowing which stories you’d like to appear in. While conveying the right message is important, it also matters where that message is seen.
Would you like your footprint to be local or national? Find out which local publications are being read, as well as which local broadcast stations are garnering attention. It’s also important to do research on the audiences of publications. Most publications will have a media kit handy that will give you valuable statistics that can aid your decision. If you’re looking for older investors, compile a list of publications that cater to that audience to have handy when scanning a reporter’s email.
There are many things to think about when putting together a media plan for your wealth management firm. These insights will help you get started and put you on the right track to prepare for and handle incoming media queries more efficiently.
If you’re tired of the DIY approach (the old do-it-yourself method), you may want to consider outside help. Hiring a firm to handle media queries and proactively pitch your story not only saves you time but can help boost your media efforts and increase visibility for you and your firm.
If you’re interested in hearing about how our services could assist your firm, please feel free to sign up for a free PR consultation.