Master the local media

Don’t let money get in the way
Remember, it doesn’t require a major cash outlay to get the word out on your most important asset you! As Slagle points out, one mistake many advisors make is spending a lot of money up front, not getting results and then dropping it.

Slagle decided to supplement his column with a radio show. He bought 30 minutes a week on a local station and used the equipment in the studio. To defray the cost, he sold time on his show to a mortgage broker, CPA, elder law attorney and travel agent. They appeared every few weeks and talked about topics in their sphere of expertise. Slagle invited these other professionals because he wanted to educate retirees, not sell them products.

“Yes, we talk about Slagle Financial,” he says. “But we also educate. We have to show them we can be their personal CFO.” Slagle says people come back to listen to his show because they know they’re not going to get a sales pitch – they’ll learn a thing or two, usually about national events and trends that he brings down to the local level.

A key way for advisors to succeed in the media arena is to be focused. Instead of spreading yourself too thin, narrow your talking points to specific topics. Educate seniors on how to manage money, how to protect assets and how to plan their estate.

The elevation factor
Getting your face or voice out to people is essential to branding yourself. Stefanos Loisou, principal at Financial Workshops in Middleton, Mass., has spent the better part of four decades building a brand for himself and his practice, through means both traditional and unconventional. Loisou says the media is one brand-building tool where he is happy to invest his time. Hosting one weekly radio program on financial matters and being a frequent guest on another has given him the kind of name recognition and credibility many advisors covet. “It differentiates me from other advisors who might have similar skills and who offer similar products and services,” he says. “From a public perception point-of-view, it has elevated me. People figure that because I’m on the radio, I must know what I’m talking about.”

Another way to develop your “name” is by establishing yourself as the local expert. Jim Lineweaver of Valley View, Ohio’s Lineweaver Financial Group, says it’s a great asset to become a recognized resource in your community by forming strategic partnerships with your local media. “By positioning yourself as the go-to resource for your media, community members will take note and turn to you in their time of need.”

Credibility is key
As for Slagle, he has hired larger PR firms to handle many of his national media tasks. But he still concentrates on local media to build his reputation. And he says that one intangible asset makes all of the money and effort worth it: credibility. Seniors still read newspapers; they still listen to AM radio. They trust the people they read and listen to. The credibility is quickly earned and long-lasting.

Slagle says he may not be able to quantify “credibility,” but he knows his media efforts have been worth it: “To measure – looking back – I look at how my practice has grown, from working out of my house to running three offices.” And Slagle’s column was almost an accident. Yours doesn’t have to be.