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Advisers spread their word through podcasting
September 11, 2006
By Liz Skinner
WASHINGTON - Although many clients have yet to buy their first iPod, more financial advisers are turning to podcasting as a way to
communicate with current clients and attract new ones.
Allowing investors to download Internet audio files of investment topics and market commentary directly to their computers, MP3 players,
BlackBerrys or iPods is a great way to establish relationships with younger investors and share financial education, some
advisers say.
"People are constantly bombarded with written information, so an audio message, in the form of a podcast, can provide a welcome
alternative," said Martin Bamford, director of Informed Choice Ltd., a financial advisory firm in Surrey, England.
Informed Choice, which has about $190 million in assets under management, has been podcasting for a year. So far, the firm has
produced a series of 10-minute podcasts on financial topics such as financial planning when expecting a baby, and socially
responsible investment.
The podcasts are available free of charge from the firm's website, informedchoice.ltd.uk.
Meanwhile, Jim Jorgensen, a Thousand Oaks, Calif.-based financial adviser, creates a 10- to 12-minute podcast each week focused on
financial news, economic indicators and market conditions.
The podcasts help create a personalized relationship with clients and prospective clients who visit Mr. Jorgensen's website, said Bill
Groody, owner of Groody River Films Inc. of Kelseyville, Calif., which produces the podcasts. It is a relaxed format where Mr. Jorgensen
speaks anecdotally, Mr. Groody said.
Mr. Jorgensen's firm uses the podcasts to encourage listeners to sign up with his weekly financial newsletter, which costs $9.99 a month.
It has also been a successful way of communicating with members of Mr. Jorgensen's investment club, Mr. Groody said.
There were about 5,000 downloads a week of the free podcasts last month, Mr. Groody said. The only way he can imagine actually "selling"
a podcast is to include proprietary information, he added.
Of course, as with most new technologies, podcasting comes with challenges.
A limitation of podcasts as a marketing tool, for example, is that the technology doesn't allow advisers to know who is downloading
their broadcasts. "We get 5,000 downloads a week, but we don't know if they are in Los Angeles or Nairobi," Mr. Groody said.
Many advisers think that the technology behind podcasting "is beyond them," said Ted Heieck, product manager for LiveOffice Corp., a
Torrance, Calif.-based firm that specializes in Internet communications tools for financial services firms. "But we show them that it's
not."
The technology can be as easy as making a phone call, Mr. Heieck said. LiveOffice, for example, allows advisers to record a podcast
over their telephone handset that can be posted for the financial services firm.
Podcasts can also be used to deliver newsletters and provide online training sessions such as 401(k) seminars.
"You get a wider audience than from those who can attend in real time," Mr. Heieck said.
Steve Wightman is considering using podcasts to promote his Lexington, Mass.-based financial advisory business, Wightman Financial
Network LLC. He would like to see the firm, which doesn't track its assets under management, use podcasts to inform prospective clients
on topics such as how to plan for college expenses.
One of the benefits of podcasting is that it is relatively inexpensive, Mr. Wightman said.
"The economics of podcasting are compelling," he added.
Most of Mr. Wightman's clients don't have iPods or other devices that would allow them to play the podcasts remotely, he said. But setting
up the podcasts allows the firm to establish a relationship over the years with younger people who have embraced technology, Mr.
Wightman said.
Podcasting experts recommend that advisers who decide to create broadcasts keep them short and succinct.
Mr. Bamford of Informed Choice recommends that advisers focus on a specialty that their firm offers. Additionally, advisers should plan
a series of podcasts before producing them, because "podcast subscribers like to receive episodes on a regular basis," he said.
It isn't clear how many advisers have turned to podcasting. But the Financial Planning Association in Denver hopes to find out when
it poses a question about the technology to its members on its next annual survey.
"Our biggest challenge was explaining how podcasting technology worked to our existing clients," Mr. Bamford said.
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