Why and How Advisors Should Podcast
Advisors who aren’t using podcasts andflash briefings should seriously considerdoing so because they can be an enormously effective way to reach clients.
In a recent TD Ameritrade Institutionalwebcast, Dani Fava, director of institutional innovation, product strategy anddevelopment, cited data that showed45% of monthly podcast listeners have anannual household income over $75,000.
Podcasts and flash briefings, which areshort informative pieces of prerecordedaudio, are among the voice options thatadvisors have at their disposal. They alsocan use smart speakers and voice assistant devices, including those powered byAlexa or Siri voice control, Fava noted.
“TD Ameritrade really got into the voicearena last year,” she said, noting thefirm “realized that this is just a growingspace — an emerging trend.” She saiddata showed consumers are increasinglyusing their devices to conduct banking ormanage their finances.
Fava cautioned that if an advisor tends
to only communicate with clients via email,
Face Time or some other form of video con-
ferencing, that means “the only time [they]
are interacting with clients is when they
are sitting in front of a screen. … We want-
ed to be in our users’
ears while they are
doing things that they
enjoy” and have them
ask Alexa for their bal-
ances and positions
while they are making
dinner or drinking cof-
fee, as examples.
To find a solution
for advisors to com-
municate with clients
via voice, Fava worked
with Vanessa Oligino,
managing director of
business performance solutions at TD
Ameritrade Institutional. They subscribed
to flash briefings and in the process,
learned what kind of information Fava
did and didn’t like. “I suggest you do the
same thing,” she said.
They also used a pilot group of advisors to find out what content they wereinterested in. Fava suggested advisorslooking to start their own voice solutionsdo the same thing with a select group oftheir clients.
One more bit of advice she provided:People want “brevity, levity, and familiarity,” so “be brief, get to the point — nobodywants to listen to a 20-minute flash briefing while they’re drinking their coffee.
“Keep it light, have some fun” whiletrying to “make a personal connection”with listeners, she said, adding that users“want to know more about you,” so “it’sa great idea to bring in your personalityand something about yourself to yourpodcast or flash briefing.”
Prosperity By the Pint
One podcast success story TD Ameritradehighlighted was Financial Strategies Group,and its Chief Investment Officer BriceCarter and Allie Frase, marketing director.
“Brice and Allie have successfullylaunched a podcast series that has developed quite a fan base,” Oligino pointedout. “Prosperity By The Pint,” bills itselfas a service that provides “Business,investing, and beer talk for Generation Xand millennials.”
A regular podcast had been somethingCarter wanted to do, he said, notinghe was among the advisors on the TDAmeritrade pilot of flash briefings. Hewas reluctant to bring it up to his teaminitially because he knew there would bea lot of work involved.
However, when his team brought it up,he volunteered to create the podcast,he said, adding that he wanted it toprovide a younger audience with a basicfinancial education.
Financial Strategies Group saw a “hugespike” in listener numbers during the firstfew weeks of the COVID- 19 shutdown,with the number of weekly listeners doubling in the first three weeks, he said. Thenumbers really jumped when he shiftedthe focus of the podcast content toissues related to the pandemic, includingthe current market, what a bear market isand how long they tend to last, he said.
However, advisors shouldn’t think ofpodcasts as a magic potion to lure new clients, at least based on Carter’s experienceto date. While he got “a couple of referrals” through the podcast, he said he wouldhave added them as clients even withoutthe podcast. He said that It’s best to thinkabout podcasts as a great way to keep intouch with current clients. —Jeff Berman
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