HB Clients in the News…Yes, Media Coverage Matters

Boast all you want on your website and social media accounts. But, it’s hard to beat the value of being quoted in the press or writing guest columns for influential media outlets.

According to the Wealth Advisor Confidence Survey™ 2017 that we’re conducting with The Financial Awareness Foundation, half of advisors (48%) say that being quoted in the press is a “Very” or “Extremely” effective way to enhance thought leadership. Nearly two thirds of respondents (63%) say the same about writing articles for publication. Respondents were 5-times more likely to cite these channels than to cite mainstream social media (other than LinkedIn).

CHANNEL	% Advisors say “Very” or “Extremely” Effective
Being quoted in the press	***********************************48%
Writing articles for publication	****************************************63%
Facebook, Twitter, Instagram	**** 9%

Source: HB Publishing & Marketing CO, LLC and The Financial Awareness Foundation,2017

Fortunately, many of our clients get it, and we’re happy to guide you through the process. Just don’t contact us if you’re looking for shortcuts, a magic formula or instant cover stories in Forbes or The Wall Street Journal.

Kyle Walters, a partner of Dallas-based L&H CPAs & Advisors explained in his recent Accounting Today article (The Power of the Red Chair), that financial advisory firms should pretend that A-list clients are in the room with them at all times. Imagine that your best clients are sitting in a special red chair in your conference room, he wrote, when you make strategic decisions about service offerings, billing models or CRM.

“It doesn’t matter what we think,” added Walters. “The only thing that matters is what our clients think. What can we implement that will make their lives easier and make them happier with the experience we provide?”

Blake Christian, CPA was quoted in Financial Advisor Magazine this week about the impact of a potential elimination of the AMT (Tax Reform Slams HNW Clients On Real Estate).  “Repeal of the alternative minimum tax could have a significant impact on investment plans,” said Christian. “Under current law, alt min’s top rate is 28 percent. Its elimination would drive many AMT clients into the 35 percent bracket and push them to invest in tax-free municipal bonds,” added Christian, a partner at HCVT LLP in Park City, Utah. Christian recently unpacked the Trump Tax proposal on the Mountain Money podcast and keys to opening a new office on the Journal of Accountancy podcast.  

Anthony Glomski, founder of LA-based AG Asset Advisory is a frequent source for US News who will be a featured guest on Venture App later this month. Glomski said he’s frequently asked to comment about cutting-edge issues at the intersection of finance and technology. Take Bitcoin, for instance.

“Some smart people are saying that Bitcoin is a fraud and others say it’s the new definition of money,” said Glomski.  “Time will tell, and holders of Bitcoin will either make a lot…or lose a lot.  What I know for certain is that no one knows for certain. Block chain has been called internet 3.0,” added Glomski.  “Just like 1.0 and 2.0—even if many of the fundamental predictions prove correct—this will be a volatile place to both make and lose a lot of money.”  

Conclusion
Media coverage doesn’t just build credibility; it enhances your refer-ability. In today’s electronic age, links to those clips are a snap for satisfied clients and influencers to forward along to prospective clients. Every channel counts, but as we posted last month, Don’t Be Cheap or Lazy with Client Communications.

So which would you rather have: Likes and Retweets or actual new clients?