Is Doing a Radio Show a Good Idea for Advisors?
Let me share a story that may be insightful.
Many (and I mean many) years ago, I hosted a live radio talk show for two years on a local station. It aired once a week during prime drive-home time, and I paid for each segment as it aired. To offset part of the cost, I sold 30 second commercials to some sponsoring service providers who wanted to reach a targeted audience (as well as to keep my business).
I had to go on faith that I would see a positive ROI on my investment, which was fairly substantial even at that time. I had serious concerns that the listening audience was too small for the investment to pay off, but I was unwilling to risk the outlay that larger stations required.
What I learned in that two years is that the size of the listening audience (especially for a service that most people need very infrequently) was far less important than being able to advertise my show on other marketing pieces and in client presentations. That strategy added immense credibility and it definitely helped me acquire more business. It was, needless to say, a good investment…but it did take a substantial amount of my personal time to produce it.
Financial advisors can offer expertise that is needed on DAILY basis and your potential audience need not be limited to a small geographical area. While a financial talk-show is hardly a unique idea, it does not have to be aired during very expensive prime-time hours nor does it have to be more than one hour per week. Of equal importance, I negotiated for the radio station to air two promo spots for my show every day, so my name was getting broadcast even more.
Compliance restrictions are much heavier nowadays for FAs, so of course anyone considering doing a radio show will have to clear whatever regulatory requirements are in place. However, it is worth considering (and maybe even doing) if you are articulate, can think on your feet and want to market your knowledge, personality and expertise to a wider audience.
-Ron Edde