TITLE

'Financial Planning Has a PR Problem'

AUTHOR(S)
Ries, Alan; Ries, Laura
PUB. DATE
February 2003
SOURCE
Journal of Financial Planning;Feb2003, Vol. 16 Issue 2, p16
SOURCE TYPE
Academic Journal
DOC. TYPE
Interview
ABSTRACT
The article answers questions regarding the public relations problem of financial planning companies. Federal Express is not about a package, a bank is not about money. But with services, just like with many products, people buy them for a wide variety of reasons, ranging from being very practical to wanting to impress others. Money and finances are such emotionally charged issues, so many people are probably buying a brand that implies trust. People also could be buying financial service providers based on status. More and more, the brand is becoming more powerful, and the person who represents it is becoming less and less powerful. For an individual financial planner, he or she must start creating their own brand by trying to use media and public relations, not by advertising. Financial planning has a public relations problem in the sense that everybody try to sell a financial product has financial planner on their business card. As for financial planning and financial services advertising, first, there is just way too much of it. It is overwhelming, especially to the high net worth or high income target. Advertising is spatial and public relation is linear, advertising reaches everybody and effective public relations reaches somebody.
ACCESSION #
9070930

 

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