'Financial Planning Has a PR Problem'

Ries, Alan; Ries, Laura
February 2003
Journal of Financial Planning;Feb2003, Vol. 16 Issue 2, p16
Academic Journal
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.


Related Articles

  • Quality service, qualifications, charging and the real meaning of independence.  // Money Marketing;10/26/2011, p17 

    The article presents views on the challenges remaining for financial advisers in 2012. The main challenges are defining and implementing a service proposition that clearly shows the value of advice. There is also need for a high quality, consistent service for all clients and segmenting one's...

  • Fast track retirement income streams. Levinthal, Clive // Money Management;9/6/2007, Vol. 21 Issue 33, p18 

    The author outlines strategies that financial planners can use to maximize the client's retirement incomes in Australia. It states that advisers can help to maximize the client's retirement income and manage risk by diversifying streams and taking advantage of government tax concessions. It adds...

  • The Times Demand Holistic, Purpose-Driven Income Planning. Dzielak, Heather // National Underwriter / Life & Health Financial Services;9/5/2005, Vol. 109 Issue 33, p14 

    Reports on the trend among financial advisors to provide holistic, purpose-driven income planning services. Impact of the magnitude of baby boomers entering retirement; Need for advisors to extend their needs-based focused; Insurance issues faced by baby boomers; Implications of an increased...

  • IRI Criticizes DOL's Fiduciary Redefinition Efforts. Manganaro, John // Plan Advisor News;2014, p30 

    The article discusses the results of the research study conducted by research company Insured Retirement Institute analyzing the benefits of the retirement planning through financial advisors in the U.S. It mentions the proposed retirement planning of the U.S. Department of Labor (DOL) expanding...

  • Reputation death, Part 7: Kings and queens of pain don't reign. McCarty, Steven R. // Senior Market Advisor;Jun2012, Vol. 13 Issue 6, p74 

    The article talks about advisors who cause pain to their clients by deliberately violating their core duties, putting their reputations at risk. It notes the much lower tolerance for pain in financial services. It lists actions by which all manner of pain will be given out by such an advisor,...

  • Your Brand Identity. Elman, Brad // Advisor Today;Jun2005, Vol. 100 Issue 6, p84 

    Gives advice to financial advisors on how to build their own personal brand identity by effectively communicating non-sales information to clients, prospects and the general public. Considerations in making a public relations campaign; Suggestion on how to create a press release.

  • Competitive Bond Offerings.  // Bond Buyer;2/2/2005, Vol. 351 Issue 32062, p8 

    This article presents information regarding bond offerings by various companies. The chart gives information regarding the name of the issuer, description of the bond, amount of the bond, time of sale, financial advisor, legal opinion and maturing. The companies include Brentwood Union ESD,...

  • Insurance Act to License Advisors.  // Practical Accountant;Jan2006 Supplement, Vol. 39, p8 

    The article reports that Bank Negara Malaysia has said that financial advisors in the country will now be required to obtain license under the Insurance Act as a new category of intermediaries. On obtaining prior approval, the financial advisors may also provide services for financial products...

  • Fee-for-service organisations face adviser exodus. Taylor, Mike // Money Management;8/3/2006, Vol. 20 Issue 28, p1 

    The article reports on the risk of suffering a short-term loss of advisers in the financial planning industry due to the shift towards fee-only remuneration structure. An analyst from Merrill Lynch pointed out that the debate over fees and commissions actually went to the heart of the life...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics