Public relations should be on every organization’s radar to leverage powerful and strategic communications to reach potential customers. This is especially true in the wealth management world since it’s an industry that prides itself on building and fostering long-term client relationships.
In addition, engaging in PR helps to enhance a firm’s visibility and credibility by offering authentic and informative content while creating opportunities to boost business growth. However, just like any other client-customer relationship, effective PR takes time and consistency.
Here at Gavin, our team of communications and media relations strategists have identified five reasons why your wealth management firm should invest in PR:
1. Create media awareness and exposure
PR is all about relationship building, and one of your biggest areas of focus should be media relations. Investing in PR can help firms develop their message and brand story, as well as identify key subject matter specialists you can leverage for media opportunities.
To get a story shared with your desired audience, PR professionals cultivate and leverage relationships with reporters. Take the time to find relevant media outlets and reporters with whom you can establish relationships and don’t limit yourself to familiar outlets you want to pitch. Aspire to reach outlets outside of your general market or immediate industry. If you don’t have the time or in-house capabilities, secure the services of a PR professional or agency to lead the finance PR charge.
In addition, those media relationships can establish you as the go-to firm or thought leader for ongoing press coverage. A strong media relations effort can also foster opportunities to provide contributed articles and garner interest in your events and community involvement.
2. Increase firm’s sentiment
PR helps shed light on the firm to stay ahead of the pack by highlighting firm initiatives and success stories.
Promoting the firm through PR fosters goodwill and leads to greater brand awareness, increased website and social traffic, and more referrals to support business development efforts.
3. Connect with the right audience
Whether you want the firm to be covered by the national news, be featured in local or regional media or reach trade publications, PR professionals can identify the best outlets and social channels to create the right buzz.
A PR expert is tapped into these outlets and understands what is important to their audiences. This is essential to becoming an ongoing resource to the media and reaching decision makers who follow those sources of finance-related information.
4. Boost trust and credibility
Gaining the trust and credibility of your audience is vital for your wealth management firm to stay ahead of the competition. PR experts can help the firm by gaining earned placements on well-known media platforms, boosting the firm’s credibility and generating more leads.
Developing and leveraging owned content – blogs, social media, whitepapers, and webinar events – can also play a key role in your overall PR strategy and business expansion goals.
PR professionals can help boost the firm’s credibility through their knowledge and story-telling abilities, which can support nominations for industry lists and accolades. Recognition can help attract audiences in the form of new clients and firm recruits, as well as solidify existing relationships with current clients and industry partners.
5. Define the firm’s brand
PR can help a firm define its brand and fit within the industry. Without a consistent brand image and message, clients may not understand the firm’s mission or depth of services, which can limit growth and retention efforts.
PR professionals have the ability to understand a firm’s vision to communicate it to the target market through a variety of communications strategies.
Does your wealth management firm need public relations?
If your organization is looking to implement PR, branding and marketing initiatives, contact our team today to discuss how Gavin can influence YOUR firm’s strategic communication.