How to Identify the Right Influencers for Your Wealth Management Firm
Finance influencers, often called "finfluencers," make up a fast-growing, multi-billion-dollar industry. They also reach audiences across many platforms where your clients spend time. You may know names like Jeanne Chatzky, Dave Ramsey, Farnoosh Tarabi, Tori Dunlap, or Ramit Sethi, who appeal to broad audiences, but many more experts offer niche services and want to work with wealth management firms.
Public relations firms can help you determine if working with influencers is the right move for your firm. To start, consider these key questions.
Question #1: What are my firm's strategic goals?
First, determine what your broader communications plan entails. You might want to build your experts' reputation in the media, grow your presence on LinkedIn, host a conference, or publish original research. A public relations firm can help you achieve these goals by providing key support with outreach, writing, pitching, and media training.
If you haven’t already, sketch out a plan that maps how your firm will achieve these goals and the key stakeholders needed to ensure its success. If you are looking to expand your reach geographically or have a super interesting niche, onboarding third-party support could make all the difference.
Question #2: What kind of budget does my firm have?
Start by looking at your overall marketing and communications budget. Typical budgets go towards staffing, content programs, technology tools, and outside advisors. If paid advertising is part of your existing budget, consider influencers for a subsection of that.
The cost of working with financial influencers can vary a lot, depending on their audience size and what you want them to do. Some charge by the number of views or impressions, while others have a flat fee.
Question #3: What kind of influencers work best for my firm?
Wealth management firms usually work with three main types of influencers. The first group is advisors. These professionals practice in the field and connect with a wide range of RIAs, CFP®s, and other industry experts who can be valuable contacts.
The second group is brand influencers. They create custom opportunities for brands to boost engagement and often offer options like podcasts or event sponsorships.
The third group is technology influencers. These experts can help you engage your audience in unique ways, like working together on a research project, survey, or joining them on their podcast.
Question #4: What questions should I ask influencers?
Treat working with influencers like anything else: a business proposition. Consider your needs and the role they play in helping you achieve your goals. Ask questions like:
What are your core offerings, and what ROI have you given to previous clients?
What platforms do you perform best on, and who is your primary audience?
What is your fee structure like?
What financial designations do you have?
How long have you been a financial influencer?
What does the process look like, and how collaborative is it?
Is there anyone else on your team that will be supporting us as a client?
Remember, influencers aren't traditional journalists, so a successful partnership requires clear goals and strong communication about final deliverables and outcomes.
Curious about how your firm might work with a finance influencer? Greenrose Communications has the experience and the network. Get in touch and let us help you build the right influencer plan.