Every advisor should have a podcast

You might want to know how I formed this opinion. Here are some powerful statistics¹ I've learned about podcasts:

• There are a lot of people listening: 50% of the US population has listened to podcasts, 32% listen at least once a month, and 22% listen weekly. (I listen almost daily).
• There are a lot of wealthy people listening: Podcast listeners are 45% more likely to have $250k+ in annual income
• The people that are listening, are really listening: 80% of podcast listeners listen to an entire podcast episode.
• A podcast message might be more effective in less time: About voice in general, voice marketing consultant Emily Binder points out that hearing is the fastest of our senses. We process sound in .05 seconds, which is 10 times faster than the blink of an eye. In other words, you would have processed that last sentence faster if I said it to you, versus reading.

Next, let's consider some statistics about email, which is the primary method of client communication that many advisors use today:

• 44% of people say that businesses could improve the client experience by sending emails less frequently.²
• The number one reason why people unsubscribe from an email list that they get too many emails in general.³

In summary, this data — as well as personal experience — convinced me that podcasts are on the rise and email communication is falling in popularity and effectiveness. But, I haven't explained why I feel strongly that every financial advisor should have a podcast.

Here's my rationale:

1. The advisory business is all about the client relationship and there is no better way to build a relationship than to spend time with your clients. Historically, you could not spend time talking to each one of your clients every week. But now you can... with a podcast. Sure, it doesn't replace human interaction. But, if a client is listening to your podcast regularly, they are hearing a familiar voice and getting more familiar with your personality, which is building a relationship. And it's being done at scale!
2. The advisory business is probably one of the last businesses on earth that relies mainly on referrals. And, a referral is hard to come by. But, recommending a podcast is easy. I have recommended several advisor podcasts to friends and family. And, I've tweeted about several podcasts. To me, recommending a podcast is a soft referral. And, listening to a podcast is a soft interview. Having your voice available to the public can be a good thing.
3. Your clients want to know what you're thinking. They want to know that you're paying attention to the markets, to the world, and to their portfolios. A podcast that is about your take on current events, the markets, and investing is exactly the right content for your subscribers. Your podcast doesn't need to go viral to be successful. It just has to resonate with the people who you are targeting – your clients.

Hopefully I've convinced you that it's worth at least an experiment. Grab a few pieces of news this week and record yourself talking for 15 minutes. Send it to a couple of friends for feedback. Start small and you might just surprise yourself.

1. https://musicoomph.com/podcast-statistics/

2. https://www.campaignmonitor.com/blog/email-marketing/2019/02/the-surprising-data-about-how-often-to-send-promotional-emails/

3. https://www.marketingsherpa.com/article/chart/why-consumers-unsubscribe