Why Financial Advisors Need a Video Podcast

Welcome to the RIA Marketing podcast! Today, Nolan’s sharing why you need to start a video podcast for your practice. It’s not too late to stand out, but dawdling will make it harder later.

5 Reasons Why Video is Vital For Your RIA Podcast

Believe it or not, there are several reasons why developing content for YouTube and other video platforms makes sense.

1.It casts a larger net toward your niche people group.

You want to meet them where they are. This means delivering your content using the most effective medium for them.

As a result, it’s important to be flexible. Having the ability to expand into Social Media with shorter video clips is crucial. Similarly, walking leads through complex financial strategies on YouTube gives you an edge, too.

2.Your content can be multi purposed.

This provides the flexibility mentioned above. It also doesn’t require extra time developing additional content. You don’t have to worry about planning an additional 10 hours of weekly tasks.

Once you start—not just recording an audio podcast, but—shooting video, your options increase. With one day’s single-session footage, you can create social media teaser clips, set aside the main nuggets to optimize for YouTube, and start a blooper reel for future use.

3.Video can future-proof your marketing.

Google is now including YouTube videos in their search rankings, so it’s important to release gems that don’t go stale. In fact, it’s only a matter of time until summary videos explaining an article are more important than a website’s article content.

4.You can establish potentially far greater connections with Superfans.

Have you ever watched a YouTube how-to video hosted by someone really helpful? Maybe for a D-I-Y project?

Now you can be that hero! By consistently providing value through friendly insights, you can instill that same level of confidence in future clients. If all goes well, those viewers may even become Superfans—without your even knowing it.

5.Leads can screen themselves.

Video lets people see, firsthand, if working with you might be a good fit.

Think of it like platonic, strictly-business, financial video dating: Leads can see what you look—and perhaps members of your team—look and sound like. To be honest, some people consider just as important as the value you provide.

From the start, they have the freedom to decide for themselves if they’re interested in a long-term relationship with your RIA.

Additionally, delegating an occasional on-camera presentation to team members may create a sense of familiarity with them among viewers, as well. This can raise the comfort level of prospects who’d avoid meeting with total strangers.

Possible (But Not Massive) Drawbacks

Believe it or not, there are reasons why a video podcast for your RIA makes a shrewd investment. However, we’re running out of space here to list them.

In the interest of full disclosure, there are a few potential drawbacks, too: You can’t skimp on the quality. YouTube viewers, for example, expect a presentation that’s mistake-free (so decent editing is essential).

It requires some of your time, as well. If you can’t afford a fancy studio, you’ll need to prep your shoot location, removing cat hair, straightening pictures, et cetera.

Hopefully, none of these is a deal-breaker, but our desire to help RIAs includes keeping honest. If you’re still waffling, here’s a parting thought: Your potential audience is growing fast.

In 2017, there were nearly 1.5 billion YouTube viewers around the world. Now, in 2021, there are over 1.8 billion.

Quick Wins

 

• Start a video podcast for your practice ASAP. YouTube, alone is fertile ground for prospecting: In 2017, they had nearly 1.5 billion viewers, globally. Now, in 2021, the number is over 1.8 billion.
• Use video content to future-proof your RIA’s marketing. Google now includes YouTube videos in its search rankings. In time, summary videos explaining an article will probably count as much or more than written content.
• Treat it like platonic, financial video dating. Put your best foot forward, and then let leads decide if they’re interested in a business relationship. To be honest, some people weigh a financial advisor’s appearance and personality as heavily as their services.

Nolan has more reasons why your RIA needs a video podcast soon in today’s RIA Marketing podcast. Feedback, suggestions, and questions to team@graylinemedia.com are always welcome.

Last but not least, thank you for listening!

Transcript

WELCOME TO ANOTHER EPISODE OF THE RIA MARKETING PODCAST. I’M YOUR CHIEF MARKETING OFFICER AND HOST, NOLAN MARTIN.

Let’s talk about whether or not you and your RIA should start a video podcast to help you build stronger connections with your ideal future clients.

And let me just give you the bottom line up front. If you are looking to diversify your marketing efforts in 2022, you need to start a video podcast as soon as you can. With us just now hitting Q4--you should use the remainder of Q4 to decide if you are willing to make the necessary commitment. And, this isn’t a decision that should be made lightly.

A video podcast requires planning, execution, and follow-through to be successful. You’ll have to create the content regularly and show up for those ideal future clients, time and time again. That’s how you build a relationship and earn their trust.

So, why do I specifically mention a video podcast instead of just a regular podcast?

Flexibility.

Let me unpack what I mean here:

I’m personally taking time to create this content. There’s more going into what you’re watching than these few minutes on-camera.

I want to make sure I’m getting the most value out of every minute and every dollar I invest. This means being able to post our podcast on all of the popular podcast platforms, including YouTube.

From this video, we will have our full length podcast episode, a full length video episode, we will pull out the shorter segments where I highlight specific examples for YouTube optimized searchable queries, and we will also select a few 1-minute, “golden nugget” videos for Social Media.

A single recording session nets me all of these options.

Now, the number one question we usually get from advisors considering a video podcast is--Isn’t it too late to create a YouTube channel or a Podcast?

No, but it also isn’t getting any easier. More and more advisors are realizing the success they can have by going to platforms where their ideal future clients consume content.

In 2020, 214.9 million Americans watched YouTube regularly.

eMarketer predicts that this number will increase to 228.1 million by 2024.

As I’m speaking, between 73% - 67% of all Americans between the ages of 36 to 56 are watching videos on YouTube.

If you don’t try to create some value there for your ideal future clients, you’re wasting this opportunity.

Podcast listeners in the United States have also grown significantly, as well. In 2021, the number of monthly American podcast listeners has increased by 10.1% to 117.8 million.

Admittedly, podcasts haven’t been fully adopted by older Americans... yet.

About 50% of monthly listeners in the states are between the ages of 35 and 44. For now, only about 20% of Americans older than 65 listen or subscribe.

But I would be willing to bet that as these typically late adopters start finding podcasts that speak directly to them, their consumption numbers will increase.

Most financial advisor age demographics should get a bump at that point. In the meantime, we play the long game.

Over the last few years, I’ve seen a trend with my clients, too: The amount of content produced before you see a breakthrough is increasing with time.

A few years ago, having a successful podcast usually required around 20 episodes. This was usually the point when you started to notice an increase in listenership.

With YouTube, to gain 1,000 subscribers and 4,000 watch hours in the last 12 months, it meant about 30-40 videos.

Now, it sometimes takes around 50 podcast episodes and more than 50-60 or more videos to have similar success.

Don’t let this discourage you. I just want to be upfront.

This is still a good time to invest in your own RIA’s video podcast, but just know, as time goes on and competition stiffens and the breakthrough numbers continue to rise--it is going to be harder to recommend a marketing strategy that may take even longer to notice success with.

With that in mind, let’s look at...

5 Reasons Financial Advisors Should Add A Video Format For Your Content

1. You can future-proof your content.

YouTube is becoming more and more prevalent. Meanwhile, Google is now including YouTube videos in their search

This makes it incredibly important to release content that doesn’t go stale. It’s only a matter of time until summary videos explaining an article and its key takeaways are more important than your website’s article content.

2.It casts a larger net for your ideal future client.

You want to meet them where they are—and then deliver your content in the most effective medium for them to understand.

This makes flexibility vital. Having the ability to expand into Social Media with shorter video clips or walk through a complex financial strategy on a whiteboard in a YouTube video is extremely important.

3.Potentially far greater connections with Superfans.

Think about the feeling you get watching YouTube—when the person you’re watching is a super helpful person.

For me, it’s typically some home renovation expert. He or she just instills confidence in me. They give me powerful reassurance that it’s a great idea to rip out my closet.

Now, do I inherently still screw up the DIY project? YEP, but that is a different story for a different day.

Your videos are going to instill that same level of confidence in your ideal future clients. In fact, if all goes well, those viewers may become Superfans of yours—without you even knowing it.

4.Leads can screen themselves.

Video allows people to see, firsthand if working with you might be a good fit.

For example, my personality is not a perfect fit for everyone. I spent the last 10+ years in the Army as an Army Officer. So, if you ask for my opinion, I’m going to give it to you. I don’t sugarcoat many things. I give straight, raw, and honest feedback.

I’m not out to run anybody off. However, having the ability to watch this podcast—and check out our YouTube videos—allows you the opportunity to pre-screen yourself for our services.

If someone hates the way I present myself, that’s fine. People should decide for themselves if doing business with us would be helpful.

Allow your leads this freedom. Let them decide for themselves if they would enjoy building a long-term relationship with your RIA.

5.Your content can be multi-purposed.

I believe this is the most important reason to make sure that you record your content.

It provides you with flexibility and it doesn’t require extra time developing additional content.

You don’t have to worry about planning an additional 10 hours of content per week.

What I’m suggesting is that you press record on your video camera while creating the content you are already investing your time into.

If you do, we now have a ton of options: We can even keep a blooper reel to use in the future.

At the same time, you have social media teaser clips and we can pull out the main nuggets and optimize them for YouTube searches.

It gets even better: We can keep a database to help you draft a course based on your overall instruction—or even a book, in the future.

Okay, full disclosure time: There are drawbacks to incorporating video into your content offering.

I don’t think any of them are deal breakers, but in your shoes, I’d want to know. So...

1. You have to care about the quality of your video.

Five years ago, I would have recommended hitting “record” and then uploading whatever you got right after that. However, the production quality of your videos is much more important nowadays.

The competition for attention has increased, especially on YouTube. The average viewer expects a mistake-free video. You need engaging on-screen text reinforcing your main ideas, too—along with other premium-quality features.

2.Outsourcing isn’t easy.

Unlike article content, it’s difficult getting quality videos made secondhand.

In fact, if you’re a solo advisor building authority in your niche, I wouldn’t try. It’s extremely important that you be the face of your content.

Once your authority is established, you can consider outsourcing video production. That’s a better time for having someone create videos as the marketing specialist at your RIA.

3.It requires additional preparation time.

If you’re creating content from your own dedicated studio, you may not need a lot of prep time.

However, most of my clients are recording in their office, from their home, or from their home office. This usually requires making sure everything in-frame is tidied up and ready to go.

The camera will betray you, if you don’t: If your dog’s tail knocked a lampshade sideways last night, that has to be straightened, first. Little details affect your messaging.

Next, you have to make sure you look the part. In other words, check the mirror. Be sure you’ve got the professional appearance you’re going for.

You can’t just roll out of bed and grab a coffee as you turn on your podcast equipment. Successful video requires preparing yourself, too.

4.Creating quality video requires investment.

Adding video to your content offerings is important. However, this can mean adding an additional expense.

No, I’m not necessarily talking about the camera: The biggest investment may go toward your editing. Preparing what you shoot is more difficult than getting audio ready to release.

I’m using the term “investment” because that’s what it is. There are many different features you can add to your video content. All of them can boost your appeal to a niche… but they can increase the overall cost.

At the end of the day, I recommend including this extra cost into your marketing budget.

Create a video template for the majority of your videos—and then record in bulk. That helps to stretch the budget as far as your marketing budget can go.

Hopefully you’re already looking to improve how you are delivering value to your ideal future clients.

Video provides you with the flexibility to multipurpose your content in appealing ways. You can maximize the amount of value you squeeze from the time you’ve spent creating that content, too.

Most of all, video content future-proofs your website—and it can speed up building your base of Superfans.

I’M NOLAN MARTIN AND THIS IS THE RIA MARKETING PODCAST. WE AT GRAY LINE MEDIA THANK YOU FOR LISTENING TO OUR PODCAST.

Please remember: We’re determined to help RIAs connect with Superfans and their Ideal Future Clients through remarkable websites and relatable content.

My only question is, will it be your RIA?