Like most things worth doing, choosing the right Public Relations partner can be *hard*. I often hear advisors and wealth managers describe the practice of PR as an invaluable, yet somewhat intangible unicorn-like resource that can be either a total game-changer for their businesses – or a complete time and money sucking experience if not done well.
As I look around the independent advisory industry, I see only a handful of media mavens who skillfully use PR’s prowess to deliver their message naturally, thereby directly engaging the industry to impart their expertise. From Ron Carson’s “Ron-sense” to Joe Duran’s industry insight to Michael Kitces’ Nerd’s Eye View, it seems some just shine in the media spotlight with seemingly effortless ease.
As you may remember, last year I urged you to plant your flag and establish your claim as a fiduciary in the eyes of the investing public. Thanks to the Fifth Circuit, you have another window of opportunity to stake out your claim again. But you have to act now.
No one knows who will ultimately win the legal battle over the fiduciary rule. But I do know that over the past week, almost every investor has been reading about it. And they’ve all watched certain corners of the financial industry jump up and down to celebrate the decision. A decision that actually says asking advisors to act in their clients’ best interest is—wait for it—"unreasonable."
Let that sink in. That’s literally the court’s own word; you can look it up. It’s "unreasonable" to put a client’s interests ahead of your own.
Well, not for you. It’s what you do every day. I’ve watched you and your peers work tirelessly to do what’s right for your clients, without a thought to any conflicts of interest. As a fiduciary, you’re different. Better. And you like it that way.
It’s time to let them know.