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Everyone in finance watches TV all day, whether the TV is on silently in the background or front and center in the middle of breaking news. Consequently, the battle between networks for Wall Street’s attention is fierce. And with the continuing decline in the ranks of financial advisors working in the United States (down 4% from 2015), reaching every extra pair of eyeballs matters in marketing to this high-in-demand, low-in-supply audience.
While the National channel is contracting at the same rate as the overall advisor population, the National wirehouse channel remains the second largest based on number of advisors, with National advisors maintaining substantially larger books of business than their peers in other channels (based on median AUM). Firms that can more efficiently reach advisors in this high-value channel will have a leg up on their competitors in building business throughout the purchase funnel. The Advisor Media Buying Guide™, a new report released last month, found that advisors in the National channel exhibit the greatest variety of TV viewership and that there are specific networks that will reach these advisors at well above-average levels.
Overall Advisor TV Reach
When advisors are asked which television networks they watched in the previous month, CNBC remains the top network advisors turn to, which has been true for eight of the past nine quarters. The lone exception to CNBC’s dominance occurred in the fourth quarter of 2016 when the presidential election cycle found CNBC falling slightly behind ABC and NBC. When asked specifically to cite their primary televised source for business and financial news, four in ten advisors (40%) single out CNBC, almost four times the level associated with Bloomberg (12%) and Fox Business Network (11%).
National Advisor Channel TV Reach
While firms looking to maximize their reach among financial advisors will generally be well served to lean on TV, those looking to target advisors in the National channel will be particularly rewarded for doing so. Advisors in the National wirehouse channel watch the greatest number of TV networks, with above-average viewership for more than half of the networks covered by our survey. Most prominently, National advisors are much more likely to watch both CNBC and Bloomberg versus their counterparts in other channels. TV represents the most powerful and efficient way for firms targeting National advisors to reach the greatest number of advisors in that channel.
Developing and executing media plans targeting financial advisors can be incredibly difficult as the advisor audience becomes increasingly high-in-demand and low-in-supply. Our Advisor Media Buying Guide gives asset managers insights into the websites, tv networks, print publications, apps and social media sites advisors turn to allowing firms to build targeted and effective media strategies.