In a world where asset managers compete for limited attention, capturing mindshare has never been more challenging—or more essential. Recognizing this reality, Fuse Research Network recently compiled a review of 15 public relations firms specializing in investment management, highlighting the critical role PR plays in distribution success. (Full disclosure: Sondhelm Partners was included among the firms reviewed.)

Fuse founder Neil Bathon noted on LinkedIn that “FUSE has always believed that a well-executed public relations initiative will produce the highest ROI of any distribution-related activity.” But what makes PR so valuable for asset managers? To find out, I spoke with Loren Fox, Director of Research at FUSE Research Network, about why PR matters and how firms can leverage it effectively.

The Mindshare Imperative

For asset managers, being top-of-mind isn’t just nice—it’s necessary. “Firms need to capture mindshare,” Fox explains. “It’s really difficult to attract assets if someone’s looking in a particular category, and you’re not one of the first five, six, or seven firms they think of.”

This reality underpins why PR has become increasingly crucial. In a crowded marketplace where products often look similar, establishing your firm’s expertise and credibility starts long before the sales pitch.

Fuse’s research supports this view. When surveying advisors about effective marketing tactics, Fox notes that 24 percent rate expert appearances (TV, podcasts, conferences) as “very effective,” followed closely by press placements. Both outrank advertising in perceived effectiveness.

“Advisors are less and less affected by TV or digital ads,” Fox points out. “But they still place a good amount of importance on press placements and expert opinions.”

Different Channels, Different Perceptions

Not all financial advisors view PR through the same lens. Fox observes subtle but important differences between wirehouse advisors and RIAs in how they respond to PR efforts.

“Wirehouse advisors are a little more positively inclined to both expert opinions and press placements than RIAs are,” he says, though the difference comes down to percentage points rather than dramatic contrasts.

Why the difference? Fox suggests demographics play a role: “Wirehouse advisors skew a little bit older and come from a period when media was less fragmented.” The independent mindset of RIAs might also contribute to their slightly lower receptivity.

Yet there’s an interesting paradox here. While RIAs may be less likely to admit being influenced by media, the reality is different. “They don’t want to admit that they found a fund because they read an article,” Fox notes. “But at the end of the day, you have to have heard of it to do due diligence on it.”

PR can also be helpful when an investment product has to win the approval of a gatekeeper to gain platform access. Fox explains that part of the sales cycle can be long, and performance may grab an allocator’s attention, while PR can keep a product on their radar screen until an opportunity opens up. 

Turning Public Relations Into Sales

One common misconception is that public relations exists in isolation from sales efforts. Some firms believe that “I don’t want PR, I just want sales” or “If only we had more salespeople…”

Fox acknowledges the challenge: “It’s hard because you can’t really connect PR campaigns to particular sales in the same way that you can sometimes trace a salesperson meeting with an advisor to a later purchase.”

But PR’s value comes in warming up leads and building the credibility that makes sales conversations possible. “It’s really hard to get those initial meetings for your salespeople if no one has heard of your firm,” Fox says.

Increasingly, data analytics are bridging the gap between marketing/PR and sales teams. “One of the big revolutions in the industry is the increasing use of data and analytics,” Fox explains. “The data is gluing together the marketing and sales teams so they work in a more collaborative approach on segmenting advisors and managing the prospect-to-client journey.”

This integration creates a virtuous cycle: PR efforts generate sales leads while providing content and talking points for outreach. The sales team, in turn, can prioritize their efforts based on who’s engaging with PR content.

Effective Public Relations Strategies

What makes for effective PR in asset management? Fox identifies several key strategies:

1. Media-trained experts: “Make sure you have one or more experts who are comfortable talking on camera.” This might require media training, but it’s becoming an essential skill for portfolio managers.
2. Press quotes and content pickup: Getting quoted in financial media and having your thought leadership picked up reinforces credibility.
3. Podcasts: “Getting experts on podcasts has really taken off in the last five years.” Many financial podcasts now reach substantial advisor audiences and are often easier to access than traditional broadcast media.

The biggest mistake? Putting unprepared experts in front of audiences. Fox cautions, “Having that expert not be comfortable telling a story is probably the top mistake firms make.” Investment expertise doesn’t automatically translate to communication skills.

Measuring PR’s Impact

Public relations measurement has evolved significantly. Gone are the days when a single article could directly generate $50-100 million in flows through 800 numbers.

Today’s landscape requires more nuanced metrics. “You can try to measure things like website traffic after your head of investments appeared on a TV program,” Fox suggests. Cross-promotion on social media can also help track engagement.

What’s often overlooked is how PR impacts the sales process itself. Sales managers and salespeople consistently report that PR creates tangible advantages: enhanced credibility before the first call, more reasons to contact prospects, and prospects who already recognize the firm’s name. These benefits translate to more qualified conversations, faster closes, and ultimately, AUM that can be tied directly to PR efforts.

The fragmented media environment makes measurement challenging, but consistency trumps one-off splashes. “Folks really want to invest with firms that have institutional gravitas,” Fox explains. “Being committed to a consistent media presence signals that you’re committed to being a long-term, consistent firm.”

Rather than one-time PR efforts, Fox sees more firms creating annual content series that build associations with specific expertise over time.

The Public Relations Advantage

While public relation’s contribution to asset growth may be less direct than in the past, its role remains essential. For boutique managers especially, PR can level the playing field against larger competitors with bigger sales forces.

PR builds the credibility that makes advisors receptive to sales conversations. It provides content that fuels outreach. And perhaps most importantly, it helps firms occupy that valuable mental real estate in advisors’ minds when they’re considering options in a particular investment category.

As Neil Bathon suggested, a strategic PR program might just deliver the highest ROI in your distribution toolkit.

Want to implement a strategic public relations program that boosts your firm’s visibility and drives asset growth? Let’s talk. Schedule a free strategy session and we’ll explore how your investment firm can leverage PR to build credibility and generate warm leads.

Dan Sondhelm is the CEO of Sondhelm Partners. He works with boutique asset managers to help them raise AUM, stand out in crowded markets, and create more meaningful conversations with prospects.