Public relations can change the way clients and prospects perceive your asset management firm. I talked with my colleagues, Milin Iyer and Scott Tanner, public relations experts, about the state of PR for financial services firms in America.

This guide explains the essential strategies asset managers and wealth managers need to leverage to stand out among the many firms vying for your prospects’ and clients’ attention.

The Evolution of Public Relations in Financial Services

Public relations in the United States emerged in the early 1900s as businesses recognized the need to mold public opinion. Ivy Ledbetter Lee, often called “the father of PR,” pioneered the modern practice of it by advocating transparency after the 1906 national coal strike, while Edward Bernays later established PR as a strategic discipline. The field grew after World War II as corporations invested in reputation management.

How did public relations as a strategic marketing tool for financial services begin?

Scott: Financial services firms initially resisted PR. They treated it as unnecessary for a relationship-driven business. Early PR people focused on media relations and responding to fires.

Milin: As financial markets expanded and more Americans invested, financial firms used public relations to build trust, promote new products, and calm investors when markets moved down. This changed quite a bit in the 1980s as deregulation increased competition. The 2008 financial crisis accelerated the shift. Many wealth management firms believed they needed to rebuild trust, and they thought PR was a good way to do so.

Scott: PR in financial services has evolved into a discipline that weaves together brand, thought leadership, digital, and relationship building. Many wealth managers see public relations as important to their success. Today, according to our colleagues at FUSE Research Network, public relations has historically produced the highest return on investment in asset management distribution.

Why does public relations matter for asset managers?

Milin: Public relations gives asset and wealth managers a way to be visible in publications your clients read, view, and trust. Thoughtful PR helps firms to tell their story and build credibility. And when a financial journalist quotes or features you, it’s great news.

Content Marketing: The Foundation for Effective PR

Content marketing is the backbone of public relations for asset managers. You need substantive insights before journalists will quote you or prospects will engage with your firm.

How does a firm’s website impact PR?

Scott:  Your website is the destination for all your PR efforts. When journalists research you for a story, and when prospects hear or read about you, one of the first things they do is go to your website to learn more. So your site should show thought leadership.

Milin: Your prospects will likely research your website before contacting you. People should not be going to a static website, but one with fresh, current information. Ideally, firms should also include an accessible media page and contact information. If your website doesn’t reinforce the credibility your PR efforts have built, you may have wasted your efforts.

Why do asset and wealth managers need content marketing? Isn’t PR enough?

Milin: PR without content is like a car without gas or a battery. Good content becomes the basis for media pitches, bylined articles, webinars, and podcasts. It gives clients, prospects, and journalists a reason to return to your site and share your work with others.

How much content is required?

Scott: For asset managers, we think that consistently creating, posting, and distributing high‑quality insights is more important than a high volume of posts. The sweet spot for many, but not all, firms is to publish between two and four thought leadership articles per month that address the pain points your audiences face.

What kinds of content drive PR success?

Milin: We tell our clients to know who they are writing to. You’re not writing for peers. You’re communicating with successful entrepreneurs, investors, and executives who understand business but may lack financial knowledge. So use plain language. Video content has also become increasingly important for wealth managers, and content filmed on a smartphone often outperforms polished corporate videos.

Digital Marketing: Integrate for Maximum Reach

A company’s PR efforts must merge traditional and digital.

What is the intersection of social media and public relations?

Milin: LinkedIn is a great tool for spreading the messages PR creates. Firms should engage with prospects, LinkedIn groups, and industry influencers by sharing and commenting on articles and posts. X may work well for firms that develop timely commentary; Instagram and Facebook matter less to most asset managers, as they primarily target consumer audiences rather than investors and financial advisors.

How critical is SEO for public relations success?

Scott: Search engine optimization determines whether prospects find your content. When someone searches “wealth managers for doctors near me,” you want your firm to appear prominently in Google and AI search.

Milin: Strategic SEO helps your PR efforts, such as media placements, thought leadership articles, podcasts, and commentary, continue to attract prospects and build credibility for months after the initial placement. By optimizing your PR content for search, you extend its longevity beyond a typical news cycle. In other words, you can turn a one-time media win into an evergreen asset that helps visibility over time. Without strong SEO, your media coverage may get buried in search results.

Does email marketing still have a place in generating leads?

Scott: Email marketing keeps you in front of prospects and referral sources. The same is true for emailed newsletters featuring your best and most timely content. A best practice is to segment your email and newsletter lists by prospect type, interest, and persona.

Communications Training: Preparing for Media Success

Your executives must effectively communicate with journalists. Communications training seeks to train subject matter experts to be persuasive spokespeople.

How can PR help develop a firm’s unique message?

Milin: Effective public relations can help asset management firms answer a simple question: Why should someone choose your firm over the dozens of others out there? Effective messaging work can focus on what sets you apart and keep your media interviews, content, and client conversations noteworthy.

Scott: A differentiated message can turn generic statements into great stories that connect with your target audience. This messaging should guide all of your communications, including media interviews and client meetings. Good messaging can make sure everyone hears the same consistent story about who you are and why you matter.

How can executives clearly explain complex issues?

Milin: Portfolio managers and senior executives must explain strategic and investment ideas in simple terms, so prospects and investors can understand them. We like to tell clients that a good test is to practice presenting your answers like you’re talking to your mother or grandmother, who has some but not comprehensive investment knowledge.

What is the bridge technique?

Milin: Bridging is an excellent technique for controlling the interview and getting your message across. You must master the ability to “bridge” from a reporter’s question to your key messages. Journalists may ask naïve, off-point, or difficult questions, or purposely try to trip you up “gotchas.” You’ll want to tactfully acknowledge, not ignore, the question, then quickly pivot to what you want to say.

Bridging also reduces the risk of misspeaking. If the interviewer asks a question not in your wheelhouse, better to bridge than to ramble to appease a reporter, and perhaps say something that contradicts your message or otherwise make the firm look foolish.

How can PR people help clients stay on message?

Scott: We’ve found that a simple strategy called the “message map” helps clients stay on point during interviews. The minute you start confusing people, they tune out. But if you capture their attention, you have credibility, and they want to learn more. Media training and coaching can help executives, advisors, and portfolio managers understand their key messages and communicate them clearly to their audiences.

Crisis Communications

An unforeseen regulatory issue, the departure or death of an important partner, or poor investment performance can all trigger a public relations crisis. You should establish protocols for who speaks publicly and what to say.

What constitutes a crisis that prompts an immediate PR response?

Scott: The key item is whether the situation could materially damage client trust, trigger redemptions, or harm your firm’s reputation if not attended to. Not every adverse event is a crisis, but you must act quickly to control the story when the media and investors are asking potentially damaging questions.

How should asset managers prepare for possible crises before they happen?

Milin: Preparation is everything in crisis management. It’s important to develop a crisis communication plan that identifies potential scenarios, designates spokespeople, and establishes who approves what. You don’t want to build your strategy during a fire drill.

Reporters are more likely to give you fair coverage if they know you. Firms also need to train executives on crisis messaging; they must acknowledge the situation honestly, explain what they’re doing about it, and focus on protecting client interests. It’s also good to have compliance-approved templates ready so you can respond within hours, not days, when a crisis strikes.

Relationship Building: The Long Game of PR Success

Public relations in wealth management is about building trust. You succeed by giving people good ideas. Here are questions and answers about strategies PR people can use to build great relationships:

How should PR professionals build relationships with the media?

Scott: Building a strong list of reporters and influencers is PR 101. But the real work is building relationships by being helpful, without strings attached. For instance, you can share background information, connect journalists with other expert sources, and comment on their social media content, even when there’s nothing in it for you right now. Don’t expect immediate coverage in return. Your generosity can help build trust.

Milin: Understand what each reporter covers and cares about when you pitch a story. Generic mass pitches go straight to the trash. We’ve found that when you do your homework and develop relevant story ideas that add value to the reporter, you can achieve around an 80 percent response rate. Regular communication also keeps you top of mind. Over time, you become a go‑to voice for specific topics.

How quickly should PR people respond when contacted by journalists?

Scott: Journalists are typically on deadline. A public relations pro who returns calls within an hour builds a reputation as a reliable source. PR firms that take days to respond won’t be called again.

Should financial services firms go to or speak at industry conferences?

Scott: Industry conferences may provide opportunities to build relationships. Speaking at conferences can position you as an expert with the media and with industry insiders. In fact, we’ve met industry professionals at conferences who have become long-term clients.

However, conferences are no longer the reliable media-access events they once were. Post-COVID, fewer journalists attend conferences as media organizations have cut travel budgets, and reporters now rely on virtual interviews and digital content sources.

What about networking with professional associations?

Scott: Relationship building goes beyond media. PR people can partner with professional associations, universities, nonprofit boards, and local business groups. When you show up consistently in those networks, your PR efforts support your referral strategy and business development programs.

Pitfalls to Avoid

Asset managers often make avoidable public relations mistakes. They expect results right away, don’t involve compliance until the end of the process, don’t follow through on wins, and more.

How quickly can PR produce results?

Milin: Many firms expect overnight success. We tell clients that public relations is a relationship business. As such, PR builds momentum over months and years, not weeks. You need time for relationships and conversations to develop.

In some cases, an initial media placement might produce a quick response. Sometimes, a timely media hit, such as a portfolio manager’s thought-provoking opinion piece on a trending topic, can prompt swift inquiries from journalists. However, these quick wins are the exception rather than the rule. More typically, media placements produce a positive cumulative effect over time.

To what extent, if any, should pitches be promotional?

Scott: Pitching or creating content that sounds like a sales pitch rather than thoughtful insight will alienate journalists and prospective investors. Blatantly promotional messaging will likely damage your credibility and trustworthiness.

Is having only one spokesperson preferred?

Milin: Some firms need a deeper bench. Depending on one spokesperson may create unnecessary risk. If your sole voice leaves the organization or becomes unavailable, your PR initiatives may fail. Note that if you have two or more spokespeople, your message must be consistent across them.

How should compliance be involved in the PR process?

Scott: PR professionals cannot afford to ignore compliance. Let compliance know what you plan to do, and learn what you can and cannot say. Regulatory reviews may be more efficient when compliance understands your goals.

What happens if the follow-up is bad?

Milin: Some firms are great at getting featured or quoted in print or on business TV. But they have no follow-up plan. Ensure that you post your stories on social media, share them with prospects and clients, and post them on your website.

How to Measure Public Relations Success

Your executive team will ask about putting a dollar figure on their PR return on investment. Here are several questions and answers on how firms can connect public relations metrics to good outcomes:

How do firms measure the impact of website traffic?

Scott: Google Analytics becomes your best friend when you’re measuring PR impact on web traffic. You can track which publications are sending visitors your way and which articles drive traffic. But clicks are just one metric, and often an incomplete guide. Look at pages per session and time on site. When PR is working, you’ll see engaged visitors who spend more time on your website, not people who quickly bounce off.

Milin: Pay attention to what happens after the traffic arrives. Are visitors signing up for your newsletter? Also, watch your organic search volume for branded terms. Tools like SEMrush show how many people are searching for your firm’s name after major coverage hits. In effect, PR can create momentum when prospects start Googling you instead of you chasing them.

How can companies know their client acquisition costs?

Scott: Your CRM can tell you a great story about PR’s financial impact. Salesforce or HubSpot can show cost-per-lead data before and after major campaigns. PR-driven leads may be well-qualified because they’ve already been pre-sold by a credible third party.

Milin: Here’s another thing: asset managers can dig deep into conversion rates and sales cycle length for PR-sourced leads. When you calculate a total PR investment, which may include agency fees, internal time, and content creation, and divide it by the new clients won, the stats can surprise executives. The real win shows up when you’re spending less on paid channels because your PR is generating inbound interest.

What about reputation metrics?

Scott: Media monitoring tools like Meltwater or Cision help you understand how often you’re mentioned and being talked about. A metric called sentiment analysis tells you whether coverage is positive, neutral, or negative. You can also see your share of voice compared to competitors in the publications that matter to you and your audience. Brandwatch or Sprout Social monitor social media and can provide data on influencer marketing and other consumer intelligence factors.

Milin: The qualitative stuff matters too. Are journalists using your key messages in their articles? That’s message pull-through, and it shows your positioning is working.

Some firms create quarterly surveys in SurveyMonkey to track brand awareness and Net Promoter Score (NPS). The NPS measures client loyalty by asking, “How likely are you to recommend our firm to others?” Respondents rate you 0-10, with promoters (9-10) minus detractors (0-6) gives your NPS. A best practice for PR teams is to track NPS before and after major initiatives.

Common Questions on PR Fundamentals Financial Services Firms Should Know

We see some questions more frequently than others. Here are three meaningful questions and answers:

How should my firm handle negative media or online coverage?

Scott: Address negative coverage promptly. Never ignore criticism or respond emotionally. If the criticism involves factual errors, politely contact the publication with corrections. For legitimate complaints, acknowledge the problem and explain how you’ll resolve it.

How do smaller managers compete with larger brand-name firms in PR?

Milin: Don’t. You focus on depth instead of breadth. Pick a niche where you have genuine expertise and can offer insight. You must also move and respond faster and develop strong relationships with the journalists and influencers who matter most.

What are the key trends in public relations?

Milin: A critical industry trend is that public relations is now also a sales and business development function. PR is no longer synonymous with pitching traditional media and hoping to get placements.

Scott: PR professionals must shift from focusing on traditional media to the “new media” of podcasts and social media. For example, if you secured a Barron’s profile 10 or 20 years ago, your work was likely done. Now, that placement is just the beginning of a PR strategy. Today’s PR professionals should leverage traditional media wins by posting and sharing on social media.

You May Have Heard it Here First: PR Best Practices for Asset Managers

Public relations for asset managers is about developing credibility and trust over time.

Start with strong content marketing that shows your expertise. Integrate digital channels like SEO and LinkedIn to broaden your reach. Train your executives on how to communicate with the media. Build relationships with journalists before you need them. And measure what matters by tracking how PR impacts your website traffic, acquisition costs, and client loyalty.

When done right, public relations can become a dynamic engine for sales and business development.

Schedule a complimentary strategy session with Dan Sondhelm, CEO of Sondhelm Partners, to learn more about how public relations supports your marketing efforts|

Frank Serebrin is the Content Marketing Director for Sondhelm Partners. He leads strategic and creative content and marketing services for our asset management and wealth management clients.