Pete Matthew, founder of online educational extravaganza Meaningful Money TV, shares his tips for engaging with prospective clients through video...
Pete Matthew gets cut-through. For the purposes of this article, that's management-speak for 'clients'.
And how does he do it? By dressing as the Easter bunny and filming himself leaping around the woods talking about saving.
OK, that's a little simplistic.
But what began as a hobby has turned into a bit of an online phenomenon, with hundreds of videos and podcasts recorded, and each attracting thousands of views each week.
And now it's winning his wealth management firm new business. Not just dribs and drabs, either.
In this short Q&A, he tells Professional Adviser why he does it, and shares his three top tips for advisers looking to tread their own paths in the worlds of social media and video...
Why start MMTV? Aren't most people disinterested in finance?
Pete Matthew: That's exactly my reason for starting it! Most people bury their heads in the sand when it comes to their finances. I think this is partly out of fear that they're going to mess something up, and so they fly by the seat of their pants because that means they don't have to fully engage with it.
I also think it is genuinely down to ignorance and disinterest. That's why we need not only to educate the public, but to show them that being proactive with their money means good things in their future: security, leisure time etc... instead of constantly being on the treadmill until they drop dead one day.
The fact is that money management is very simple: spend less than you earn; protect against disaster; invest the 'extra' money wisely; use all tax allowances available.
I set up MMTV to give people everything they need to know, because most of us will never need complex tax and financial planning, we just need to follow those four steps above.
Is it possible, if more people did as you do, that we could have a genuinely financially literate public?
That's my hope one day. Education is the antidote to ignorance, and knowledge is power. If people know what they have to do, there's no excuse not to do it. We don't teach this stuff in schools yet, so someone's got to step up. The internet is the most powerful medium ever created for disseminating information in myriad media and methods. And the currency of the internet is knowledge. Those disseminating knowledge wield incredible power.
What has your activity meant for Jacksons Wealth Management (where Matthew is MD)?
For the first 18 months of videos, nothing at all. Then all of a sudden, in 2011, one client. In 2012 and 2013, our online efforts were the second biggest source of new client enquiries after personal referrals. I anticipate that, in 2014, online sources will be our primary source.
Against expectations, we get decent quality leads from the internet. Not quite as good a hit rate as personal referrals, but good enough to make it well worth doing.
Plus the non-monetary benefits for an old softie like me are worth infinitely more. The emails, iTunes reviews and messages I get are all so warm and grateful. Basically, I'm after a knighthood, or at least a CBE...
Click through to the next page to read Pete's top tips for advisers...
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