If there’s one thing I’ve learned after over a decade working in integrated communications, it’s that selecting the right wealth management PR firm is both art and science. The wealth management space is crowded – with over 14,000 firms competing for attention from a shrinking pool of just 20-30 influential journalists. 

So how do you find a PR partner who can help you break through this noise? And more importantly, how do you avoid investing time and money in a relationship that ends in disappointment? 

Here’s my advice for wealth and asset management firms looking to make the right choice. 

Streamline your selection process 

The traditional RFP process is often a drain on everyone’s resources. While procurement departments may insist on formal RFPs, they rarely get to the heart of what matters: can this firm truly understand your unique value proposition and deliver results in the competitive wealth management space? 

Instead, issue a concise brief that outlines your specific challenges. For instance, ask firms to submit a proposal addressing how they would position your ESG strategy in a market that’s increasingly skeptical, or how they would differentiate your wealth tech platform from competitors. Limit submissions to 5 pages or 20 slides – constraints produce more thoughtful, tailored responses and make your review process more efficient. 

Understand your place in their client roster 

In media relations, attention matters. You want a firm that will treat your company with the priority it deserves. The reality is that budget often dictates priority – if your retainer represents just 2% of an agency’s portfolio, you’re unlikely to get their top talent or best thinking. 

But money isn’t everything. You might offer other value – perhaps you’re in a particularly interesting niche like alternative investments or digital wealth platforms that allows the agency to build expertise. Or maybe you provide access to influential industry figures. The key is aligning what you value with what they value. 

Look for specialized wealth management expertise 

“Financial services” is far too broad a term. The skills required to secure coverage in Barron’s or get a guest spot on Bloomberg TV’s wealth segments are entirely different from those needed for commercial banking or payments PR. 

When an agency claims “wealth management experience,” dig deeper. Ask which specific publications they’ve placed clients in. Request to see examples of wealth management content they’ve developed. Find out if they understand the difference between pitching to AdvisorHub versus Financial Planning. 

Add an interview phase to your selection process. Ask specific, on-the-spot questions like: “What do you think about the recent feature in InvestmentNews about fee compression?” or “Which wealth management podcast would be the best fit for our CEO and why?” Their answers will quickly reveal whether they truly understand the wealth media landscape. 

Evaluate the team, not just the pitch 

We’ve all experienced the “bait and switch” – when the impressive senior team that wowed you in the pitch mysteriously disappears after you sign the contract. Simply asking “who will work on this day-to-day?” rarely gives you the full picture. 

Check references thoroughly, particularly asking previous clients about team consistency. During the pitch process, insist on meeting junior team members who will handle your account. Remember: in wealth management PR, relationships with media contacts are everything. You want a team with established connections to key journalists at Barron’s, Bloomberg, and the Wall Street Journal – not just impressive presentation skills. 

Set realistic expectations from the start 

The wealth management media landscape has transformed dramatically. Newsrooms have shrunk, beats have expanded, and journalists are overwhelmed. Any firm promising immediate front-page coverage in the Financial Times is setting you up for disappointment. 

Look for an agency that’s honest about realistic expectations. They should be able to articulate a clear process for building relationships with key reporters and editors over time, starting with targeted trade publications before expanding to mainstream business media. The best firms discuss strategies for developing relationships through exclusives, in-person meetings, and thoughtful commentary – not just blasting press releases. 

Look for broadcast capabilities if needed 

If broadcast media is important to your strategy, ensure your PR partner understands the nuances of this channel. How do they prepare spokespeople for on-air appearances? Do they understand the timing considerations around market open/close segments? Can they identify which Bloomberg or CNBC shows match your expertise? 

Given how competitive broadcast spots are for wealth and asset managers, you need a firm with established producer relationships and a track record of successful placements. 

Final thoughts 

Relationships succeed or fail based on how they begin. Smart wealth management firms look beyond the polish of presentation decks and consider whether this agency truly understands your business, your audience, and your goals. 

At Cognito, we pride ourselves on our deep understanding of the wealth management media landscape – but we’re most effective when partnering with clients who know exactly what they want and need from their PR investment. 

Michaela Morales is an account director in New York