The survey, titled “A Wealth of Opportunity,” found that in August, there were a total of 2,643 mentions of wealth management in the media, a drop of 20% from the previous month. A look back at previous years shows that this isn’t a summertime lull.
"It looks like wealth managers were a little reluctant to talk to the press,” said Tom Walek, president of Walek & Associates. “If that’s the case, that’s a missed opportunity to talk to the press about the process, relationship, and long-term perspective that defines wealth management and differentiates it from traditional brokers.”
The firm, which has a collection of research in its "Alternative View" series, looking at media issues in the corporate and financial worlds, took the words "wealth management" and plugged it into Factiva for January 1 through May 31, 2007, August 2007, and for a few previous years. As the number of investors and amount of investments has grown, the number of stories covering wealth management began hitting record highs... until August. With the US economy's downturn, those inside and outside of the financial community could use a little reassurance from those in the know.
“PR always has to advocate even at a time when people might be less comfortable talking to the press,” said Walek.