Podcasting for Financial Advisors: Worth the Investment or a Waste of Time?

I love it when clients come to me excited about a new idea. They’ve seen something another financial advisor is doing or are just inspired by a new trend and want to jump in with both feet. And while I’m usually excited right along with them…it’s also my job to be the realistic one who helps ensure the advisor isn’t biting off more than they can chew.

There are so many fun ways to market your business these days, but many of them are more time-consuming than people realize. I’ve written before about the time it now takes to have a successful Instagram account (one word: reels) and some of those tasks can’t be outsourced.

So, the question becomes…how much time do you REALLY have to spend on a new “thing” when you’re trying to run a business? AND what’s going to give you the biggest bang for your buck?

Let’s apply those questions to podcasts. I, personally, LOVE podcasts so if an advisor comes to me with an idea for one it’s my reflex to jump on board.

But I’ve also created podcasts. I’ve helped others with their podcasts. So, I’m pretty realistic about what it’s going to take to make it successful.

The Investment: Time and Money

Before diving into podcasting, it’s important to consider the resources needed to make it a success. A podcast isn’t just a one-time project; it requires consistent effort to keep the content fresh and engaging.

Time Commitment

A podcast takes time - more than many people expect. First, there’s planning and research. Choosing relevant topics, structuring episodes, and finding guest speakers all take time and effort. Then comes the recording and editing. Even a short 20-minute episode can take a couple of hours to record and several more to edit. And that’s just the production side.

Some financial advisors also have the added commitment to compliance approval. Scripts might need to be approved ahead of recording or recordings could be made and compliance asks for changes after the fact. (It’s also important to check with your compliance department before committing to a podcast platform to make sure that platform is approved.)

Marketing and distribution can also require a significant time investment. Writing show notes, sharing episodes on social media, and promoting your podcast all add to your workload. Plus, consistency is key. Successful podcasts tend to release new episodes on a weekly or biweekly schedule to keep their audience engaged.

Financial Costs

While starting a podcast can be relatively inexpensive, scaling it into a high-quality, professional brand asset does require some financial investment.

• Microphone & Audio Equipment: $100-$500 for quality sound.

• Editing Software & Services: Free (GarageBand, Audacity) to $50/month for professional editing software.

• Hosting Platforms: $10-$20/month for podcast hosting (Buzzsprout, Podbean, Captivate).

• Marketing & Branding: Website integration, advertising, and social media promotions can add additional costs depending on your marketing budget.

• Outsourcing Services: If you lack the time or skills to edit, manage, and promote your podcast, hiring a producer or marketing assistant can range from $200 to $1,000 per month.

Is It Worth It?

A podcast can be a powerful tool for financial advisors, but it’s not the right fit for everyone. Here are some pros and cons to consider:

👍Pros:

• Brand Authority: A podcast allows you to showcase your knowledge and establish credibility in the industry.

• Client Education: It’s a great way to educate potential and existing clients on financial planning topics in an accessible format.

• Expanding Reach: Podcasts can attract a wider audience and generate leads through organic content marketing.

• Networking Opportunities: Inviting guest speakers can help build valuable professional relationships.

🚫Cons:

• Consistency is Necessary: Many podcasts fail because they don’t maintain a regular posting schedule.

• Competitive Landscape: With thousands of finance-related podcasts, standing out requires effort and unique content.

• ROI is Not Immediate: Unlike paid advertising, podcasting is a long-term strategy with gradual audience growth.

Platforms That Can Help Financial Advisors Start a Podcast

If you decide to take the plunge, there are several platforms that can help streamline the process. Buzzsprout is a user-friendly option, great for beginners, with pricing starting at $12 per month. Podbean offers hosting, monetization tools, and distribution for as little as $9 per month. Captivate provides advanced analytics and marketing tools, making it a good choice for advisors looking to grow their audience.

There are also production companies like ProudMouth and Third Wheel Media that provide you with everything you need to create a professional podcast. Yes, the investment is greater, but it's important to ask yourself what your time is worth. It might be better to outsource the heavy lifting.

Bottom Line

Again, I love a good podcast and if you’re reading this you probably do, too. If you’re thinking of dipping your toes into the recording pool, remember it’s not just about hitting a button. You need to think about the following things:

💪Thought Leadership and Expertise

Successful podcasts aren’t just about sharing information - they are about offering unique insights and discussing topics in a way that positions you as a go-to expert in financial planning. This could mean explaining complex topics in simple terms, providing real-world examples, or breaking down industry trends in a way that makes sense for the everyday investor.

🗨️Having a Distinctive Voice and Authenticity

Your voice doesn’t just mean how you sound - it’s your personality, the way you tell stories, and how you express your ideas. People don’t just tune in for information; they listen because they like the host.

🔍A Clear Focus and Niche

Instead of trying to cover every financial topic, hone in on a specific area that will keep listeners engaged. Maybe your focus is financial planning for female executives, retirement strategies for business owners, or investing tips for Gen X professionals. The more specific your niche, the easier it is to build a dedicated audience.

Listeners should know exactly what to expect from your podcast. This means having a clear theme, consistent format, and a compelling reason why someone should subscribe. If your podcast is too broad, it’s harder to stand out in an already crowded space.

🕑A Long-Term Mindset and Patience

Podcasting is a long-term game. Unlike paid advertising, where results are immediate, podcasts take time to gain traction. Many successful shows don’t see significant audience growth until months or even years in. The key is to stay patient, stay consistent, and keep improving.

Instead of focusing on overnight success, concentrate on building a loyal listener base. Even if you start with a small audience, if they’re engaged and finding value in your content, they’ll share it with others.