Newspaper Solicitations
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About a month ago I was vacationing in Florida and came across a smaller weekly newspaper–perhaps the Palm Beach Post. In the business section I noticed an advertisement for municipal bonds with an enticing rate in large font (details of the specific bond were also presented). From what I can tell the advisor is either an RIA or Indy advisor. Nevertheless, has anyone attempted to go this route before at a wirehouse? I can’t imagine compliance signing-off on such a marketing tactic however.
In my experience, the newspaper ads that work best are one's with rates on them. Muni's or CD's. That will create the sense of urgency. Realize if you get 1-3 calls from prospects, that to me is a successful ad.
I’ve got one running right now. Local muni issue, yield close to 6. As long as it’s in inventory in reasonable supply when the ad is place, and we’re using the preformatted RJ ad with all the blanks filled in, it’s plug and go.
Been running a little less than 2 weeks and I've picked up 2 clients. Nothing huge, but the ad has paid for itself at this point. You spend a little more time than you'd like answering a lot of questions from random callers who have never owned a bond and can't grasp it, but a 6% yield seems to be a magic number right now.[quote=slimpickens]What are you paying to run an ad? Is it weekly or daily(local or big paper)?
[/quote] Our local daily is doing a killer ad special, otherwise the math wouldn't work. We're getting 4 Sunday insertions, 4 Wednesdays, and 2 other special runs (tv listings, real estate insert, etc.) Ad is approx. 3" x 5", and it's costing $469 for the whole thing, tax, tag and title. $200 upcharge would get color.