Video consumption is booming. According to a recent Google study, 67 percent of millennials claim they can find a YouTube video on anything they want to learn.
But not every firm will allow financial advisors to create a digital presence. Compliance staff are much like politicians—they don’t create trends, they follow. Our prediction is that in the not-too-distant future, every channel will allow their financial advisors the opportunity to create video.
Even if you aren’t allowed to create videos today, you need to be at the front end of this trend. You can do this by becoming comfortable in front of the camera, learning to keep your messages short and to the point, and studying the YouTube videos of others.
Advisors who have embraced video communication fall into two camps:
1. The Professional Film Crew
Hiring a professional film crew ensures you’ll end up with a video you can be proud of. You can hire a local professional or see if your firm has a studio you can use. Here are a few things to consider:
Pros:
- The videos will be well polished and brand you as a high-level professional.
- They will be relatively easy to pull together, as someone else is shooting and producing.
Cons:
- It will be difficult to do these frequently (on a daily or weekly basis).
- They can be expensive.
- They can come across as canned if you’re not careful.
2. Self-Filmed
Many people go the route of filming their own videos. This process can be a little intimidating at first, but you can always hire a local videographer to help you in the initial setup. In our opinion, it’s worth the extra effort to shoot these in-house.
Pros:
- You get multiple takes to get it right.
- Self-filming allows you to shoot as often as you’d like. Brand impressions are built through quantity.
- You can create messages on a variety of topics.
Cons:
- If you’re not careful, they may seem less polished.
- You will need to buy equipment.
- You will need to produce in-house, which takes more time than you’d think.
Content Trumps Quality
If you’re self-filming, you can create an expensive TV-quality studio or an inexpensive makeshift backdrop using a portable camera in your office; both can work well, and the choice is up to you. Our advice is to be somewhere in the middle. Content trumps quality, but you don’t want to embarrass yourself either. The real benefit of self-filming is the flexibility to shoot videos on a variety of topics such as:
- Team overview/value proposition
- Investment philosophy
- Planning process
- Explainer video
- Financial Planning 101
- Spouse involvement in financial planning
- Educating children on fiscal responsibility
- Market/economic updates
- Current events and impact on personal finances
- Working efficiently with your CPA
- Importance of financial organization
It’s important to understand that whether you’re filming yourself or hiring a professional, your videos don’t need to be overly produced. Your objective is to build trust, educate and showcase your personal expertise.
The following websites can help guide your video-production journey:
- Wistia.com – A video hosting site with a series of blogs and videos that can teach about developing a video footprint.
- Candidio.com – You shoot video, and they produce it.
- YouTube.com – Search for videos on “shooting your own content videos.”
- Snapchat, Meerkat and Periscope – Some of the latest video-centric social media apps to immerse yourself in modern video culture. Notice the trends of unpolished real life.
Go for it. Film yourself explaining your fantasy football draft. Interview your son on his eighth birthday. Film yourself talking about your financial planning process. Embrace video communication, and you’ll be reaching the largest economic force this country has ever seen: the millennials.