“Numbers-wise, Kitces doesn't compare to a general interest show like Joe Rogan's podcast or NPR, but it's a Top 100 show in its genre,” said Randolph, who spoke in general terms via email and didn't provide specific figures.
Kitces is head of planning strategy at Buckingham Wealth Partners and a well-known voice in the wealth management space. Richards is described as an authority on financial advisor communication. Their podcast addresses topics of interest to financial advisors.
As mentioned, Gomez’s podcast targets a different audience. Regardless, both podcasts help raise the profile of their respective presenters, which Randolph said builds their credibility as thought leaders.
“The overarching point I'll make is that advisors with the largest digital footprint—websites, emails, social, webinars, podcasts and beyond—and those who actively engage their audiences will have a leg up on the competition.”
In Gomez's case, he said he landed a couple of prospects via his podcast but neither has become a client. Still, the podcast has made him a minor celebrity of sorts. He recalled an experience in a restaurant when someone heard him talking and asked him if he was the podcast guy.
“It’s kind of awkward, but it only happened once,” Gomez said.
But as his podcast audience grows, so too does the pressure to keep the momentum going.
“People talk about writer’s block, and sometimes that happens to me with the podcast,” he said. “So sometimes I’ll post a question on my Facebook page to my followers asking what they want to talk about. So they send me suggestions, which can help a lot.”
As for his podcast’s unexpected reach, Gomez thinks he knows why it has resonated with a wide audience. “A couple of words that people repeatedly use when they contact me is ‘calm’ and ‘objectivity,’” Gomez said. “I don’t try to push anybody to invest, or not to invest, in anything. I don’t have sponsors. I explain to them how things work, from my perspective, obviously, and I let them decide.”
His advice to other advisors contemplating doing their own podcast is to just be yourself and let it roll. “Don’t be condescending, don’t try to become the next Joe Rogan,” he said. “Let your personality come through and have fun doing it. You’ll be nervous at first. Sometimes you won’t want to record. As [entrepreneur, best-selling author and speaker] Seth Godin says: ‘Do it anyway.’”
And, Gomez added, be mindful of compliance issues. “Avoid at all costs the things you can’t say, and dance with those you can.”