Press outlets are doubling down on wealth coverage after a decade or more in which it fell in line with advertising revenue. Reader analytics now showing that wealth stories generate not just clicks – but also subscriptions – mean major publications are hiring more reporters to cover the beat.
The Australian Financial Review (AFR) continues to expand its wealth team under section editor Joanna Mather and now boasts four full-time reporters – the most in the last 25 years or more.
At News Limited, The Australian has appointed Julie-anne Sprague as wealth editor to beef up its coverage alongside long-time columnist James Kirby. Sprague’s role is related to the development of a new “wealth vertical”, so watch out for more personal finance stories from the Murdoch press.
Bloomberg has also built out its wealth coverage globally via a dedicated section on its website to which local reporters can contribute.
All these reporters compete with others – from Nine’s Effie’s Zahos to Dominic Powell at The Age/SMH – for the angles most likely to grab readers’ attention.
But the information they want from financial services firms has changed from years gone by. Stories about the intricacies of a fund manager’s investment philosophy, for example, are less in demand and sometimes better placed with market reporters. Instead, wealth reporters are asking us for:
- Real life case studies: human stories always win over an audience and the ability to offer a case study (including a great photo) can be the difference that gets a story over the line for our clients.
- Less jargon, more practical info: the AFR’s wealth team aims to offer subscribers “news you can use”. In other words, practical information that people can readily apply to their daily lives or investment decisions.
- Data-driven analysis: data is the secret sauce behind the charts and graphics that media outlets increasingly use to tell stories. The ability to offer credible data in a digestible format can set firms up as trusted sources for journalists.
- Expert commentary: Subject matter experts who can answer questions about complex topics in clear, simple language will always be in demand.
- Regular contributors: Both The Age/SMH Money section and the AFR’s Smart Investor section rely heavily on external contributors to fill their pages. If you have an idea (not just a product-push) that will add value to readers, then Honner’s specialist writers can help you shape it into a final article and pitch it for publication.
- Client insights: Journalists will often ask: what questions are you getting from your clients? Insight into the thoughts of the investing public is valuable information that can help reporters shape their stories, presenting opportunities for private wealth firms and financial advisers.
As for the topics that most resonate with wealth editors, retirement now ranks alongside perennial favourites such as superannuation, investing and property. The swathes of baby boomers and Gen Xers quitting work has created voracious demand for information for anything from downsizing to retirement income, estate planning and simply how to live your best life in older age.
Honner has three former wealth journalists on staff who are experts in understanding what makes a good story in this space: Alison Kahler (former AFR personal finance editor), Darren Snyder (former Money magazine managing editor) and Zoe Paterson (former AFR Smart Investor deputy editor).
To find out more about how Honner can help tell your story in the wealth press contact Alison Kahler – alison@honner.com.au