Advisors Turn to Substack to Tune In New Clients

A popular newsletter platform is becoming the latest online theater for financial advisors to get in front of new clients. 

Substack, where writers can build an audience via blogs and podcasts, has become a hot new place to reach clientele. Whether that’s via free or paid products, the tools are quickly transforming how advisors reach out to prospective clients — and, for some, turning into a lucrative side gig. 

Substack launched in 2017 and currently boasts more than 35 million active subscribers; over 3 million pay for content. While there are financial newsletter products available to readers for free, some advisors are charging monthly for access to their insights and premium content. Some of the more notable financial Substack accounts include Brinker Advisor, The Boock Report, and The Advisor, among many others.

Build Your Stack

Newsletters are an age-old way for advisors to talk to clients. Generally advisors inform investors about what’s going on in the financial world and how their portfolios are being kept safe and sound each month or quarter. That’s a great way to maintain relationships with current clients, but what about attracting new ones?

“I’ve seen the value in sharing thoughts online to make me more discoverable and to make it easier for prospects to understand how I’m thinking about financial matters,” the Atlanta-based advisor Russ Thornton, who runs the “Wealthcare for Women” substack, told WealthManagement.com last month. More than 9 in 10 advisors use online platforms or social media tools for business and marketing purposes, according to a Putnam Investments survey released last year. 

Like and Subscribe. Much of advisors’ social media presence is concentrated on LinkedIn, which is known for being a space for professional and career-oriented content. But, the next generation of clients may be active on other forums as well:

• According to a CFA Institute survey, 37% of Gen Z investors (those born between 1997 and 2012) cite social media influencers as a major factor in their decision to start investing.
• Roughly half of all the finfluencer (financial influencer) content out there can be classified as investment guidance: Individual stocks, index funds, and ETFs are the most commonly discussed topics. 

Be a Good Finfluencer: Advisors can’t just go spouting off financial advice and predictions willy-nilly. The Financial Industry Regulatory Authority has rules against that, but they’re easy enough to follow: no false or misleading claims, exaggerated statements, or material omissions. Essentially, don’t say anything online you wouldn’t say in your office.