Comments on: Pay to Be a Financial Expert on Television

By: Sanyika Calloway Boyce

Sanyika Calloway Boyce — Wed, 07 Jan 2009 01:25:33 +0000

As a frequent guest on a national TV show that often refers to me as, “our financial expert” (although they’ve featured Suze, Dave, Robert as well as countless other financial experts on the show) I have NEVER been asked to pay a fee for the “title” of being their regular guest expert or go-to person.

In fact, one of my TV producer friends told me that to ask for an “appearance fee” would be an insult because the “unspoken rule” is that you are getting millions of dollars of free publicity for being on their show, not to mention an implied endorsement.

As an author and entrepreneur I am a huge fan of leveraging the media, especially television to add creditability to your brand and spread your message in ways that would be slower in traditional marketing. While there are many pay-for-placement PR services out there that will get you on TV. I’ve found the success of good ole fashion relationship building and proving your value to producers to be the best way to go.

I’d have to say that it’s not that “you can’t trust appearances,” as much as you have to do your homework, know what kind of information you need, and know that unless you were in a one-on-one session with the financial planner they’re probably not going to be able to give you specialized attention in a 3 minute segment.

By: fathersez

fathersez — Sat, 01 Nov 2008 08:32:33 +0000

I am also a little shocked by this post. I have always thought that news should be news and paid for stuff come under ads. (which I think are quite truth stretched at times.) Looks like some news are actually ads.

In fact, the so called expert should make a statement that this is a paid for appearance, or something like that.

Regards

By: Ginger @ Girls Just Wanna Have Funds

Ginger @ Girls Just Wanna Have Funds — Mon, 13 Oct 2008 18:27:49 +0000

Oh no, no the resident expert working for the station.

Even then, it still doesnt make sense why someone would pay to be the resident expert.

By: Flexo

Flexo — Mon, 13 Oct 2008 18:23:48 +0000

Ginger: This is a bit different than an interview — this practice is for those who the news program keeps on call as a “resident expert…” something they’ll give you a title for, giving the impression you *work for* the station. I haven’t seen your appearances. Did they give you a title and present you as someone “from” the news program, or did they interview you as someone from the “outside” who has done something newsworthy?

By: Ginger @ Girls Just Wanna Have Funds

Ginger @ Girls Just Wanna Have Funds — Mon, 13 Oct 2008 18:12:34 +0000

Really? I’ve been featured as well on local and national media shows but Ive never been asked to pay for my appearance. I just did an interview and uhmm nothing of the sort.

I wonder exactly WHO had to pay their pay to get on the show? This is news to me.

By: Flexo

Flexo — Mon, 13 Oct 2008 15:15:53 +0000

YoungMoneyTalks: I guess that depends on what a news program is. If it’s a public service, then I would consider this practice unethical. News programs may appear to be a public service, but they’re not. They are entertainment programs, competing for ratings and selling advertising space just like any other program on television. The more creative you can be with advertising space (such as by selling the position as “expert” to the highest bidder), the better it is for business. It’s an ethical grey area, and it’s not the only way that news programs sit in an ethical grey area.

By: YoungMoneyTalks

YoungMoneyTalks — Mon, 13 Oct 2008 15:07:09 +0000

Call me naive, but I’m a little shocked by this. Unless the television station discloses that they are being paid by their so-called “expert”, doesn’t this raise a few ethical red flags?

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 13 Oct 2008 14:12:27 +0000

Flexo – They do this with lawyers as well.

The broadcast media have two problems with personal finance “experts.” They let the locals pay their way on the air and they spend too much airtime featuring the Dave Ramsey and Suze Orman types, who haven’t said anything new in ten years.