Consuelo Mack and investment advice on television

TALKING BIZ NEWS EXCLUSIVE

Consuelo Mack is anchor and managing editor of “Consuelo Mack WealthTrack,” a weekly, half-hour public television program started in 2005 that appears on 98 stations across the country.

Before developing “WealthTrack,” Mack spent more than a decade at The Wall Street Journal as the anchor and managing Editor of its weekly syndicated business program, “The Wall Street Journal Report.”

Mack also played a critical role in CNBC’s strategic alliance with Dow Jones, the parent company of The Journal. Anchor of a morning show, reporter for a daily “Strategy Session,” she also anchored “Louis Rukeyser’s Wall Street” in its final months on both CNBC and PBS.

Mack was also a founding partner of “Today’s Business,” where she was the sole anchor and executive editor of television’s first daily, nationally syndicated business news program. She was founding news editor and co-anchor of “Business Times,” the first national morning business program. In its first year “Business Times” won the ACE award, cable television’s highest honor.

Mack talked via e-mail to Talking Biz News recently about her show and her thoughts about business news on television. What follows is an edited transcript.

How do you try to differentiate your show from other business and financial shows on television?

Easily! “Consuelo Mack WealthTrack” is the only program on television that focuses on building wealth over the long-term through diversified investing. We take a holistic approach and cover all of the investments people care about including stocks, bonds, cash, insurance, real estate, art and collectibles. We interview the acknowledged experts in all of those fields who are vetted for both their long term track records and professional reputations.

There is a reason we are called the “Cramer antidote”!

What is your opinion of other investing shows on TV?

There is a place and audience for all of them. However, most focus on short-term stock picks, which is fine for professionals and day traders but is not appropriate for the vast majority of individuals who are trying to build financial security.

How can business journalism change to where it’s not focused so much on the day-to-day in terms of investing?

Just make the decision to do it, as we have! Easier said than done, however. If you have a daily show, or daily live schedule to fill as a network the news is your content and salvation. It’s also cheaper to cover. “WealthTrack” has the luxury of being a weekly program on public television, so we can have thoughtful conversations with exceptional people and focus on long-term value instead of ratings.

How do you keep coverage of the markets fresh when it seems the same thing happens almost every day?

As I recently wrote in my weekly newsletter, found on www.WealthTrack.com, “There is never a dull moment in the investing world.” We try to focus on the forest not the trees and the forests are changing rapidly. There is what we call “a new world” order developing in economics and finance with huge ramifications for investors. There is no problem in keeping things fresh; they are!

One of the guests on your first show this year came from a sponsor. How do you try to avoid the appearance of influence?

I have researched and interviewed the vast majority of “WealthTrack” guests for many years, way before founding “WealthTrack” five years ago. If their firm becomes one of our handful of sponsors we do not hold it against them. They are there because of their independently acknowledged expertise and track record, and we always disclose that their firm is a sponsor should that be the case.

How are the guests picked on your show, and how do you keep them away from marketing themselves?

We receive many pitches for potential guests, most of which we turn down. We choose our guests carefully based on independently verified track records, reputation among peers and long term success.

How does business and investing news on TV compare to other media formats?

It’s on television! Seriously, most TV tends to be sound bite oriented. “WealthTrack” is not.

What’s the biggest change in business journalism you’ve seen since you starting doing your show?

Advertising in general is gravitating away from print to electronic media. Business has been particularly hard hit. The blogosphere has exploded. As far as content on television it’s become more entertainment and less journalism, with the exception of “WealthTrack” of course!

How much advice do you try to give viewers vs. just steering them into making better decisions with their money?

We provide context, analysis and a long term perspective. We don’t give advice per se, except our guests are asked to make a “One Investment” recommendation, that everyone should own some of in a long-term diversified portfolio. I also provide a suggested “Action Point,” an action our viewers might want to take to build wealth over the long-term.

What’s the biggest issue in doing an investing show?

For “WealthTrack,” it’s getting the very best guest for a particular topic. So far we have succeeded in attracting top professionals who rarely appear on television but will come on “WealthTrack” because of our format, focus and mission, which is to help individuals build wealth and financial security over the long term.