It’s the job of a journalist to bring light to stories and people, but it’s not often they are in the spotlight.

At PritchittBland Communications we’ve kicked off a special blog series where we put the spotlight on Australian financial journalists and dig a little deeper to find out where they’ve come from and what drives a good story.

See it from their perspective and read the interview with our first guest, a legend of financial journalism – Greg Bright.

Why did you decide to go into journalism?

I’d always wanted to be a writer, for as far back as I can remember. I think the lifestyle sounded glamorous, with the prospect of fame as well. It was never then, nor now, for the money. Early on in my career I was told journalism was fun, that’s why you didn’t get paid much. In my late teens I thought I could help change the world too – it was the 70s after all.

What about the finance industry interests you the most?

I think like a lot of people starting a career, I just wanted to get a foot in the door. That was the hard bit. So, I was prepared to take anything.

I probably would have preferred politics or even sports, but since I had an economics degree, the editor at Sydney’s Daily Mirror, an afternoon newspaper which merged with the Daily Telegraph as afternoon papers died off, decided I should go into the four-person business and finance section. Later, more experienced journalists talked me into sticking with it because of better promotion prospects and job security.

As I’ve said to many of the younger journalists I’ve had the pleasure of working with over the years, most stories come down to being about people. You’re not writing about investments so much as you’re writing about the people behind them. And when you stick with one field, be it investments or sport, you get to know a lot of the main participants very well, which makes reporting on their activities more interesting.

What are you looking forward to seeing happen in the financial landscape in the next 5 years?

The main development I’d like to see in the investment world, in which most parts of the financial services sector can participate, is for a sustainable investment in affordable housing. Various schemes have been tried and failed, back to John Howard’s time as prime minister. Hopefully, the new government’s attempt is successful, particularly in harnessing some of the investment power of the big super funds.

I’d also like to see more common sense from APRA, now under new leadership, in its interpretation and administration of regulations, such as the ill-conceived YFYS performance test, and better enforcement of existing laws with respect to certain bank and insurance company activities. Otherwise, I’d like to see a brake on regulatory change which impacts super. No more tinkering please.

What makes a good story?

All journalists, from recruits straight out of journalism school to old hands with lots of experience, struggle to answer the simple question: ‘what is news?’. They can usually tell you the ‘five Ws’ for an intro to a news story, written pyramid style: Who did What, Where, When and Why. And/or, if appropriate, to Whom. And if you can fit it in, Why.

With the specialist press you have to be different from the general news media, showing more insight and, if possible, putting an event into broader context for the industry. You can take advantage of better contacts for background and should do so.

I like history and usually try to include a historical perspective. One popular definition of news is ‘the first page of history’. Another is ‘news is news is news, and if you were a journalist, you’d know what it is’. But remember: ‘every newspaper story ever written was 100% accurate, except to the handful of people who knew what actually happened’.

The old BRW magazine had a great tagline under its masthead which I’ve borrowed in the past – ‘News You Can Use’. It says a lot about the title’s approach to its readers, being truly helpful in making their reading experience worthwhile, which is a great aim. I don’t often quote Rupert Murdoch but he is/was a great ‘newspaperman’ in the sense of making a business out of newspapers when others couldn’t. He once said words to the effect: ‘A good newspaper is one that treats its readers well’. I think it’s the emphasis on readers that matters most. Advertisers and sponsors are essential, but the readers’ interests must be paramount.

For specialists, too, I think journalists should know their readers well enough to know what they should be telling them, what matters to them and also what will occasionally titillate them. The media has to be entertaining as well as informative. As the great editor of The Age newspaper, Les Carlyon, liked to say: ‘you are taking the reader by the hand’.

What advice would you give to executives when they are talking to the media?

From a business perspective, talking to the media is no different from talking to other parties who may or may not be interested in who you are and what you’re doing.

Firstly, as always, get advice from professionals. A lot of PR people are former journalists and all of them should at least have a good understanding of what journalists are interested in and what particular journalists may be particularly interested in.

In the investment world, don’t overdo your firm’s macro views – they are invariably largely consensus views anyone can get through corporate newsletters. Try to come up with something a bit different. Talk about plans for the future, perhaps about what makes your firm different, if it genuinely is different.

Also in the investment world, specialist PRs really are best. Some fund managers make the mistake of going with a parent’s global PR firm, often handling Australia out of Hong Kong or even London or New York. They are never as good at it as a local specialist.

And if you are on the defensive about something – poor performance or having to lay off staff – it’s always best to still front the media. Silence, not returning calls, are bad options. Some PR people or firms specialise in crisis control. It’s good to get their advice when necessary.

Increasingly, journalists are aware of the clicks on their stories, so a catchy phrase or metaphor can work well; similarly with sound bites for broadcasting. My view on press releases, though, differs from that of a lot of journalists I know. I think they should be informative, with a lot of detail. Don’t try to be too cute. If you have a good/witty line then save it for a direct quote.

A bit more on Greg Bright

Greg Bright recently retired from full-time journalism after 46 years, for the most part as a journalist and publisher of specialist superannuation and investment magazines, newsletters and websites. He started in newspapers in the 1970s – the Daily Mirror, the Sydney Morning Herald and the Australian Financial Review – and moved into specialist or trade press in the 1980s. Titles he launched include Encore for the film industry, (his first magazine), followed by Super Review, Investor Daily and Investor Weekly, SMSF, IFA and Professional Planner, Investment magazine, I&T News, Top1000 Funds and Investor Strategy News.

Catch Greg on LinkedIn