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OIC's Wide World of Options: Still Hearing it on the Radio
For Joe Burgoyne, hosting a new show on the Options Insider Radio Network was the best way to extend OIC's mission of education to the widest possible audience, including financial advisors. "Advisors have to have belief and confidence in the options product itself, before implementing for their clients," he said. "I think education for the client and the advisor is very important."
Joe is the Director of Institutional and Retail Education for OIC. He has plenty of experience talking to groups ranging from college students to institutional investors. So, who should be listening to OIC's "Wide World of Options" on the radio?
"Anybody and everybody!" Joe laughed. "The show is designed for anyone looking to deepen their understanding of options. I always try to have something that can be useful for everybody. One show might have an OIC instructor explaining what the Greeks are and how they work, and another will have an industry leader from one of the exchanges discussing the latest Greek option strategies."
Diversity of Focus
"It usually alternates with the other guest segment, Profiles & Perspectives, where we interview exchange representatives or other industry pros," he continued. "We don't really focus on options strategies; there it's more about the exchanges or firms that they represent and initiatives that they may be bringing to the marketplace, coupled with how they view options education and the different resources that these particular entities offer.
"The three shorter segments include Industry Happenings, which talks about new products and events that are going on in the options industry. Then there's Looking Back, because I've been in the business a long time and I like to talk about some of the significant things that have happened in the options business as well as the stock market, from the mid-70s on. Finally, there's Tools, Resources & Good Reads. Again, from my long career I have certain techniques and resources I can share. I also try to offer a new options market-related book in each show."
The Voice of Experience
Joe's folksy demeanor on air belies 30 years of experience in the financial services industry. This ranges from 20-plus years on the old Philadelphia Stock Exchange options floor to running the marketing campaigns for iVolatility.com. A few years ago he was the moderator for the Options Talk With OIC podcasts, 85 short, single-topic shows that were put out by OIC. This time, he decided to try a different outlet.
"When I came up with the idea of a radio show, I investigated live radio vs. Internet," he said. "It was a no-brainer to go Internet, for many reasons: you don't have to be listening live, it's easy to find, and you can subscribe to it and play it wherever you like. We can obviously still promote to our OIC family but we wanted additional reach. Mark Longo [former CBOE trader, owner of the Options Insider Radio Network, and Joe's guest on the third show] has been a very strong advocate for the industry, so we just felt we'd give him the first opportunity with this program."
Joe is pleased to report that in June 2013, the first month, the show recorded 9,000 downloads, and that the figure grew by over 500 downloads in July. The 30- to 45-minute show is released bi-weekly and can be found on the OIC and Options Insider websites or downloaded on iTunes. Listeners are welcome to leave feedback on its webpage or via iTunes.
"What I was really interested in was having more time for things like Strategy Spotlight, which is probably my favorite," Joe continued. I've noticed that investor interest in options is in turn driving their advisors to the options market. Advisors want to learn more, but there are not enough hours in their day, however, I think that just by listening to the Strategy Spotlight segment, they can take away some really useful information."
Joe's experience lets him have his pick of knowledgeable guests. Recently, he has spoken to Barry Nobel and Mike West of NASDAQ OMX PHLX, Alex Jacobson of OptionsXpress, Peter Lusk of the CBOE's Options Institute, and fellow OIC instructor Todd Wilemon, among others. "Actually, I think I might run out of strategies to talk about before I run out of people to talk to!" Joe said. "In the near future, I want to reach out to different representatives from our many OCC members as well as various brokerage firms."
"There are a lot of folks who work behind the scenes in the options industry and I enjoy the opportunity to bring some of those names and personalities to the audience. I think having a free-flowing interview can make people feel more comfortable with the options product. I like to end each interview asking for either a funny insider story or some words of wisdom, so my listeners can get a better sense of the people involved."
"Don't overcomplicate things, and don't put pressure on yourself, an advisor does not need to know everything about the options space," Joe told his advisor listeners. "I believe that your options education really starts with a risk assessment. If you as an advisor can define your client's risk profile, you can really focus on what you're comfortable doing when you start looking at options.
"Obviously, there also has to be a meeting of the minds between you and your client, but I think it all starts with narrowing the huge universe of options strategies to best suit that risk," he concluded. "Once you've dramatically reduced the universe it's much easier to manage those strategies and improve your skills. My show aims to give you the confidence and knowledge to present them to your clients, or to be ready if your clients bring options questions to you."
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