"With the banking crisis, severe market downturn, hubris and outright fraud dominating the headlines, there is a great deal of fear and uncertainty that needs to be addressed through tangible actions and clear and credible communications," said Bill Haynes, president, BackBay Communications.

Mr. Haynes said, "All financial services firms, regardless of whether they are having financial troubles, need to adjust their communications to address marketplace anxiety. Those firms that can offer reassurance through words and deeds will be best positioned for success."

The poll also found that business journalists viewed their biggest challenges as: getting financial services firms to communicate in a downturn (48 percent), finding the time and resources to cover the news (47 percent), and knowing who to believe, (39 percent).

According to the financial reporters polled, the most common mistakes by financial firms that lead to negative media coverage include: failure to communicate newsworthy developments promptly and honestly (79 percent), not responding to calls or e-mails seeking commentary (76 percent), and evasive responses, (70 percent).

"Today's corporate communication executives should highlight their company's unique developments and discuss strategies they are using to deal with the economic downturn," said Michael Nowlan, president and CEO, Marketwire, Inc.

In Mr. Nowlan's opinion, "Press releases are a very effective way to maintain consistent, credible communications with all stakeholders at all times, but particularly during uncertain times."

The survey takers added that when communicating during a crisis, the most common mistakes made by financial services firms include: lack of communication (86 percent), not providing access to senior leadership (61 percent), and incorrect or dishonest communications, (60 percent).

In crisis communications, financial reporters told the survey it is most important to communicate in a timely manner (89 percent), communicate honestly (85 percent), and provide access to senior leadership, (67 percent).

Survey respondents said the best ways for financial services companies to receive positive media coverage is through developing relationships with reporters (78 percent), having company executives available to discuss industry trends (78 percent), and developing studies on marketplace issues, (58 percent).

The best ways for firms to communicate, according to those polled:

The primary sources for reporters' article ideas and best ways for businesses to communicate, the poll found, are: direct communications from companies (76 percent), commercial wire services (70 percent), and their own outreach to companies (52 percent), also e-mail (80 percent), Web sites (66 percent), and news releases sent over wire services, (59 percent).

The poll found private equity and venture capital firms were not seen as good communicators. No journalists rated these firms as excellent, and only 30 percent said their communications capabilities are good, while 23 percent rated them poor and 48 percent fair.

The online survey was sent to primarily North American financial services journalists between February 3 and 24. Of the survey respondents, 94 were from the United States, 10 from Canada, 4 from the United Kingdom, and 1 from India.

For a complete copy of the study contact Bill Haynes at: [email protected], 617-556-9982, x224.