The only thing to look out for (in an ad that is sent as a JPEG) is that this method can put a bit too much black in the lighter tones of any images that might be in the ad. We had an ad for a local hospital that was sent as an image rather than a PDF with fonts, vector objects, etc. When I used this technique to convert it, the doctor in the ad came out too dark. This can be corrected by tweaking the black channel.
Here are the steps …
Step 1: Convert to profile (this works if you're in RGB or CMYK).
Step 2: In Convert to Profile dialog box, click on Advanced.
Step 3:In Convert to Profile Advanced dialog box choose Custom CMYK for the CMYK profile.
Step 4: In Custom CMYK dialog box, choose Maximum for the Black Generation setting.
Step 5: OK everything and make sure you embed the profile when you save the photo. Also make sure not to convert the file to your working CMYK color space if you open the file in Photoshop again. You should get a profile mismatch warning when you open the file and you need to use the embedded profile instead of your working CMYK.
Let me know if any of this is confusing.