Sept. 12, 2017
In its 2016 Social Advisory Study, Putnam Investments found that 85% of financial advisors are using social media for business, up from 80% in 2015. It makes sense that more advisors are finding value in social media, given the roughly five million U.S. and Canadian high-net-worth investors who use social media to help them make financial decisions.
Not only are financial advisors leveraging social media, they are finding profitable gains as a result of doing so. Also noted in the study:
Of the social advisors, 80% of them attribute gaining new clients a result of their social media presence.
For advisors with an AUM of more than $100 million, 35% of them reported that social plays a significant role in their marketing.
82% of advisors managing $100M+ have gained new clients using social media.
Social advisors saw a median gain of $4.7 million and an average gain of $8.3 million.
56% reported that social media has increased their business building efficiency significantly.
Post original and 3rd party premium content across multiple platforms
There’s a good chance you’re already delivering an investor e-newsletter or publishing a regular blog. You’ve done your research and drawn from personal expertise to deliver a quality product that’s relevant to your client base. That’s a great first step, but don’t stop there. If you do, the only people who see your newsletter or blog will likely be the people on your email list or those who happen to stop by your website.
Instead, share this quality content on LinkedIn, Twitter, Facebook, and any other social media platforms you use.
Where’s the best place to share? Arguably, LinkedIn remains the primary social media platform for business networking, so it’s a great way to build your credibility as an advisor and make connections. However, Twitter and Facebook are also strong choices for building thought leadership among your client base and generating new leads.
There are many platforms to choose from, but you don’t have to be everywhere at once. Focus on the two or three channels that best fit with your business and build out from there.
Share content from credible sources
If your content is relevant and engaging, others will share it with their broader networks. This “word of mouth” exposure is one of the biggest benefits of social media. Similarly, share quality content from other credible sources. If something made an impression on you, it will likely have the same impact on clients prospects.
Prioritize relationships over sales
Social media isn’t a hard sales tool. However, it is a way to build connections that may eventually translate into new business. Treat every interaction you have on social media like a two-way conversation, not a sales pitch or lecture. One way to do this is to engage with other advisors, industry experts and clients by joining and participating in LinkedIn groups and following like-minded people on Twitter and Facebook. Finally, remember that a healthy (but professional!) dose of humour never hurt anyone.
Establishing a strong and consistent social media presence is one of the best ways to build connections and reach existing and potential clients. Extend your reach by putting these best practices to use.
To learn how you can post the most relevant, credible, and current content to your social media channels and build your online brand, schedule an AdvisorStream demo today.
Sources:
- Putnam, "Advisors ARE Social"
- LinkedIn, "Social Media's Growing Influence Among
High Net Worth Investors"