'According to a recent survey, 85% of financial advisors use social media for business. 80% of these “social advisors” gained new clients resulting in nearly $5 million in average asset gain directly attributable to social media use. 85% also said that social media shortened the selling cycle. For these advisors, social media is no longer an option, but a proven tool used to gain new business and to build closer relationships with clients.
Are you ready to step off the sidelines and become a "social advisor" to build your business? Here are 15 tips help you use social media effectively, while complying with the rules and regulations in the financial industry:
- Understand your company’s social media policy. Most firms at this point have moved beyond “no” to allowing their associated persons to use social media in some way. Read and make sure you understand your corporate policy. Contact your compliance department with questions. Speak with colleagues. Participate in any training that may be available at your firm or online.
- Define your audience. Many financial advisors specialize. Do you target high tech founders? Healthcare professionals? Business owners? High net worth multi-generational families? Select the social media platform used by your clients so you can communicate in the manner your clients want to communicate.
- Define your personal brand. This is often the hardest concept to grasp for newcomers to social media. This is simply a consistent reflection of who you are. Define your special talents and areas of expertise that help your clients succeed. And importantly, reveal your personal interests and show your authentic self. Whether you are a rabid Bruce Springsteen fan, competitive bicycle racer, or volunteer for a good cause, include that too. Be careful though. It’s best to avoid politics, religion or controversial opinions to avoid excluding possible clients that hold a different view.
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