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Top 5 Secrets to Increase Your Finance Audience with Social Media
Many financial advisors have been hesitant to use social media to help grow their businesses due to the fact that they feared for breaking the rules and regulations of the financial industry. However, the good news is, once those in the industry understand how social media marketing for financial advisors can work for their benefit without having to break the rules – they will see how much they would be losing out by not taking advantage of this.
In fact, a study that was conducted not all that long ago
showed that out of the 85 percent of financial advisors that used social media
to help grow their businesses – about 80 percent of them ended up gaining new
clients through that method. Once the tactics of internet marketing for
financial advisors is understood, then they can see how well they can
potentially do. Let’s now look at the top 5 secrets on how financial advisors
can connect with their audience through social media – and be able to become a
heavy influence on them as well:
1. Be Sure to Understand the
Policy Your Company Has On Social Media
This is the one thing that has gotten
financial advisors into trouble in the past which was discussed previously, and
this is why there has been a lot of fear around this. However, because of the
fact that utilizing social media is a powerful way of marketing for businesses
of any niche – most financial firms are on board as well.
Even with that being the case, that does not
mean that these firms do not have their own corporate policies. It is the
financial advisor’s responsibility to understand that policy by contacting the
compliance department and to ask questions. They can talk to colleagues as well
and better yet to attend any type of social
media marketing for financial advisors training at the firm or online.
2. Determine The Main Target
Audience Which Will Have an Influence On the Platform Used
There are a large number of financial advisors
that specialize in certain niches that would either be fitting for healthcare
professionals, high tech founders, or entrepreneurs in general. The financial
advisor needs to choose the social media platform that is used mostly by his or
her potential and existing clients. For instance, if the financial advisor
specializes in helping entrepreneurs, then he or she will want to focus on
creating a presence on LinkedIn because that is the most popular platform for
3. Create A Personal Brand
For those who are not overly familiar with
social media, this concept can be difficult. However, it does not need to be at
all. Defining one’s personal brand really boils down to defining one’s special
talents, as well as an area of expertise that can help a potential client
succeed. It is also important for financial advisors to show their authentic
selves by putting their personal interests out there as well.
That means it is advisable for the financial
advisor to put it out there if they are a fan of the Rolling Stones, or love to
bake, or love reading Sci-Fi books. It may seem counterintuitive to do that
because it may sound as if adding those things make the financial advisor
appear to be unprofessional. That is quite untrue, and adding those personal
interests actually brings warmth which also increases the chances of engagement
and a higher following. When personal interests are not added to the profile,
then that reduces the authenticity and creates more of a colder feel to the
profile which can reduce the number of followers and engagement.
However, it is always best to never add
anything about politics, religion, or anything that is considered to be
controversial. That can be harmful as well.
4. Create A Professional Profile
That Is Compliant with The Firm’s Social Media Policy
An important aspect of social media marketing
for financial advisors to learn about is how to create a winning and engaging
profile while being compliant with the firm’s social media policies. The first
step is to always invest in a
professional photograph of the individual. In fact, this is the
key element of the social media profile of the financial advisor. That means
the photo will not appear professional if it is just a random selfie that is
taken through a smartphone. The same
applies when it comes to using a picture of a pet, kids, scenery, or a cartoon
as the profile picture. That is because it must reflect how the advisor appears
when he or she is meeting with clients.
Secondly, when it comes to filling in the text
content of the profile, that is when the financial advisor must find out what
is permitted with the firm’s social media policy. When it comes to branding the
firm, the financial advisor may need to use a paragraph that is pre-approved to
describe the firm. And, if the financial advisor is using a LinkedIn account
for social media marketing, then the endorsements, recommendations, or skills
may have to be hidden. Otherwise, it may appear to be a testimonial.
Additionally, once the profile is complete, then the firm will need to review
it before the financial advisor can start any social media marketing campaign.
5. Begin to Build the Network By
Being Authentic, Engaging, And By Providing Value
The financial advisor just had the social
media profile approved by the firm. The next step is to begin building the
network. The first thing to do is to learn how to create a presence online by
observing what competitors are doing. Then take some tips from them if they are
receiving a lot of engagement and have plenty of connections or followers. The
next step is to start engaging with others by joining in on conversations and
even congratulating competitors for a milestone that they had achieved. Share
useful information and content that would be valuable to others, and be sure
the content that is being shared is permitted by the firm. Content should be
shared every 3 to 4 hours so a presence is created but does not overflow the
feeds of followers and connections which would lead to many of them
It is also highly important for financial
advisors to remember to share their authentic side. This means if one had taken
a day trip to a beautiful park, then that should be shared because it is
engaging content. The 80/20 rule applies when it comes to the type
of content that must be shared on social media for financial advisors and for
any professional. That means 80 percent of the content must be informative,
valuable, and niche-related, and 20 percent can be off-topic, personal, or
promotional which will depend on whether the firm’s policy will allow it or
not. However, once again, it is important to remember to never share anything
that is controversial, dirty, political, and religious. That will hurt the
financial advisor’s social media marketing efforts.
To sum that up, that means in order to win at
social media marketing, the financial advisor must always be professional, engaging,
share valuable content that goes along with the firm’s policy, and show the
authentic side. And most importantly, the consistency must be daily because
that builds trust. And when trust is built among new connections and followers,
that creates opportunities for more business and clients.
When it comes to social
media marketing for financial advisors, it has to be done right and must be
done in a way that is compliant with the firm’s policy in order for it to be
effective. However, when it is done the correct and powerful way, the rewards
can be fantastic.
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