Financial advisors everywhere are catching onto the power of social media in their marketing campaigns. In fact, your competition may already be online! If you want to catch up, you may have questions. Read on for our answers to some of the most common questions asked by financial advisors.
Is social media really appropriate for a business like mine? A popular misconception is that social media is just a way for people to share photos and updates with their friends and family. Not true! Social media is all about being social – forming relationships and having conversations. As a financial advisor, you’re already accustomed to the idea of marketing yourself through networking. Social media is just another way to accomplish that goal.
Is my target demographic on social media? Yes! According to Pew Research Center*, social media use among the 50-and-up crowd nearly doubled over the past year, from 22 to 42 percent. Half all all internet users from age 50 to 64 use social networking sites.
What about compliance? Good question. You do need to make sure your social media presence is compliant. But it shouldn’t be all that difficult. Ask your current compliance provider if they have a social media program. Odds are, they do! Keep in mind that you will also need to educate your employees about proper social media use.
Okay, I’m on board. How do I get started? No two social media strategies are exactly alike, but the following steps should get you started.
- Start a blog. Blogging is the most important form of social media viagra 200mg. It’s where you have free reign to express your opinions and give advice.
- Analyze the needs of your target audience. What type of posts will interest them? You may want to observe the types of material that garner a lot of likes and shares, and make a plan to offer competitive content.
- Choose your social media platform from your available options. We find that LinkedIn and Facebook are great choices for financial advisors, but remember not to take on more than you can realistically manage.
- Decide upon a schedule, and commit to posting on social media on a regular basis. For example, you might decide to post a link to your blog every Thursday.
- Incorporate email marketing. People tend to think that email is not social media but anything that facilitates communication between you and your clients/prospects is, by definition, “social”.
When can I expect to see results? Keep in mind that your primary goal is to gradually grow your network of contacts, create a trustworthy online presence, and establish yourself as a knowledgeable expert. It’s difficult to translate these goals into tangible evidence that your marketing strategy is working – at least in the beginning. But as your audience grows, you will begin to see an increase in your referrals, higher web traffic, and more prospects converting into clients.