Social Media Adoption By RIAs and Broker/Dealers

Sunday, January 29, 2012 20:06
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Social Media Adoption By RIAs and Broker/Dealers

Tags: broker-dealers | client communications | independent broker-dealers | investment advisors | RIA compliance | RIAs | Social Media

Investment advisers and independent broker/dealers are adopting social media as I expected they would: B/Ds are using crappy content and automation technology, while the large majority of RIAs mostly ignore social media marketing.

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Broker-dealers made the same mistakes 15 years ago in adopting registered representative websites. They approached it as a compliance- technology issue. The BDs struck deals with vendors with almost no regard for content. To this day, most financial advisor websites read like reference books.

 

RIAs meanwhile are also behaving as expected. A large majority of RIAs are making no serious effort at social marketing.  RIAs are always very slow to adopt new ideas. Most investment advisors know social media isn’t a fad but have other ideas about how to spend marketing dollars. Most IA reps laugh at the idea that anyone would give you $1 million to manage after meeting you on LinkedIn.

 

While this assessment of BD and RIA social media marketing is valid, this artticle plugs Advisor Products solutions and that's why it's posted on the Advisor Products Marketing & Technology Blog.   

 

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