I just re-read an article from Investment News
posted last fall trying to refute the need for financial and investment advisors to be using social media. The author claimed that all of the hype for social media was coming from us “social media experts” (his words, not mine) essentially trying to pitch our value and services.
Of course, he failed to mention that he represents a financial advisor marketing company steeped in more traditional marketing services. And, according to his firm'sr website, they, too, offer social media marketing services. Which begs the question: If iadvisord do not need to use social media, then why is his firm offering such social media consulting services?
If they are not covinced of the need for advisors to use social marketing, why are they taking clients’ money to consult on it?
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There were some really good comments and not one of them agreed with the author. The comment that stood out most and that I agree with 100% is that, while social media is often presented as marketing tactics, it does represent a fundamental shift in communications with clients and prospects moving forward. That part is not going to change.
The people now control how and when they will let you communicate with them. If you want to communicate with them, you have to go where they are; they aren’t coming to you. You can choose not to meet them in the social media world, which just means that they will likely choose another advisor who will. Worse yet – and research does bear this out – if you’re not there and your clients are, then they may be leaving you to work with an advisor who they find in social media.
I know…you’re busy being a financial advisor (I’ve been there myself
). You don’t have time to be a social media expert too. That’s why I really only advocate for the usage of LinkedIn for most financial advisors. Don’t get me wrong, I do believe there is a time, a place and definitely value in using the other social media channels. However, when you’re talking about limited resources (time and money) and wanting to be able to access the best possible prospect pool to increase your likelihood of a high ROI, then LinkedIn is the place to be.
1. It has the best demographic of any of the social media. There are many different studies with varying statistics. When combined, they tell us that the average member salary is nearing six figures, 69% earn $60,000 or more, over 70% have a college education and approximately a quarter of them have a graduate degree. You’re not going to find a prospect pool like that anywhere else.
2. You can very strategically “hunt” on LinkedIn for prospects. LinkedIn is the only social network that allows advanced searching of your network all the way out to the 3rd degree. Want to know if anyone connected to your friends on Facebook or Twitter are small business owners or c-level executives? Have fun looking at each person one at a time to figure it out. With LinkedIn, you have a sophisticated Advanced Search functionality to find the prospects you want and see how you’re connected to develop the strategy to get introduced. Oh…and because things get busy, LinkedIn will send you weekly notifications of the new prospects you should check out.
3. The “farming” tools allow you to establish yourself as the expert and stay front of mind with your connections. That way, when the time comes that they need a financial advisor they will hopefully think of you first. Additionally, the visibility you get to the “right” people when your connections share your content is exponentially better than the visibility opportunities available in Facebook or Twitter.
In the webinar I’ll be hosting for Advisors4Advisors, I’ll be demonstrating the key tactics that you can implement immediately to start getting results with LinkedIn. Want more? Andy and I have partnered up to share a special version of my online video training program LinkedIn for Financial Advisors
that you can register at special pricing to take advantage of to learn everything you need to know to leverage this tool.
It really only takes baby steps and starting with the strategies and tactics that will give you the best ROI. The webinar will give you the baby steps you need.