Social Media for Financial Advisors: Common Questions

Written By : Clifford Blodgett

Financial advisors all over the country are catching on to the power of social media to boost their marketing campaigns. But while most advisors realize the value of social media, many may still be confused about how to actually go about utilizing it. If you’re facing questions such as how to actually get started with social media, or what to do about compliance, read on for answers to common questions.

How do I get started? Many blogs about social media focus on the benefits to your marketing campaign, but few give you step-by-step instructions on how to actually get started. Everyone needs to develop their own unique strategy, but you should start by observing other financial advisors on social media forums. Then you can start to formulate a strategy based on making the following choices:

• Choose an appropriate social media platform (or several), from LinkedIn, Facebook, Twitter, etc.  Just remember, only choose what you can manage given your available resources.
• Decide whether to use your own name, or your firm’s name.
• Set a schedule for posting to your accounts.
• Consider the needs of your audience, post only material that is relevant to them, and avoid posting so frequently that you become a nuisance.
• Observe the type of content that appears to be effective, and make a plan to create competitive blogs or videos.
• Keep in mind that all of your decisions come together to create an identity for you or your firm.

What about compliance? As a financial advisor, you do need to make sure your social media presence is compliant. However, it doesn’t have to be as difficult as it sounds. First consult with your current compliance provider. If they are already handling your email needs, they probably have a program for social media as well.

Next, update your supervisory procedures. Specify which employees are allowed to access and post on social media on behalf of the firm. Clearly outline the review and approval process for all posts. In the section of your protocol detailing archival of communications, make sure to specifically include all social media material.

When do I expect results? You may or may not receive a large number of “likes” or replies to your content. But don’t gauge your success on that, because likes and replies aren’t your true goal. Your goal is to create a presence, gradually grow your contacts, and position yourself as a valuable resource to clients and prospects.

You won’t see tangible proof of meeting these goals overnight. But gradually, with time, patience, and honed social media skills, you should realize the payoff for your efforts. Your audience should grow as your content is shared, and you should become the first person who comes to mind when your contacts need financial guidance.

FOR INSURANCE PROFESSIONAL USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC 14208 – 2015/3/5

Filed under: Social Media for Financial Advisors