4 Ways Social Media is Changing Our Industry

Written By : Greg

As a financial advisor, you have built your entire practice upon the concept of relationships. Your clients trust you with their personal financial information, and you guide them toward some of their most important life decisions. The personal nature of your work has helped you touch hundreds, or thousands, of lives. And those you have touched often recommend you to their own friends and family.

That’s the way it has always been done. But in today’s increasingly connected digital world, the game is rapidly changing. Social media, when utilized correctly, can open up new avenues of possibility for your practice. Whereas you once relied upon one-on-one interpersonal connections to grow your practice, you can now harness the power of a social revolution in your favor. Social media is shaking up the financial planning world in these four important ways.

Financial advisors have gained visibility. You were once an ad in the phone book, a small sign hanging over a door, or a forgotten brochure in a mailbox. Before social media, marketing to your target audience was difficult work, and depended upon hours of networking and different advertising attempts. But now, with most people spending a sizable chunk of their days on social media, it’s easier than ever to get your name on their screen – right in front of their eyes.

Financial advisors can form more relationships than ever. In the past, you built your practice slowly, one relationship at a time. You courted new clients at networking events, at seminars, or through referrals from current clients. These were always exhausting, one-on-one efforts. But now, social media gives you a channel to distribute your messages to thousands of prospects at once. Your interactions can still have a personal feel, but the rewards are infinitely multiplied.

Financial advisors are courting prospects without scaring them off. Even the most intimate of conversations can begin to feel like a pitch from a used car salesman if you aren’t careful. The majority of people are wary of obvious marketing language, so you have to be careful about your advertising. On social media, however, you can distribute information that your audience wants to read or watch. You aren’t bombarding them with materials that push a sale; you’re informing them with content they value. This helps you to form trusting relationships, and keeps you fresh in the minds of your prospects.

Financial advisors are proving their worth on social media. Receiving positive feedback from a client always makes you feel good. But when you receive positive feedback, likes, or shares on social media, thousands of prospects can also see it. Since most people place great value on the opinions of others, social media gives you the ideal platform to impress them with your expertise and track record. And the best part is that your followers do most of the work for you!

Let’s face it; the way humans interact is rapidly changing to a more digital format. Since a large part of your success depends upon your ability to interact with old clients and new prospects, isn’t it time to start speaking their language?

Filed under: Financial Advisor Marketing, Social Media for Financial Advisors