How should financial advisers use social media?

By Helen Fisher on September 25, 2018

Embrace social media as a marketing channel for your financial advice business.

Social media is a powerful tool in the digital age. How can you use it effectively while avoiding the potential pitfalls?

Set your goals

Some companies admit to using social media only to maintain an appearance of relevance. While it is important to avoid seeming out of touch, there are other goals that financial advisors using social media should pursue:

  • Growth – reach out to prospective new financial advice clients, industry peers and relevant media personalities
  • Retention – build engaged relationships through genuine and meaningful interactions
  • Visibility – by posting and commenting regularly, you can remain prominent and relevant
  • Identity – share your expertise to establish yourself as a recognised thought leader
  • Learn – following others and absorbing content contributes to your own development

Which content to share

Refer to both your goals and your target audience to understand what you need to say, who you should be saying it to, and how to say it in a way that they understand.

If you want to grow your business, then consider making connections, offering incentives and highlighting your successes in attention-grabbing posts. For retention, emphasise new services and celebrate milestones or special occasions. For visibility, you could offer expert commentary on trending topics and posts in the financial sector. To build your identity, regularly contribute to specialist groups or post content explaining key financial concepts.

Be consistent in your tone and voice and only post when you have something relevant and interesting to say that benefits your brand and engages your readers.

Which platforms to use

Which service you use will depend on your strategy and the market that you are trying to reach. LinkedIn is currently the most popular among financial advisers, as it provides a large network with powerful search tools for tracking prospective clients or networking opportunities. These tools allow you to filter by location, job title or common connections.

Facebook can offer opportunities for self-promotion and expanding your network. There are more than 2.2 billion active Facebook users worldwide, so it is likely that many of your current clients are already members, bringing opportunities to broaden your referral network.

Twitter can help establish you and your company as relevant thought leaders, raise your profile and generate connections with industry experts and journalists as well as potential clients.

Try to stay ahead and think creatively about other platforms to differentiate yourself from competitors. Instagram and Snapchat may not seem immediately relevant, but they have active communities engaging with a range of topics that you may be able to add value to. Posting short videos to YouTube on interesting subjects can also build your presence and establish your credibility.

Guidelines and pitfalls

Ensure that you make responsible use of social media platforms. There are few other areas where you may be under such widescale scrutiny.

  • Consult with legal and compliance experts and stay up-to-date on social media policies
  • Be aware that your clients may consume misleading or misinformed commentary online
  • “Lifestyling” and personality are important for engagement, but you should keep individual and business profiles professional
  • Avoid mass generic “spam” invitations and try to tailor every outreach with personal messages
  • Post regularly to maintain relevance and visibility but not to excess – cluttering people’s newsfeeds is an excellent way to become blocked

Make sure to follow our blogs for more guidance on digital marketing to grow your business, as well as financial and regulatory updates.

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