Three Tips for Financial Advisors Using Social Media

Three Tips for Financial Advisors Using Social Media

If you’re a financial advisor and beginning to dip a toe into the vast ocean of social media, you might feel rather overwhelmed at the thought of where to begin and how to turn the networks into a tool for generating new and deeper relationships.

Just like your career as an advisor, you didn’t become a top notch finance expert right out of the gate, so consider the social media learning experience as a steady journey towards a goal of eventual expertise. One step at a time!

Here are three initial steps to getting your social media off the ground successfully or revamping your current approach, with thoughts and tips on each.

1. Know your Audience

Think about your ideal client. Do you have a specific niche you’re targeting? Once you define the audience, then you can determine the best way to connect with this pool of prospects.

If you primarily work with elderly women, these Pew Research social media demographics stats show that Facebook is the place to spend a significant portion of your efforts.

  • Nearly eight-in-ten online Americans (79%) now use Facebook, more than double the share that uses Twitter (24%), Pinterest (31%), Instagram (32%) or LinkedIn (29%).
  • Some 62% of online adults ages 65 and older now use Facebook, a 14-point increase from the 48% who reported doing so in 2015.
  • Women continue to use Facebook at somewhat higher rates than men: 83% of female internet users and 75% of male internet users are Facebook adopters.

If successful business owners, young professionals or C-level executives are your ideal client, then LinkedIn is clearly a better bet to building your client base. Again, according to Pew:

  • LinkedIn has long been especially popular with college graduates and high income earners, and this trend continues to hold true.
  • 45% of online adults with an annual household income of $75,000 or more use LinkedIn

Bonus Tip: Keep these audiences and their interests in mind when choosing relevant content to share. If you’re targeting elderly women and you’re sharing an article about the most popular tourist destinations for Millennials, you’re probably missing the mark!

2. Choose the Right Photo

If you’re making an initial connection with someone on social media, a picture says a thousand words. Take a look at your existing photo and ask yourself what words it might convey. Friendly? Professional? Approachable? Too stuffy? Too casual? Will your photo actually represent how you show up face to face with your clients?

Depending on the social media platform, you may end up selecting different photos for each.
Financial advisors on LinkedIn typically feature business dress in their photos for a more professional appearance, while a slightly more casual look can be appropriate for the friendlier confines of Facebook.

Either way, hiring a professional photographer will work wonders for helping you present your best self.

Bonus Tip: Don’t know any professional photographers in your area? Review the profile pictures of local colleagues on social media, find favorite styles that will work for you and ask your connections who took their photo.

3. Get Creative with Connections

So, you’ve chosen your social media network(s) and have a professional photo in place. Time to build your relationships!

When connecting with colleagues or clients, it’s always important to personalize your message. On LinkedIn, it may seem simple to scroll through “People you may know” and just click Connect. However, that’s a missed opportunity to make the most of the initial connection.

Imagine the important touch point of writing a thank you note to a client or prospect and then simply writing the words “Thank You” on the card. Thank you for what? Of course, you’d thank them specifically for whatever generated the need for sending the card in the first place.

So, why are you connecting with this person on LinkedIn? How can you personalize that connection, even if it’s just a brief message?

For example, “Jim, it was great meeting you at the seminar and I thought your presentation was very effective. I enjoyed our conversation about golfing afterwards and I thought it would be great to connect on LinkedIn so we can keep in touch and maybe hit the links sometime soon.”

This gives Jim context for who you are, where you met and he probably appreciated the compliment about his presentation!

If you’re connecting with someone you already know very well, taking the time to add a personal message will still help bring warmth and positivity to the connection.

Bonus Tip: Same goes for work anniversaries, birthdays, etc. Any time you’re clicking on those notifications and acknowledging the milestone, don’t rely on the pre-populated text that accompanies the message. Put your own spin on it and add a personal detail or two to make the message significantly more meaningful.

Next Steps

Yes, social media for financial advisors can be a daunting place to explore, but by systematically checking off small items one at a time, you’ll be well on your way to social media success.

Andrea Schlapia
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Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry.   ... Click for full bio

Most Read IRIS Articles of the Week: July 17-21

Most Read IRIS Articles of the Week: July 17-21

Here’s a look at the Top 11 Most Viewed Articles of the Week on, July 17-21 2017 

Click the headline to read the full article.  Enjoy!

1. Is Alternative Beta the New Fixed Income?

The fee debate raging across mutual funds has long since seeped into hedge funds. Certainly the direction of travel on hedge fund fees was already downward, as strong industry competition and underwhelming performance have taken their toll. — Yazann Romahi

2. The 5 Big Questions for the Second Half of 2017

Equity markets continued their strong run in the second quarter of 2017, thanks to the global economy hitting its stride and registering the fastest level of growth in six years. For the first time since 2011, the U.S. is no longer the only shining star as economic momentum picked up across the globe. — Sonu Varghese

3. Smart Beta ETFs: The "Dream Diet" for Your Portfolio

What’s powerful about Smart Beta is that it allows investors to target very specific factors to create an ideal portfolio based on a given asset allocation.  — Salvatore Bruno

4. D‐O‐L = Confusion, Frustration, and Finally Reluctant Acceptance and Hope

At almost every financial and insurance conference we’ve attended in the past year, sessions to discuss the Department of Labor (DOL) Fiduciary Rule have been among the most popular. — Merriah Harkins

5. How To Hold A Stress-Free Money Conversation

In researching high growth professional services firms we made an eye-opening discovery. Those firms that did systematic business research on their target client group grew faster and were more profitable. — Michael Kay

6. 12 Financial Truths (Including Some You Won't Like)

We live in a noisy world where wisdom is hard to discern.  Here are a dozen financial truths honed from more than three decades of observation. — James E. Wilson

7. Are You Responsible for How Others Take Your Actions?

If you keep getting the same actions or responses from your interactions, it is most likely you that is the problem.  Stop blaming others for your issues. — Matthew Halloran​​​​​​​

8. 4 Surefire Ways to Enhance Your Influence

Being influential through your verbal and non-verbal communication Monday to Monday® requires deliberate practice. You can’t read how-to’s in a book or rely on your title and comfort level to be influential. — Stacey Hanke​​​​​​​

9. How Business Owners Allow Coffee Shops to Waste Time and Money

We all search for the least chaotic place to work and think. However, your location could hurt your productivity. Here’s why…. — Jennifer Goldman​​​​​​​

10. Four Simple Tricks to Find Your Passion That Work Every Time

You’re supposed to have a single burning passion, right? To feel this incredible drive to do this thing that you love. — Alli Polin

11. The Greatest Disrupter to Your Future Practice Will Be Your Clients

Real innovation, and real disruption, will be concepts and methods which “do new things that make the old things obsolete”. — Tony Vidler

Douglas Heikkinen
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IRIS Co-Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues ... Click for full bio