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
Development
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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

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What do you say when someone asks you “so what do you do?”

You might say, “I’m a financial advisor”. Or “I’m an investment advisor”. If you’re a top advisor, you might be compelled to say “I’m Vice President and Portfolio Manager”. Or even “I’m a CFA”.

Well put all of those away if you’re introducing yourself to a woman you might want as a client. None of the above will impress her – she might even “run for the door” thinking you’re going to try to “sell” her something.

Your goal is have her say “tell me more about that”.

So what do you say?

Here are 4 quick tips:

  1. Make it about your clients
  2. Make it about outcomes
  3. Make it interesting
  4. Make it fun
     

How about something like this: “I help people have their cake and eat it too”.  Doesn’t that beg the question “what does that mean” or “how do you do that”.

Okay maybe that’s a bit over the edge but it’s important you make it about the people you help and not about what you do to help people get there.

Related: Turning a Female Prospect Into a Client

Try this:

I help <type of people you serve”> <achieve this>. Something like:

  • I help retirees create a sustainable income.
  • I help women understand money on their terms.
  • I help young couples get a good start towards financial security.
     

Now you try it! Send us your best one.

Find more resources and follow us through our website www.strategymarketing.ca

 

 

Strategy Marketing
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Paulette Filion and Judy Paradi are partners at Strategy Marketing and have run their own businesses for more than 20 years. Paulette is an expert in financial services and Ju ... Click for full bio