LinkedIn provides many benefits, but many advisors are only scratching the surface.
Kip Gregory, principal of The Gregory Group, a Washington, D.C.-based firm that helps financial services professionals use the Internet to build business, asked for a show of hands at IMCA's annual conference and found that about three quarters for the room had a LinkedIn profile. However, when he asked those with their arms up a few qualifying questions, it was really only a third of the advisors that were actively using LinkedIn.
Gregory then explained why this social network is so important, saying, "It is about building a better business. We are in a transformative moment. It is a change in the way people are communicating." Gregory added, in order to "seize the moment" you have to understand it.
Accelerate Selling Success
Gregory saw three areas where LinkedIn can help: 1.) It can improve branding, 2.) It puts advisors in control of the referral process, and 3.) It helps uncover hidden connections to prospects.
If advisors were asked if they would want information on who their clients know, they would say "yes." LinkedIn offers that and more. Gregory explained that it is not just the names of those folks, and it is not just a business card. It is where they have worked throughout their careers, where they got their education, and who they know. His point got across that advisors want this information, and it is free. A disconnect must be that the words "social media" are labeled over it. Basically LinkedIn is "A golden Rolodex," says Gregory.
Gregory shared demographic information of LinkedIn's typical users. They are business professions, a group that advisors want to work with. Comparing LinkedIn to the other two big social networks, Gregory said, "This is not [made up of] kids in high school."
How To Use LinkedIn
Talking about the life events that drive prospects to become clients, Gregory asked, "How do you find out about them?" He suggested, "Take two minutes [on LinkedIn] before the beginning of your day." This will help advisors to see changes and updates with connections on the social network.
Gregory often hears advisors need a reason to reach out to their clients and he says, "LinkedIn provides that." He listed these ways to initiate a conversation: invitations received, invites accepted, status updates, profile updates, company profiles, group discussions, connection updates, just joined, emails, events and trips, presentations and Q & A. When connecting with people, Gregory suggested, "take five seconds to send a personal note."
Compliance Thoughts
Gregory said, "You don't need anyone's permission to listen," which reinforced a main benefit of LinkedIn. He also suggested using an archiving service. He did say to take off client recommendations if you have them on LinkedIn so there is no violation with the "no testimonials" rule. He expected in a year that firms will no longer be banning LinkedIn's use.
Related to security, Gregory suggested the audience take a look at the privacy link at the bottom of each page. He thought that LinkedIn was the most conservative in this area, saying, "They have been far more careful, versus Facebook, in protecting the individual user."
Add Connections
Gregory suggested advisors take advantage to the tools to download contacts from Outlook or other email lists to get started. He said this will only be your information and the contacts will not be exposed to other emails.
It helps You Be Found
"They are Googling you now," said Gregory. "What are they finding? And what do you want people to find? Make sure your settings allow your profile to be found by search engines."