Two advisor interviews at this year’s Raymond James national conference confirm why the rest of advisors should be better embracing social networks as part of their branding and new business approaches.
Better Prospect Conversions
Dave Adams, president of David Adams Wealth Group, has added social media to his firm’s comprehensive marketing strategy, using Facebook, LinkedIn, Twitter and YouTube.
For him, it is about enhancing brand and letting the outside world know his firm’s personality. He actually sees this is the case when in first meetings with referrals who have researched him in advance. They feel like they already know me, said Adams.
He shares a lot of personal content, like pictures of dogs, being active in the community and hosting events. He actually uses a three-to-one ratio when sharing fun-to-business related posts.
Adams knows prospects have found his YouTube videos (also embedded in his website) and then feel more comfortable with the idea of working with his firm.
If he finds prospects have gone and checked them out on the web and social media, the meetings go great and he converts the vast majority of that business.
Closer Client Relationships
Evan Shear, founding partner at CrossleyShear Wealth Management and branch manager for Raymond James, admitted he is a self-proclaimed tech nerd. Because of this, he was an early adopter of social media.
In using Twitter, Shear admits compliance wise it is too hard (to do it in real time.) As a result of those issues, he typically uses it as a news feed. “If we are posting through Hearsay, we click the Twitter button,” said Shear. In other words one message can easily be sent out to multiple social networks at once.
Shear was more positive about his company’s Facebook business page. He sees the best posts that get the most engagement are the “warm and fuzzies.” He gave an example of recently posting pictures of his son’s little league team winning the championship that got positive reactions.
His organization does post some financial service things, like weekly market updates. He also subscribes to the three-to-one ratio of personal-to-business communications.
LinkedIn is less personal believes Shear. It is his way to continue to build the brand. He thinks if someone is looking for him, LinkedIn is how they can do that.
“I do look at the newsfeed as my morning ritual,” said Shear. He sees what is going on with news, birthdays, etc.
A "wow" moment for a client that started with Facebook took place when Shear saw his client’s dog died and knew that some people treat their pets like children. “It was something I wouldn’t have normally known about. I sent a condolence card and donation in the dog’s name to the SPCA,” said Shear.
Facebook can help with other important information about clients. For example, an advisor can find out about a family graduation and send a congratulations card. If an advisor waits until the next meeting to learn about the graduation, the card will not have the same effect.
Pictures can also serve as an extension of building a brand. Shear mentioned he does a lot of charitable work and Facebook is a great way to show that personal side. One example he shared was when an NFL player and him spent three hours visiting the kids in the cancer and epilepsy ward at a hospital. He said the pictures were even shared with other NFL players, which gave him great exposure.
Not only do social networks help advisors to get to know clients better and build stronger brands, but they can help lead to new business. Shear gave an example of connecting with an old fraternity brother through social media. It later resulted in him moving over a half a million dollars in assets.
Some Other Social Insights
When it comes to Facebook, William Brill, a compliance supervisor at Raymond James Financial Services, recommended creating a business profile. “The non-financial posts get the most comments. A lot of times we will see the advisors say, ‘Here is an event we hosted.’ This is a great chance for you to upload photos.”
He shared an interesting example what an advisor who had bought a fluffy poodle. They had a contest to name the dog through social media. “It had the most comments that I have ever seen,” said Brill.
For Twitter, most Raymond James advisors are linking to content. For example, ‘Can you believe the latest statistic to this…’ and then link to the article. Brill also advised, “Use it as a listening device.”
Tools Raymond James Advisors Can Use:
• Hearsay social signals – this tool scans what people are posting in one’s social network to make it easier on the advisors to identify good times to reach out to them.
• Suggested posts – the Raymond James marketing department creates material to be shared. It does not need to be preapproved by the advisors, as that has already been done by the home office (unless the advisor wants to customize the piece). For example, May 29th is 529 day and there is a campaign to go with it.
• Published posts – there is interesting reporting available for advisors to compare the social engagement they get online.
It was also pointed out, that social media can help with search engine optimization (SEO) and that can draw in more prospects.
Mike Byrnes is a national speaker and owner of Byrnes Consulting LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.