Goldman noted Fidelity is also focusing on financial advisors' content, but that site is limited to licensed financial professionals working with Fidelity.
While an industry leader like Fidelity is getting some things right, it has room for improvement, too. For example, it still only has a handful of videos on its YouTube page and it does not yet let its associates act as brand ambassadors, empowered to spread its messages via social media.
Before Diving Into Social Media
For firms to be more successful in the future, they need to open their eyes to the trends in front of them and adapt. The firms that continue to send out the same type of communications through traditional means will find themselves falling behind those that take advantage of a whole new world of communication possibilities.
In kasina's research, they found that only three quarters of asset managers have a social media strategy. Today, it is crazy that the number is not 100%.
In determining a strategy, firms need to ask:
What do clients and prospective clients want for communications via social networks?
Where do they want it?
When do they want it?
Why do they want it?
Who should get it? (Some messages should be broadcast to all, while some things should be segmented for specific target markets.)
By answering these questions, organizations will have the foundation to come up with a solid social media communications strategy. In doing so, they should be able to come up with something as simple as a story about water to get added exposure and increased business.
Note: As always, check with your compliance department for its specific guidelines on what your organization will allow you to do with social networks.
Mike Byrnes founded Byrnes Consulting to provide consulting services to help advisors become even more successful. His expertise is in business planning, marketing strategy, business development, client service and management effectiveness, along with several other areas. Read more at www.byrnesconsulting.com.