Just as financial advisors were starting to figure out LinkedIn, Facebook and Twitter, the social space just got more complicated. Now Google has added a new social network to the mix called Google+, leaving the financial services world wondering if this, or the other social networks, is really worth the time.

The Social Network Landscape
Although advisors have social media profiles, only a few use social media in a meaningful way, and the industry as a whole is behind most others. But new services mean there is opportunity to catch up to the cutting edge.

A New Option: Google+
"Google+ aims to make sharing on the Web more like sharing in the real world," says Katie Watson, a Google spokeswoman. "You share different things with different people. We started the Google+ project to see if we could come up with a better way of connecting with the different people in all of our lives."

To that end, Google+ came up with new features.

Circles. This feature allows people to categorize their connections. For example, you might have different groupings like family, co-workers, clients, prospects, etc., whose profile pictures are shown in circles rather than lists. Once you are connected with people, it is easy to drag and drop them into the right circles.

This allows you to share messages, pictures, etc., just within the groups you want to, an advantage over Facebook, Twitter and LinkedIn. A picture on your Facebook wall, by contrast, goes out to all your friends and fans.

This is an attractive feature to Blane Warrene, the CEO of Arkovi, a social media archiving company. "You can publish something for your friends and guarantee only your friends see it," he says, "and the same if you want something posted for just businesses. There is no good way to divide that on the other social networks."

Sparks. "This feature," says Watson, "helps you get videos and articles about stuff you are into sent directly to you, so when you're free, there's always something to be watched, read or shared."

Instant Upload. If you want, the photos and videos you take on your phone can be uploaded automatically to a secure album in the cloud.

Hangouts and Huddles. Here, individuals can join video chats or send and receive group instant messages. Watson says this allows up to ten people to chat without scheduling a meeting. It can eliminate multiple conversations, combining them into one simple group chat.
Warrene says, "I love the huddles, as it takes IM [instant messaging] to the next level."

Google+ From The Archivers' Point Of View
Warrene says the functionality of Google+ allows a good convergence of personal and business use. "Like any other provider," he says, "we are waiting for the Google+ API to open up. However, we have developed a work-around to capture their public stream."

Craig Brauff, the CEO of Erado, another archiving company, admits his clients are not knocking on his door to archive Google+ yet. "At this time, Google+ is quickly evolving, and we expect many changes over the next few months," he says. "We feel that the product's privacy settings, business page opportunities and feature sets will be significantly different tomorrow from what they are today."

Google+ Business Pages
One thing holding Google's success back is its limitation on businesses creating pages. Watson shared Google's plans in this area, saying that sometime in the next few months, business pages will be available. "The team is working hard to release them as fast as possible," she says. "At this time, we cannot share any specific details on what business profiles will offer."

Since Google Analytics' free reporting on Web site visits is robust, it is likely the business pages will be well done with tools to know if a business is wasting its time or getting a lot out of the new network. Other tools like the "+1" button, recently released, will likely add to the strength of the offering.

Google+ Success To Date
Although the full rollout is not yet complete, as of mid-August, more than 25 million users had signed up for Google+. However, the company is now testing the service with a small number of people who have been invited to participate and will notify others when they are ready to expand the number of users. Watson didn't know how long the field trial will last and when Google+ would be available for anyone to use.

It will be interesting to see how big the next wave of users is. After all, some believe another social network is not needed. It will also be interesting to see how the other social networks react, especially Facebook, which will do its best to kill Google's momentum. It is likely that third-party firms will offer assistance to manage Google+ at the same time so people do not have to jump back and forth between it and the social media big three (Facebook, LinkedIn and Twitter.)

Advice For Advisors
Advisors should create a profile page and get familiar with the current Google+ offering when the full rollout occurs. Put information about your company with links to your Web site in your "About" section and on "Posts," which makes it easier to find you on search engines.  Plus, create a business page when those are made available.

Google+ provides more ways to find you, which is not a bad thing. And it offers a new, easy way to communicate and create exposure. Of course, you must stay within your compliance policy; if you do not yet have a social media policy, create one. Also, use an archiving service.

Most important, keep tabs on what your prospects and clients are using for social networks. If they are on Google+, you need to be there.

Will Video Chatting Catch On?
   As advisors try to use their time more efficiently, they often call clients instead of meeting with them in person. Clearly, personal meetings are better, since communication requires not just words but body language, especially if the subject is complicated. The drawback to face time is that it requires travel and greeting time that can add minutes, inconveniencing all those involved and requiring resources that take away from the bottom line.

A Hybrid Of Phone Calls And Face Time
   What can help is video conferencing, which has left the realm of science fiction flicks and is now readily available. This technology helps advisors service clients in a more effective way, by being more powerful than phone calls and more efficient than face-to-face meetings. Yet video conferences are underused in almost every firm across the country.
   Bonnie Sewell of American Capital Planning LLC started video chatting when her son was overseas. She recently started using Google's functionality to chat by camera and believes it is less choppy than Skype. She loves the smooth transmission across the world.
   Because of her comfort level with the technology, she was not afraid to agree to a request from a client's son and daughter-in-law to meet remotely via video to begin a new business relationship. Video conferencing is already popular with younger generations, and it gives advisors an effective prospecting and servicing tool, especially when prospects and clients are out of state.
   And by the way, it is free, so give video chat on Google a try.