Financial advisors have lagged when it comes to utilizing social media, but unfortunately the people they need to reach most have not. Investors and media have aggressively embraced it, and used channels like Twitter, Facebook and LinkedIn to search, share and act upon the information that they receive from both brands and like-minded users. Social media gives advisors a platform to build their brand identity, cultivate current and prospective client relationships and showcase their thought-leadership beyond their traditional communications and marketing strategies.

According to a May 2012 study by FTI Consulting and LinkedIn, seven in 10 advisors today are already using social networks for business purposes, and more than half of advisors in the U.S. expect social media to play a significant role in their marketing in 2013, representing an 80 percent increase in the past year. For an advisor looking for a free, targeted way to develop an impactful social media presence, Google+ is a channel that simply cannot be ignored.

It's easy to look at Facebook's and LinkedIn's large user bases compared to Google+. But the same FTI Consulting/LinkedIn study found that Google+ is currently the second most popular channel for advisors to foster professional connections and enhance their thought leadership behind LinkedIn. Google+ offers advisors even greater value as part of an online universe that integrates Search Engine Optimization (SEO), video, information sharing, tailored content for specific audiences and an impressive mobile app. Advisors do need to be cognizant, however, that anything they post or any engagements on Google+ adhere to their compliance policies.

For a financial advisor, one of the most significant benefits of Google+ is the ability to segment audiences with circles. Think of Facebook, Twitter and LinkedIn as single streams of content. Every post is seen by everybody who likes or follows that person or company. Regardless of how insightful the content is, there's a likelihood that not everything is going to interest every member of the audience. But with Google+, the audience can be broken out into circles so that content can be targeted toward those who are most interested in it. For example, an advisor can have a circle of high-net-worth investors, one of investors who are most interested in a particular market segment and one of prospective clients. Content can then be filtered to each of those circles so that each audience receives only the information that is most relevant to them.  

Another advantage with Google+ is the ability to conduct hangouts, or video chats, with up to 10 people. This is a tremendous way to stay engaged with clients in between meetings or create unique professional networking events for prospective clients to discuss marketplace trends, new research or other information that is most relevant to them, while presenting the information in a compelling and personalized way that is completely different from the static streams of information on other social media channels.

Where Google+ really shines for advisors is through enhanced SEO. Those +1 buttons that appear next to every link on a Google search didn't appear by accident. Google+ influences search for all the people who include an advisor in their circles. While a like on Facebook only shows up in Facebook, a +1, whether on Google+ or on a general search, moves that content up even further for anyone searching. This results in more traffic to a Web site, more views of a blog post, news article or video and cross promotion of the advisor's content within the audience's circles.

Financial advisors have a unique opportunity to leverage Google+ to increase their visibility, foster deeper engagement with clients and benefit from a mobile app that is far superior to Facebook and Twitter. While the user base may be smaller than its counterparts, Google+ continues to grow in popularity and value as more features are added and enhanced. Provided that advisors are strategic with their use of Google+ in a way that adheres with their compliance policies, the opportunities for professional networking, current and prospective client engagement, and content sharing make it the ideal channel for advisors seeking to gain a competitive advantage.