Still, she concedes that her online activity did cost her a client once. The client was concerned that this activity was taking away from more important business. But in the end Sun decided that her tweets and other posts did more good than harm. “I lost her as a client, but have gained multiple more from our social media engagement,” she says.
Online Vs. In-Person
To be sure, many other advisors prefer more old-style interaction. “The thinking has traditionally been that when it comes to the personal nature of financial planning or wealth management, clients prefer in-person meetings and more traditional forms of communication,” says Amy Gordona, vice president and head of marketing at Kestra Financial, an independent advisor platform based in Austin, Texas. Consequently, she says, the financial industry overall may be losing out on an inexpensive and ultimately worthwhile venue. “If you are not meeting and engaging with your clients where they already are, and where they want to be met, then you are missing out,” she says.
The upside of this situation is that, even now, advisors who get on board the cyber bandwagon can still enjoy the advantage of being early adopters. By getting active in social media, she says, there’s still “an opportunity for financial advisors to stand out among the competition.”
To do that, Gordona recommends employing a particular slant or style. “Financial advisors have to find ways to add value to their clients’ overall well-being and their financial wellness as a whole, and that is more than ‘What investment should I buy?’” she says.
Google Ranking
The advantages can be many and varied. Perhaps the most immediate impact of social media is that it can bring eyes and ears to your firm’s website. “There are many intangible benefits,” says Casey Robinson, managing director of Waldron Private Wealth in Bridgeville, Pa. “One of the primary benefits is driving traffic to your website. The more traffic your website gets, the higher it’s listed on search results. So your social media campaign may end up being the reason why when someone Googles ‘financial advisor’ or ‘wealth management,’ your website is at the top of the list.”
It’s also a good way to market material published elsewhere. “I’ve gotten a few e-mails and calls from potential prospects that have read articles I’ve written and promoted via social media,” says Robinson. “It’s rare that they found the article at the website source. They usually find it via a targeted social media post.”
Using Facebook
For many, Facebook is a popular choice. One estimate says it has more than 2 billion active users worldwide per month. Moreover, not all posts have to be shared broadly or indiscriminately. “Facebook is valuable due to the ability to target a specific demographic,” says Robinson, adding that it can be “very detailed in the criteria” for who can see your content—especially if it’s paid content.