To be sure, individual social media accounts should complement a firm’s, and vice versa. “A firm needs to fly in formation,” says Mark Snyder, president of Mark J. Snyder Financial Services in Medford, N.Y. “Each member must have the same look, feel and message.”

Snyder’s firm uses a freelance copywriter with financial services experience. Larger firms, he suggests, “may want to appoint a social media czar to be sure everyone stays within compliance guidelines.”

Targeted Ads

Firms of all sizes may want to consider targeted online advertising. Justin Barish, vice president for digital marketing at Dynasty Financial Partners in New York City, is responsible for the social media presence of some 50 RIAs. He tells of one member firm’s digital ad campaign that cost just $7,000. Using a combination of marketing databases and web-traffic algorithms, the company strategically placed online ads that were aimed exclusively at those who were most likely to be receptive. The net result: 10 new clients with an aggregate value of $100 million in assets.

“Social media is arguably the most scalable and efficient way for advisors and advisory firms to create meaningful touch points with clients [and] prospects,” says Barish.

To ensure consistency while allowing for a degree of individual creativity, it’s best to “funnel most content through the corporate brand page and then have the individual advisors share the post to their personal social media sites,” he says. Social media, he insists, is the “perfect place to give clients proof that the advisor is working for them through pictures of meetings, team-building exercises, etc.”

Other Benefits

No matter what the content is, it’s clear that social media can save time and effort. “Calling 100-plus clients in one evening could prove difficult, but creating a social post paired with a market letter or e-mail distributed to clients allows the advisor to reach a large population quickly,” observes Lisa Turley, Raymond James’s St. Petersburg, Fla.-based senior vice president of advisor marketing.

Another advantage is the electronic feedback. It’s easy to find out which posts generate the most interest. “Social media analytics can provide insights on the topics an advisor’s client base or even specific clients are engaging with, which enables the advisor to better serve his/her clients,” says Turley.

At the very least, think of the next generation. “It’s where advisors’ future client pool spends their time,” says Mike Lover, vice president of strategic business development at E*TRADE Advisor Services in Centennial, Colo., “and in today’s media environment, you must go to where they are.”   

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