Akin wrote that one in three professionals have online profiles (LinkedIn says it has more than 400 million worldwide users, with more than 110 million in the United States). The typical LinkedIn user is 44 with an average income of $109,000, and an average investable asset value of more than $250,000. Twenty-six percent of users are defined as ultra-high-net-worth investors. The site draws 61 percent of its users from those aged 30 to 64.
“In my work helping advisors with their marketing, we find that about 30 percent of traffic to their website comes from their activity on LinkedIn. This traffic is made up of over 50 percent of new prospects, meaning individuals who they do not already have a relationship with.’’
Advisors who are reluctant to write their own profile bios can hire a service that charges about $200 to write the bio and organize the profile. But Akin’s book describes in detail how to create what she calls a B+ profile in about one hour; refining and improving the profile can take up to six hours. She recommends that profiles be updated at least twice a year.
And she explained SEO: “SEO is short for search engine optimization and it refers to the process by which search engines choose which results to return for a given keyword search.’’
Akin’s marketing firm does not represent LinkedIn nor does she have a business relationship with the company, or receive remuneration from LinkedIn.
The majority of those on LinkedIn use its free features—profile posting, connecting with colleagues and limited searching. For greater visibility, email and search tools, there are premium packages. Billed annually, costs range from about $30 for job seekers to $100 for recruiters, per month.
The LinkedIn Guide for Financial Advisors, by Claire Akin. $19.99 paperback; $9.99 kindle.
Eleanor O’Sullivan is an award-winning journalist who writes for Financial Advisor.