Financial advisors are always looking for a competitive advantage. There
has been no greater competitive advantage in marketing and positioning
than social media. Using Facebook, LinkedIn, and Twitter will unlock
powerful direct marketing opportunities that have already changed the
way many communicate and market to existing clients and prospects. In The
Social Media Handbook for Financial Advisors (Wiley; August
2012; $60.00; 978-1-1182-0801-4; Hardcover; Ebook), Matt Halloran,
Director of National Development for GIVE Strategy, and Crystal Thies,
founder of Crystal Clear Buzz, LLC, provide a primer for the tens of
thousands of financial advisors, financial planners, wealth advisors,
and investment advisors who have not yet ventured into social media to
do so quickly and effectively.
Compliance issues have plagued advisors, leaving many to steer
completely clear of participating in any social media. Many have been
held back by their firms whose policies prevent them from using these
tools. But the authors note that the landscape is quickly changing.
“Technology has finally caught up and it is now possible to capture and
preserve social media activity as is required by law,” say Halloran and
Thies. “Meanwhile, the largest broker-dealers have been beta-testing the
usage of social media by select groups of advisors for almost a year in
order to develop appropriate internal policies and guidelines. For
example, Morgan Stanley Smith Barney recently announced that it will
allow its 17,000 financial advisers to use Twitter and LinkedIn.”
Beginning with an introduction to social media that explores how to
establish a rapport with clients on the web, streamline time spent
online, and use social media dashboards, the book covers each of the
"big three" sites—LinkedIn, Facebook, and Twitter. Looking at the
benefits of each of these social networking services, Halloran and Thies
address the key topics in social media for financial advisors—from
advertising on Facebook to using LinkedIn to connect with prospective
clients. Throughout, the authors discuss the role that compliance plays
in limiting what advisors can and cannot say and do online.
Halloran and Thies offer invaluable advice to newcomers before diving
in, including:
Be a social media giver: In order to be successful in social
media, you must retweet, like, share, and comment on the status updates
of the many people in their network. Social media givers are also people
who are proactive in referring and introducing people in their network
to each other.
Avoid hard selling: People who do nothing but post overt and
subtle buy messages will soon find that people stop listening and
disconnect. Social media posts that are offering special sales
opportunities and free consultations, as well as access to marketing
materials like seminars and newsletters should comprise no more than 25
percent of the status updates you send into social media.
Give Something for Nothing: In order to get attention online,
especially using social media advertisements, you need to give away
something for nothing. This does not have to be incomplete planning or
financial advice, in which they can only get the full thing if they
become a client. Instead, focus on meaningful and beneficial information
but make it unique. Share articles, opinions, broker-dealer approved
commentary, or free basic advice.
What
Should I Do if My Broker-Dealer Won’t Allow Me to Use Social Media? How
Financial Advisors Can Implement a Non-Business Related Social Media
Strategy
Filled with engaging anecdotes, illustrative visuals, and end-of-chapter
takeaways that reinforce the key concepts that you need to understand to
get social media working for you, The Social Media Handbook for
Financial Advisors is an essential resource for anyone working
in financial advising who needs to amplify their marketing message and
raise visibility in an increasingly crowded marketplace.
