How can financial advisors utilize social media as a tool, not only to cultivate new prospects, but also to build stronger connections with the clients they already have? Here are a few steps to get you started.
Know what you can and cannot do. Before you even set up your profiles, you need to familiarize yourself with the requirements of your compliance department and industry regulators. Read up on FINRA Regulatory Notices 10-06 & 11-39, and attend any training sessions provided by your broker dealer or industry leaders.
Ask around. Ask your fellow advisors what lessons they have learned from their own social media experiences. Many people have dipped their toes into the digital pool of social media and learned valuable lessons in the process. Let their education be your education.
Maintain your accounts daily. Maintaining a social media presence is a process that requires a little bit of time each day. Share news stories that you think may affect your clients, promote your website content, and show off your lighter side from time to time. Block out 10-15 minutes in your calendar each day to “join the conversation.”
Get personal. Social media branding goes beyond simply slapping your logo on your company page and hoping for the best. Social media is about creating and marketing your personal brand. Your clients want to know who you really are, so utilize this opportunity to show them by letting your personality shine through.
Commit to educating yourself. Social media is changing constantly and will continue to do so. Keeping up to date on changes with social media tools requires vigilance and continuous education. Commit to expanding your knowledge base by following social media developments.
Don’t get discouraged. Social media presents you with a business building opportunity, but it is not a silver bullet. Do not become discouraged when results don’t come as quickly as you would like. Learning to use social media is a process that will require time and patience, but if you utilize it to its full potential, it will be worth the effort.