According to a recent study conducted in September 2015 by Putnam, more than 80 per cent of financial advisors use social media for business purposes. Nowadays, social media is becoming an indispensable communication tool for local and international independent financial advisors for their day-to-day interaction with the broader marketplace as well as their investment providers and clients. If you were to apply for independent financial advisor jobs, you would be expected to have a social media presence, and a thorough understanding of social media and how to use it to full effect in your role. With that in mind, in this post we assess which social media platforms are best for independent financial advisors.
The Big 4
The big four social media platforms you need to be concerned with are Facebook, Twitter, LinkedIn, and Google+. Of course, platforms like Instagram and Pinterest are soaring in popularity at the moment, but with their image-based content and high female usage base, these platforms tend to be suited to industries such as fashion and food as opposed to finance. Facebook will be quite difficult for you to market on without investing. However, with 1.2 billion active users, this platform simply cannot be ignored. Twitter is excellent for staying up to date with industry news while both Twitter and LinkedIn are compliance approved. As LinkedIn is very business-focused, you simply must be present there. You can expect prospects that contact you via LinkedIn to be a lot more serious. In addition to this, while Google+ has a lot fewer users, having a presence on it will improve your search engine rankings too.
Out of the four main social media platforms mentioned, one that deserves further elaboration is LinkedIn, a hugely effective tool for financial advisors. In fact, of all financial advisors that have used at least one social network for business, 91 per cent have chosen LinkedIn, with less than a third selecting Google+, Twitter, and Facebook. This is particularly due to the professional context of LinkedIn and the increasing audience of valuable financial consumers. LinkedIn also presents an exceptional way for independent financial advisors to enhance the traditional business cycle by, for instance, using their full-extended network for possible leads.
It is a great way to show yourself as an expert in your field by hosting and distributing content without the need for a blog. The search function is also beneficial, as you will find connections based on your network, and thus you don’t have to know the perfect spelling of someone’s name to find them. One thing you are advised to do is have a professional photograph taken for your profile. There are also many ways you can turn online activity into offline returns with LinkedIn, such as via developing relationships with local professionals in complementary businesses, uploading videos, creating a wider audience for columns, newsletters, and blog posts, while also promoting any speaking engagements or offline events.