As a financial advisor, financial firm and wealth manager in today's fast-paced digital age, you are aware that having an effective social media strategy is crucial to reaching and engaging with your clients and target audience successfully. With numerous social media platforms available and a saturated marketplace, determining the best approach for your social media strategy can be challenging.
Where should you start?
What is the best social media strategy for financial advisors?
What are the compliance rules around social media for financial advisors?
Who are the top social media influencers in the financial space?
What content should you be posting on social media to engage your audience?
The list of questions goes on and on!
Unfortunately, too many financial firms, accounting firms and wealth managers assume that uploading their quarterly investment outlook or their latest feature and ranking in a newspaper or publication on Linkedin is sufficient for generating new leads [watch our video on a common mistake financial advisors make when they get published in a ranking]. They also assume that posting their awards or accolades is enough to generate opportunities.
We wish it were that easy!
As a financial services marketing consultant handling social media strategies for many advisors, we have worked with hundreds of advisors and understand best practices and strategies. In fact, Amy Parvaneh, our founder and CEO, is a Top Voice on Linkedin, speaking frequently about Linkedin strategies.
The reality is that not every firm or advisor is willing or able to follow the entirety of the methods that can maximize their social media marketing strategy, and we completely understand and appreciate that. Most advisors have spent their entire careers building a strong reputation with their clients, with many firms and clients in their third generation.
Best social media in wealth management truly depends on your brand voice, your target audience and the authenticity and rawness of your content. Don't go about this process alone! Reach out to an expert like Select Advisors Institute unless you do this for a living!
Strategies that may work best in today's social media landscape may risk a part of their long-standing reputation or not sit well with the culture of the firm or its brand. Or it may be completely out of the firm’s comfort zone, and we totally understand that.
In this article, we will share some of our top ideas around social media marketing strategies for advisors, knowing full well that there are many compliance and reputational intricacies that may require different routes for different firms.
That’s where a customized marketing solution, which Select Advisors focuses on for its clients, comes in handy!
Why Social Media Marketing is Important for Financial Advisors
Let’s first recap why social media is even important for financial firms as they look to market their business or stay relevant with their existing clients. By financial firms we mean financial advisors, financial planners, asset managers, private equity firms, hedge funds, credit unions, banks and more.
In today's competitive wealth management marketing landscape, where many advisors are targeting busy wealthy individuals, it is more critical than ever to be visible and present in front of your ideal clients.
Social media can be one of the most powerful tools for staying on top of mind with clients and prospects, without constantly calling or emailing them.
Most people today are on some sort of social media.
In fact, the numbers are staggering! A January 2024 report showed that more than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.
What’s more: The average daily time spent using social media is 2h 23m!
Because of that, social media marketing has become even more challenging, with many players chasing the same goal of capturing viewers' short attention spans.
How can you boost your social media marketing as an advisor in 2024?
It’s critical to know that on social media, just like any other mode of communication, there is a gatekeeper. When you are cold-calling, the gatekeeper is a voicemail or the personal assistant who picks up. On email blasts, the gatekeeper is your firm’s firewalls or your email service provider (ie. Mailchimp or Constant Contact), through which some of your emails can end up in spam or be blocked.
On social media, one of your main gatekeepers is the platform's algorithm that can increase or decrease your connections' engagement with what you post. Every platform has a different algorithm around what it wants to promote and bring in front of your target audience, so it’s critical to learn first about algorithms.
Understanding social media algorithms is essential for wealth firms to increase visibility. By optimizing post frequency, engagement metrics, and timing, financial advisors can ensure their content reaches a wider audience. Regularly analyzing platform data and using compliance-friendly tools can help refine strategies while staying within regulatory guidelines.
What is a social media algorithm and how can it help or hurt financial services marketing?
A social media algorithm is a complex set of rules and calculations that determine the order in which content is displayed on users' feeds. It analyzes various factors such as relevance, engagement, and user behavior to prioritize content and deliver the most personalized experience to each user.
The algorithm's goal is to present users with content that they are likely to find interesting and engaging. Let me repeat that: Interesting and Engaging!
Understanding the social media algorithm is crucial for content creators and businesses as it helps them optimize their strategies to reach and engage with their target audience effectively.
By understanding how the algorithm works, they can increase visibility, reach, and engagement with their content.
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