As a financial advisor 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.
Unfortunately, too many financial advisors and wealth managers assume that uploading their quarterly investment outlook or the latest feature in a newspaper on Linkedin is sufficient for generating new leads. They also assume that posting their awards or accolades is enough to generate opportunities.
We wish it were that easy! As a wealth management 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.
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 advisors as they look to market their business or stay relevant with their existing clients.
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.
What is a social media algorithm and how can it help or hurt financial advisor marketing?
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.
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!
Three steps to boost your social media marketing strategy as a financial advisor
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.
That's why step one in creating the best social media strategy for financial advisors starts with conducting a survey of your clients to identify which platforms they are actively using. Different platforms have completely different forms of content that work.
For example, if your focus is on retirees, Linkedin may not be the most suitable platform as it is a platform for working professionals. Retirees and stay at homes moms, for example, are more likely to use platforms such as Facebook or Instagram to connect with friends, family, and share their experiences. Gen Z is known for spending significant time on TikTok and Youtube.
Take our sample client survey below to see what this would look like!
After you have defined which platforms your clients and ideal prospects are most active on through your client survey, step two is finding out what type of content to produce and upload to their platform of choice. What content does your niche market want to see?
Well, if your niche is similar to you (for example, you are a business owner looking to attract business owners), ask yourself: What do I personally like to see on LinkedIn?
For me, as a business owner, I love seeing polls on LinkedIn and my connections' views on a publication in the WSJ or other industry journals. But that's just me.
What do YOU like to see? Whatever you like, make more of that for your followers. Or ask your social media manager to bring it to life! It will come across as much more authentic and genuine. That’s because like-minded people gravitate towards each other.
If you have a marketing manager like us, be very vocal with them about your favorite types of content and get much more involved. The collaborative approach between the marketing team and the people looking to market their brand can produce great results.
If your target market is not you (i.e., you focus on retirees but you are working), then you can conduct a survey to see what type of content they like (our survey above included such questions too).
Once you have determined the appropriate platforms and the type of content, the third step is to build a large follower base. That’s because social media is a law of numbers: The more followers (and I don’t mean “bought” followers here), the more views, the more possible clients.
Having a substantial and engaged audience is essential for achieving your social media goals. There are two primary approaches to increase your follower count of engaged connections. The first method involves growing your audience organically by consistently posting valuable and engaging content that aligns with your brand and target audience's interests. By doing so, you will attract the right crowd and establish a sense of trust and credibility.
Alternatively, you can take a slightly more inorganic approach by actively adding and connecting with potential followers. This strategy can help expand your reach and quickly grow your audience. This process works best on Linkedin and Select Advisors can help you with this strategy.
Final Note: Take this with a grain of salt!
It is important to acknowledge that social media platforms are continuously evolving, and what may work effectively today may not yield the same results in the future. Staying on top of the latest trends, features, and algorithm changes of the social media platforms you utilize is essential to keep your strategy fresh and effective. That’s why it’s critical to work with a firm like Select Advisors Institute who has its pulse on the latest trends and best practices around social media.
In summary, an effective social media strategy for financial advisors begins with understanding your target audience and the platforms they use. Building an engaged audience can be achieved organically or inorganically. When creating content, strive to make it relevant, entertaining, and engaging for your specific audience.
Staying up to date with social media trends and maintaining compliance with industry regulations ensures a successful and responsible online presence.
By following these steps, financial advisors can harness the power of social media to connect with their target audience and showcase their expertise in a digital landscape.
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