Only 8% Of US Financial Advisors Are ‘Tapping Social Media Successfully’?

Only 8% Of US Financial Advisors Are ‘Tapping Social Media Successfully’?

Retooling Social Media to Attract Clients

Social media, if done properly, is a powerful tool yet only 8% of US financial advisors are using it to their advantage.

Retooling Social Media to Attract Clients

In a report titled: “Social Media & Financial Advisors: Early Adopters vs. Casual Users,” it identifies six factors that differentiates an early adopter from a casual user. According to the report, early adopters use social media every day to get more information on clients, research prospects, find new business opportunities, receive an introduction or referral and eventually acquire a new business.

Social media usage among financial advisors however does come with some roadblocks. One of which is compliance either from regulatory agencies or the company that employs them.

Many advisors can easily step up their social media presence; the only thing that limits them is their company’s policies where some companies only allow a personal account. But still having a social media presence allows advisors to do much needed research about their clients.

Social Media & Financial Advisors: Early Adopters vs. Casual Users: “Social media used properly, as early adopters have demonstrated, is a tool. It is apparent that more advisors are fully capable of uncovering business opportunities, getting personal introductions, acquiring new business, expanding referral alliance connections and strengthening their client relationships with the help of social media.”Social media is an significant tool in building your brand and it is important to become familiar with the platform since it will surely become part of doing business in the near future.

Kevin Nichols, Director of Social Media at the Greensboro, N.C.-based Institute: “Advisors aren’t sure what they can do and don’t want to take the time to figure it out so they don’t do much of anything. The key is that social media is not a sales tool; it’s a research tool. If you’re my client and I know where you went to school or organizations you’re involved with, I can understand you better, and I can engage you in better conversation, which is going to accelerate that rapport.”

Source: onwallstreet.com

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How soon will social media become not only a valid, but an essential, customer communication channel in the eyes of the regulators?

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