If you think social media is just a place to post pictures and chat with friends, think again.
Consider a few interesting stats from a recent survey:
- 85% of financial advisors use social media for their business
- 85% also said that using social media shortened their selling process
- 80% gained new clients (with an average of $5 million in asset gain) as a direct result of social media marketing
You work with numbers for a living, so you can clearly see that the numbers speak for themselves. In 2020 and beyond, social media marketing for wealth managers is no longer optional.
It’s a must.
How can you harness the power of social media marketing and go from business survival to success? In this post, we’ll explain how you can do just that.
Keep reading for the best social media marketing tips for financial advisors and wealth managers.
Social Media Marketing for Wealth Managers: Why?
As of 2019, 70% of Americans were active on social media. That equates to over 231 million people logging on every day to check the news and see what’s happening in the world.
Social media allows us to send and receive news in the blink of an eye — and to a huge audience. If you made a list of 500 prospects and cold-called each one of them, how long would it take?
Now imagine you’ve connected with those same 500 people on LinkedIn, Facebook, or another social media platform. When you have news to share, you can send it to everyone with one click of a button.
Speed and efficiency aren’t the only reasons why social media works. In a world that’s increasingly reliant on tech, people still crave that “human” element. Social media allows you to introduce yourself to prospective clients, not just as another business, but as a real person who can add real value to their lives.
This is especially important in the time of COVID when many people (yourself included) are looking for ways to keep a success mindset. As a wealth manager on social media, you can be part of that “secret to success” that everyone is seeking.
7 Social Media Marketing Tips for Financial Advisors
Before we dive into these social media marketing tips, one important note: Make sure you have the green light from your company.
Some financial firms may prohibit personal endorsements on LinkedIn, while others only allow you to share pre-approved content. Before you set any social media marketing plan in action, make sure you’re compliant with your company’s policies.
With that said, let’s get started!
1. Focus on Your Niche
You may feel you need to market your services to as many people as possible, but the opposite is actually true. Research shows that 70% of top financial advisors are so successful because they have a specific niche.
Maybe you’re a cryptocurrency expert. Maybe you came from a background in medicine and you’re passionate about helping doctors plan for retirement. Or maybe your specialty is portfolio planning for widows or divorcees.
If you haven’t already focused on one particular niche, now is the time to do so. Why? Because the beauty of social media marketing is that you can tailor your advertising efforts to a very specific audience.
Whatever niche you choose, you’ll find groups and pages on social media where your target audience is already spending time. You’ll form a stronger connection with them and convert a higher percentage of prospects into clients.
2. Select the Right Platforms
Depending on your chosen niche, you’ll need to do some research to learn which platforms your target audience uses most.
LinkedIn is almost a sure bet, which is one reason that 91% of financial advisors use the platform for business. However, you might also find success on Facebook, Instagram, Twitter, or YouTube.
One of our most important social media marketing tips is to choose one platform and focus your efforts there. As you gain experience and grow your audience, you can always expand to other channels.
3. Provide Real Value
A big mistake many financial advisors make is only using social media to make sales pitches.
Keep in mind that your role isn’t only about helping clients manage their finances. You should also offer advice to help them succeed in all areas of their lives.
For example, can you introduce some life hacks that discuss marriage, health, or family matters? Could you offer insight into being more productive at work or planning their kids’ college education?
One idea is to create a closed Facebook Group specifically for your clients or prospects to join (if they want to). There you can provide these useful “members only” tips on proven techniques or the latest trends.
The more users see you as a real person who truly cares about their success, the more likely they’ll be to use your services. The key is to move away from the “sales” mindset and focus on making those personal connections.
4. Identify Your Best Medium
Are you a skilled writer, or are you better at speaking? When it comes to social media marketing, you need to strike a balance between your natural strengths and what resonates with your audience.
Experts predict that 81% of all internet traffic in 2021 will be video. If you’re comfortable speaking in front of a camera, now is the perfect time to launch a YouTube channel or start a video blog on your website.
Of course, there’s still a need for well-written articles, white papers, and infographics. Depending on your audience, some might prefer to learn through reading, while others will happily watch a video presentation.
You may need to experiment with different mediums to see what your audience responds to. And while most of the content you share should be original, don’t forget the “social” aspect of social media.
For example, you could set up Facebook Live sessions and invite your audience to a Q&A session. Or, you could start a podcast where you interview well-known financial management personalities and influencers.
5. Promote Upcoming Events
Speaking of podcasts, let’s talk about all the events you could plan and promote via social media.
Are you planning a seminar or Lunch and Learn event? Are you getting ready to launch a webinar or attend a major trade show? Are you appearing as a guest speaker at a local community event?
Whatever you have in your marketing arsenal, use social media to spread the word. Create relevant hashtags and encourage your followers to like, share, and comment on your posts.
Another idea is to get involved in charitable functions and events and share your efforts on social media. Choose a cause that’s near and dear to your heart and sponsor a fundraising event or volunteer your time.
You’ll be giving back to your community and boosting your exposure, which is a win-win for everyone.
6. Create an Authority Pillar
Remember that specific niche we talked about earlier? Your website and social media profiles should make you an authority “pillar” on the topic.
Think about common concerns or goals many of your clients share. Now imagine creating an in-depth article or video that addresses that exact concern or goal.
For example, you could create a pillar piece on:
- Budgeting for a New Baby
- Retirement Planning in Costa Rica
- How to Fund Your Child’s College Education
- The Best Ways to Finance or Refinance Your Home
Of course, there’s virtually no end to the number of sub-topics you can address for any of these subjects. And that’s the idea. You can create more and more content to build on that authority piece, establishing yourself as an expert in the subject.
Share each new piece of content you create on your social media channels. In time, you may have enough content to create a separate page, channel, or group dedicated solely to your pillar.
7. Stay Focused on the End Result
It’s easy to go down a rabbit hole of sharing posts and responding to comments. These are important and necessary aspects of using social media, but you should always focus on the bigger picture.
Likes and follows are great, but you can’t deposit “likes” in your bank account. The end goal is not to get a million followers but ultimately to use your services.
If your social media marketing efforts aren’t resulting in new clients, switch things up. Try different platforms and different tactics until you have an audience that’s not only engaged but eager to hire you.
The Best Wealth Manager Marketing Tips (And More)
So, which of these social media marketing tips makes the most sense for your business?
Do you need to spend more time narrowing your niche and finding the best social media channels? Is it time to revamp the content you’re sharing? Or is time to make the leap into hosting your own online events?
Whichever strategies you choose, remember the “social” aspect of social media. Stay engaged with your followers and respond to their questions and comments. At the same time, always focus on your end goal of converting followers to loyal clients.
Was this article helpful to you? Would you like to learn more about marketing yourself as a trustworthy, knowledgeable financial advisor?
Our “niche” is helping wealth managers find the best ways to market their services and create a thriving business. Call or text us at 303-808-8719 or use our online contact form to get in touch.