When it comes to social media in financial services, there are great opportunities to build relationships with prospective and current clients. However, social media also creates some vulnerabilities if you aren’t careful. When used appropriately, social media can help set financial advisors apart from the competition, while building their financial firm in the process. Here is some more information about both the opportunities and vulnerabilities created by social media for financial advisors.
Opportunities Created By Social Media
Social media platforms have opened up access for financial advisors to build relationships with potential clients without meeting them face-to-face at first. The key to financial advisor social media marketing is providing users with relevant content to help build your credibility. When your connections share these articles, your network could potentially expand, thus creating the opportunity for more clients in the future.
Financial advisors can also use their social financial network to learn more about their clients. Aside from messaging or interacting with them directly, you can find information about their interests, career and contact information. The power of social media in financial services can create impressive opportunities when utilized appropriately.
Vulnerabilities Created By Social Media
Depending on how social media is used, what is an opportunity for one person could be a vulnerability for another. Having the ability to connect to hundreds or thousands of users in a matter of seconds can be devastating if you share the wrong information. Also, getting involved in controversial topics could hurt your following, since people generally follow other people for a particular reason. Always being active with your social financial network and providing relevant information will help reduce vulnerabilities and engage your following much more.
Use Social Media to Get Ahead of The Competition
Taking advantage of the opportunities presented to you by social media can help fill any communication gaps with potential clients. You can identify your target audience and provide them with relevant information, such as articles on wealth management, retirement, market outlook and more.
What many financial advisors don’t understand clearly is how little social media in financial services is used. Yes, financial advisors and financial firms may use various social media platforms, but they don’t do any good if the content they provide isn’t relevant to their users. People have a sixth sense for distinguishing original authentic content from marketing content. Original content reflecting your team’s thought-leadership is most effective, delivering the best outcome. Non-original marketing content is not effective and conditions your followers to filter out your posts. By knowing exactly how to utilize social media, you could be putting yourself ahead of the competition and building your client base consistently.
SocialFinServ is the all-in-one solution for financial advisors and financial service firms. We focus on the Three C’s of social media – content, compliance and collaboration. By providing consistent and relevant content to engage clients, our services can help you build on opportunities and set yourself ahead of the competition, while reducing vulnerabilities many users experience. Be sure to give us a call today to set up a social media marketing consultation to help take your business to the next level.