Why Shouldn’t Financial Advisors Build or Buy Their Own Social Media Solutions?

social media marketing for financial advisorsThe first option many financial advisors consider when searching for social media solutions is to purchase a program. Other more innovative and ambitious financial advisors may consider building their own program. While these may seem like somewhat logical paths on the surface, the investment required by both in time and money make them poor choices. Social media marketing for financial advisors is an important piece of the marketing puzzle, so you can’t afford to mess it up. Here are reasons why you shouldn’t consider building or buying your social media solutions.

Significant Time Commitment

One of the main goals of your social media program should be to concentrate on the three C’s: content, compliance, and collaboration. Building these components takes a significant amount of time and resources due to the complexities and customization needed. Think about the time you’ll spend to build a program from the ground up. If your competitors already have a solution (and they most likely do), then you’re falling way behind. Time is money, and it’s especially true with financial advisor social media marketing.

High Risk, Unknown Reward

When you build a social media program, you’re investing in something that doesn’t already exist. When you buy a social media program, you’re paying a lot of money upfront for something you’re not even sure will work. There are a significant amount of unknowns when it comes to building or buying a social media solution for financial advisors. And when you consider the high risk associated with those unknowns, it’s hard to justify making the time or money investment.

Consider Your ROI

You don’t have to be extremely business savvy to understand return on investment. It’s no secret that social media marketing for financial advisors helps build your business; however, what cost are you willing to spend upfront?

You may recoup your initial investment in a social media solution strictly in financial terms, but you also have to consider the amount of time spent developing, updating, repairing, and maintaining the program. You could have been spending that time finding new clients or helping existing clients, and making more money as a result.

Complexities Can Create Major Issues

Social media for financial advisors can be a complex world, especially when you decide to build or buy your solution. You’re going to hit multiple snags if you decide to build your own program. You just have to decide whether it is worth the time commitment to work through the complexities, or if your time and resources would be better spent in other areas of your business.

Building or buying a social media solution only makes sense if there isn’t another better option out there. A subscription-based program, like what is offered at SocialFinServ, solves many of the issues that are present with building or buying a program. If you’re looking for the best social media marketing for financial advisors, and want to ensure a high ROI with a lesser amount of risk, then contact us to see how we can put you on the path to success.