So­cial Me­dia Tips for Fi­nance Pro­fes­sion­als — And Ev­ery­one Else by Joanna Bel­bey

Rotman Management Magazine - - FROM THE EDITOR - Joanna Bel­bey is a con­trib­u­tor to Forbes. This ad­vice was ini­tially pub­lished on her blog. You can fol­low her on Twit­ter @Bel­bey

Ac­cord­ing to a re­cent sur­vey, 85 per cent of fi­nan­cial ad­vi­sors in the U.S. are us­ing so­cial me­dia for busi­ness. As a di­rect re­sult of so­cial me­dia use, these ‘so­cial ad­vi­sors’ gained new clients re­sult­ing in nearly $5 mil­lion in av­er­age as­set gain. For these ad­vi­sors, so­cial me­dia is no longer an op­tion, but a proven tool that is be­ing used to gain new busi­ness and to build closer re­la­tion­ships with clients.

Are you ready to step off the side­lines and be­come a ‘so­cial ad­vi­sor’ to build your busi­ness? Fol­low­ing are 10 tips to help you use so­cial me­dia ef­fec­tively.

1. Un­der­stand your com­pany’s so­cial me­dia pol­icy. Make sure you un­der­stand your cor­po­rate pol­icy. Con­tact your com­pli­ance de­part­ment with ques­tions; speak with col­leagues; and par­tic­i­pate in any train­ing that may be avail­able at your firm or on­line.

2. De­fine your au­di­ence. Many fi­nan­cial ad­vi­sors spe­cial­ize. Do you tar­get high tech founders? Health­care pro­fes­sion­als? Busi­ness own­ers? High net worth multi-gen­er­a­tional fam­i­lies? Se­lect the so­cial me­dia plat­form used most by your clients so you can com­mu­ni­cate in a man­ner in which they are com­fort­able.

3. De­fine your per­sonal brand. This means putting out a con­sis­tent re­flec­tion of who you au­then­ti­cally are. De­fine your spe­cial tal­ents and ar­eas of ex­per­tise that help your clients suc­ceed; and im­por­tantly, re­veal your per­sonal in­ter­ests to show your true self. Whether you are a com­pet­i­tive bi­cy­cle racer or vol­un­teer for a good cause, men­tion that. It’s best to avoid pol­i­tics, re­li­gion or con­tro­ver­sial opin­ions.

4. Se­lect a so­cial me­dia plat­form. Se­lect one plat­form ini­tially, and cre­ate an ac­count to use for busi­ness only. Linkedin is a favourite place to start for many fi­nan­cial ad­vi­sors, but many also use Twit­ter, Face­book, In­sta­gram and even Snapchat. It goes back to iden­ti­fy­ing your clients and prospects and be­ing where they are. Once you be­come fa­mil­iar with one plat­form, you can ex­per­i­ment with oth­ers.

5. Build your net­work. Once your pro­file is set up, reach out to peo­ple you know and in­vite them to con­nect with you. Per­son­ally-writ­ten notes are key — don’t just click on ‘Con­nect’ within ‘Who’s Viewed Your Pro­file’ or use the mo­bile app to make a con­nec­tion. Al­though quick and easy, those in­vi­ta­tions will be sent with a stan­dard

un-in­tic­ing mes­sage. In­stead, care­fully craft in­tro­duc­tions that re­mind peo­ple of how you know them and how you might pro­vide value.

6. Lis­ten and learn. Be­fore you take any ac­tions on so­cial me­dia, spend some qual­ity time notic­ing what oth­ers are do­ing. Pay at­ten­tion to what you like and don’t like. Look at your com­peti­tors’, col­leagues’ and friends’ posts. If you see a per­sonal con­nec­tion with a ‘life event’ such as a move, a pro­mo­tion or per­haps re­tire­ment, con­sider reach­ing out by phone to of­fer a gen­uine con­grat­u­la­tions and to catch up. There are many sto­ries of fi­nan­cial ad­vis­ers us­ing a com­bi­na­tion of so­cial me­dia and the phone to gain new clients.

7. En­gage. Once you feel com­fort­able, be­gin to join the con­ver­sa­tion and start pro­vid­ing value. So­cial me­dia is a two way street: Be gen­er­ous with in­for­ma­tion and be help­ful. De­pend­ing on your firm’s pol­icy, you may elect to add a com­ment, ‘like’ or ‘share’ your con­nec­tions’ con­tent. Some firms al­low this, oth­ers don’t.

8. Share use­ful con­tent. Many fi­nan­cial ser­vices firms have li­braries of ar­ti­cles that have al­ready been pre-ap­proved by com­pli­ance that you may share on so­cial me­dia. Share the con­tent that matches your per­sonal brand, demon­strates your spe­cific ex­per­tise and is of in­ter­est to your clients/fol­low­ers. Be con­sis­tent.

9. Show your per­sonal side: Re­mem­ber the 80/20 rule. Con­sider post­ing 80 per cent busi­ness con­tent and 20 per cent per­sonal con­tent that re­flects your brand. Re­mem­ber, we do busi­ness with peo­ple we like and who share our pas­sions.

10. No pitch­ing. Fi­nally, no ac­tive sell­ing. No one likes be­ing pitched on so­cial me­dia and it may vi­o­late in­dus­try rules. In­stead, when a string be­comes more busi­ness ori­ented, move the con­ver­sa­tion towards your tra­di­tional chan­nels of one-on-one com­mu­ni­ca­tions, such as email or phone.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.