Why advisors should use social media

August 2, 2017 by Steve Mahne

An advisor uses social media to connect with clients.

About the author:

Steve Mahne

Business development representative

Advisors that use social media understand it is a platform that can reach thousands of potential clients.  Every month, there are about 68 million active users on Twitter and roughly 2 billion on Facebook. Additionally, LinkedIn has claimed to have over 500 million total users.

In order to be successful using social media, advisors need to be active in all platforms by regularly adding articles, blog posts and building their network of people that they can connect with. The widespread popularity of social media is showing no signs of decreasing. Here are a few ways that using social media can help advisors.

Marketing

The average business normally spends 10 percent of their gross income on advertising. Social media is cost effective way to add into a marketing budget. Advisors can share information about their firm and give potential clients lots of content to help educate them and show why they need a financial planner.

Networking

Financial professionals go to seminars and events all the time. They go to learn about their industry, see potential products/services that can increase their ROI and to meet others in the industry. By networking, advisors can help them achieve their objectives and goals and will gain many critical resources that can only help with business ideas and innovations.

Technology

Technology may be the most important area of social media. It is 2017 and most business is done over email, texting, calling and video conferencing. Technology advances have made it easier to communicate and keep in touch with clients. More importantly, for Millennials technology affects nearly every part of their lives. Nearly all of them use social media and are the demographic that uses a financial advisor the least. As they grow older, the need for and advisor will grow and use of social media will be one of the best ways to interact and gain Millennial clients.

To learn how to increase your efficiency when communicating with clients, click here.