Hi, Dan Sheehan from Social Merlin back again for another Marketing Minute. Today’s Topic: “Why Do Financial Advisors Need Social Media?”
The way consumers make buying decisions has changed dramatically over the past decade. The financial services industry has also felt this significant shift. Consumers want to make educated and informed decisions. They want to know they’re partnering with a trustworthy and accountable service provider. They demand exceptional service and quick turnaround times. Their loyalty lies solely with trustworthy people who know how to maximize value for them. Beyond what the consumer expects, we as financial advisors need a consistent influx of new leads to grow our client portfolios. However, many advisors look at the time and effort they pour into lead generation versus the results they get, negatively.
When faced with these challenges, you may ask: Why should social media be the marketing channel of choice for advisors?
Recent studies show that almost 40% of consumers will do some research or collaboration on social media before they make an investment decision. When it comes to Generation X and Millennials, that figure jumps to almost 65%. If financial advisors don’t have an established presence on social media, they could be missing out on a big chunk of that market share.
It’s so important to reach your target market where they are spending their time. Many prospects who aren’t even searching for a financial advisor can be reached through social media. When you ask pertinent questions and start conversations about finances, you create social awareness of your services. Social media has the added advantage that you can do specific pinpoint targeting to reach your niche. You can search for leads by age, gender, location, vocation, and other demographic information. I cannot emphasize enough how important it is to serve the right content to the right audience at the right time precisely where they are. Qualified prospects will realize that you pay attention to detail and that your contributions are relevant to their needs. They appreciate quality content that educates and enables them to make informed decisions. In turn, it amplifies your authority as an expert.
Not only is social media an excellent channel for creating awareness, but it’s also a very effective way of staying in touch with your current clients. Many important life events lead to changes in financial planning. Through social media listening, well wishes, and celebrations, you’ll be able to keep your finger on the pulse of your clients. It shows your clients that you are interested and engaged and that you take your responsibility to guide and advise them seriously.
Trust is a crucial contributor to a prospect’s choice in an advisor. Social media is ideal for developing trust as you guide prospects through your conversion funnel. They need to learn that you are an expert in your field – that you are committed to helping them succeed, and that you have their best interests at heart. You have an opportunity to express that you value every person and every conversation. It enables you to be relatable to your audience as a real person with real interests. People want to know that you are reliable and consistent before they’ll entrust you with their financial future. Your dedication can be established from a safe distance on social media.
Social media is the ideal platform for you to differentiate yourself from other advisors. You are unique, so are your hobbies, interests, and background. Your message is unique, and your skillset and experience to help your niche market is unique. With social media, you have access to a network too large to farm in your entire lifetime. Your posts could potentially reach thousands of people overnight. This compounded strength makes the effort you put into social media undeniably worthwhile and can potentially give you more ideal clients than you ever dreamed.
What’s your biggest marketing problem? Before you lose another ideal client get this and other issues resolved today by going to my website, socialmerlin.com, or click the link here now. You can also ask a question, make a comment or just get more information, and I will personally respond to you super-fast. Thanks, and see you next week.