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How Financial Advisors Can Effectively Utilize Social Media

Social media platforms have become popular for firms across industries to reach their target audiences. By using social media, financial advisors can build one-to-one relationships with clients and share content that helps them serve and develop their clientele. In a 2020 survey from Putnam Investments, 89% of financial advisors who responded said it was social media that brought them new clients. Additionally, social media can be a valuable tool for networking and learning from the professionals in your industry, especially on sites such as LinkedIn.

Social media can be an invaluable tool for financial advisors trying to build their client base, make professional connections, and keep up with industry news. The tips below illustrate how financial advisors can leverage their social media presence to benefit themselves, their firms, and their clients.

1. Tell Thought-Provoking Stories
Everyone loves a good personal story. Though you should never share personal information, good stories, and anecdotes often motivate and inspire others.

A social media storytelling pattern will encourage the general public to revisit your site regularly to see how you manage your clients. Through this method, followers and clients will grow organically.

2. Educate Your Client Base
Your clients are already spending time on B2B platforms such as LinkedIn. By educating your client base about how you can help them and thoughtfully engaging with relevant industry leaders’ content, you can build an audience for your personal brand instead of spending time and money on cold outreach.

3. Create Content With A Purpose
Don’t just create content for the sake of it. A compelling piece of content marketing should provide value or be helpful to the reader during the buying process.

If you’re starting to create new content, ask yourself what needs it meets for your current or potential new clients. If you cannot quickly identify how the topic offers value to them, it is time to rethink it.

4. Focus On Younger Clients
Advisors focus on clients with high net worth, but more advisors are reaching out to Millennials on social media platforms such as Instagram and TikTok. By taking on clients most advisors overlook, it can address many issues that individuals on these platforms face, including financial planning, estate planning, and legacy planning.

5. Show Your Human Side
Financial advisors can use social media to connect with their clients on a human level. People want to work with people they trust.

Use social media to show your human side – your likes and dislikes. Give your customers an idea of who you are and why you do what you do. Publish content that is relatable and shareable. Reply to comments and questions you receive on your posts.

6. Align With the Financial Calendar
Your audience will engage with content that is relevant to them, depending on the financial calendar. For example, an excellent time to post about planning for tax filing is February/March. At this time of the year, filing taxes is front of mind for your audience, meaning they are more likely to engage. The same can be said for investing in RRSPs in January/February, as your audience will consider contributing before the March deadline.

To increase engagement, look at your calendar and decide on the critical times during the year when wealth planning should be addressed, and plan your content accordingly.