SocialMaurice - Social media can be quite a powerful tool, if you understand how to use it. For financial advisors, it's now easier than ever to turn strangers into customers. However, by the nature of this industry, it is important that financial advisors take care not to break set rules.
Registered financial advisors have a strict set of rules created by the Financial Industry Regulatory Authority (FINRA). With the continued development of social media, it is important to know there are definite do's and performn’ts.
The first don't, however is this: Don't let regulations sway you from using social media. Many financial consultants are effective at attracting new clients via Twitter, Facebook, and LinkedIn. Let us take a look at a few of the additional do's and performn’ts which can allow you to bring in more customers while not getting in hot water.
Do's
Create compelling content
As a financial consultant, people want to understand you know what you're doing. Many decades ago, you'd do that by having a decent site. Today, that is inadequate.
Social media is a wonderful portal to send folks to your (ideally revamped) site. The internet is enormous, and you will need to distribute across just as much of it as possible. That means having site posts that are rich with search engine optimisation keywords, acquiring an up-to-date website with constantly updated information, and a solid social networking presence.
The phrase "social networking" has come to be the keyword phrase to symbolize all the distinct social media stations. But just because each channel -- Facebook, Twitter, LinkedIn, etc. -- is lumped under the exact same umbrella does not mean they are all exactly the same. Because of that, you need to have different strategies for each.
For example, in regards to Facebook, it is ideal to get a personal page and a company page. For the personal page, you can let everyone on your community know what's happening, not just select groups. You may talk on your own personal philosophies, your professional beliefs, etc.. That leaves your small business page as your public hub for notions, notions, activities, etc., that are business-specific.
With Twitter, you've got 140 characters to let all your followers know what is happening, either by posting links to your blog, retweeting somebody's opinions, or by simply talking about what is happening in your industry. Make sure to follow folks associated with the financial adviser community and also stay active.
LinkedIn is going to be your professional outlet. LinkedIn is a great source of networking with other financial advisors, joining communities setup for financial advisors, and posting your blog articles or other link you think would be worthy of everyone's attention. Keep in mind, the focus here should remain compelling.
Be Accurate
Coming across online as something you are not will instantly kill any opportunity you have at gaining new clients. Today, a lot of men and women who look for financial advisors online wish to find out more about the person in order that they can feel a deeper connection with them.
Creating original blogs will help do so, but with regard to social media, this is really where Facebook shines. Facebook allows you the liberty to post things about yourself, your life, and the way you work.
It's also important to be aware the more you post on social media, the higher your Google ranking is likely to be. Having that connection through social media also increases the chances of increasing your email newsletter accessible rate. So it pays in the long term to make sure you have a viable social networking plan.
Don’ts
Violating the Rules
What are these rules, exactly? To start with, as a financial advisor, you should never present false or deceptive claims or representations to investors. Granted, this is straightforward and quite much a no-brainer, since it is something which shouldn't be carried out at any sort of communications.
Another policy entails record keeping. Bear in mind that, though this probably sounds daunting, new technologies is developed and published daily specifically for the purpose of tracking social media, like Smarsh or even RegEd.
It can be tricky navigating the rules as a financial advisor using social media. You wish to demonstrate your understanding and showcase your company, but you must do this without crossing certain lines. The majority of the larger financial services firms have their own set of rules and interpretations of FINRA, so be certain that you are familiar with these rules before you even create an account to a societal media platform.
In a market as regulated as financial services, you can't afford to guess if you hit the send button. But with this many regulations and rules to take into account, social networking can be an excellent way to bring exposure to you or your firm, your services, and make relationships that can turn into good referrals and clients in the future.
One More "Do"
Here at New North we specialize in working getting our clients the most out of social media. We know you have got a lot on your hands handling your social media promotion, let alone applying a deeper plan for engagement.
Even in case you've got a dedicated member on your team managing social networking, knowing what to post and creating a successful campaign might still be a faraway concept. You will need a bigger picture of how social media can be significant to your business and growth.
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