What purpose does Social Media really serve in a typical IFA, Financial Planning or advice firm?
When we asked them this question, almost everyone said "Marketing" or "to attract new clients".
To some extent that's understandable. Social Media has huge reach so it seems logical to use it for marketing. Yet, you can see from this article that attracting new clients is really just one of many reasons. In fact there are thirty-eight possible outcomes from using Social Media in a financial advice firm listed here - and there are probably more.
The key factor for every financial adviser to consider before using Social Media, is 'how does it fit with our business goals?'. And if you can't see where it does fit, then any 'success' you have from Social Media will be more by accident than design.
Start by taking a good hard look at your business - where it came from, where it is now and where you see it in two and five years time.
Identify what you are trying to achieve in your business and then look to see how Social Media might support those goals. You'll also need to take a close look at your clients and answer some questions about the types of content and information they consume.
IFAs and Financial Advisers are starting to get much more savvy with Internet marketing and Social Media, and most now agree that they really need a strategy to make the most of it.
The problem is, they don't know where to start.
So we've developed a Social Media Strategy Template specifically for IFAs and Financial Advisers.
Simply download the PDF guide and work through the questions. You'll discover that you look at your business in a different way and you'll soon identify the right way for you to use Social Media in your business.
Click to learn how to use the Social Media Strategy Planner for Financial Advisers here.
Now, to the sceptic IFA or financial adviser, if I was getting even five or six of these results I would be thinking that Social Media is time well spent. But I hope you noticed that I left until last the result which the overwhelming majority of advisers think is the reason for using Social Media – to attract new clients. In reality, most financial advisers will only attract a small number of new clients directly from their Social Media activities, though there are exceptions. One financial planner told me that in 2015 he attracted clients that paid him £100,000 in fees purely through his use of LinkedIn. Others have told me that they attracted new clients through LinkedIn the very first time they used online networking techniques which I teach.