Whilst this article has focus on financial advisers' use of Social Media in the US, it has relevance too for IFAs in the UK - and indeed anywhere that advisers and financial planners are looking to enhance their business proposition.
However it only hints at the single biggest Social Media mistake made by financial advisers, so it needs to be explicitly stated: not having a Social Media strategy.
In our workshops we always ask attendees to raise their hand if they have a formal Social Media strategy, and it's rare to see more than a couple of hands going up.
So financial advisers are using Social Media but they have no focus or direction for what they are trying to achieve with it. Quite often, they've not considered that Social Media goes way beyond just sales and marketing.
At last count we discovered 38 possible positive outcomes from having a Social Media strategy in a financial advice business - we listed them here.
But if you're thinking that writing a Social Media strategy is a job too many or one too complex to consider, we've made it easy for you in two ways:
1. On 10th January 2017 we're running a Social Media Strategy day for financial advisers, where we will literally write your plan there and then. IFAs from all over the UK will work through our unique process and will leave at the end of the day with clear steps which they can put in place immediately. Learn more here.
2. But if you can't make the workshop, you can still go through the process when you use our Social Media Strategy Template. It's an interactive PDF workbook which you can go through at your own pace. Download yours here.
By correcting a few common social-media mistakes, advisers will have a stronger understanding of what effective social-media marketing looks like. Instead of drowning in the web of follows and likes, develop a robust social-media marketing strategy, and reap the benefits of increased leads and referrals.