If you are concerned about the “black hole” of social-media compliance, consider using these platforms as business development tools, rather than as ways to communicate directly with clients, says Sara Gilbert, founder of Strategist in Montreal.
“[Compliance] is very much the other side of the social-media discussion,” says Gilbert. “Right now, many firms don’t allow certain activities and advisors don’t want to get into it because they don’t know how to monetize it.
“So,” she continues, “advisors should look at social media through a business-development lens.”
With that in mind, Gilbert recommends the following advice on using social media as a tool to raise your profile among members of your target market:
> Understand their strengths
To use social media platforms as a way to help build client relationships, start by learning about the ways in which each of the “big three” social media-platforms can help you reach your target audience.
Facebook, for example, is personal in nature because it allows you to interact with your clients beyond their basic financial lives.
Twitter, by contrast, is less interactive, less personal and information-driven.
LinkedIn is a good tool to help you “introduce” yourself to clients in a professional way, or to allow clients to find out more about you.
So, before wading into social media’s waters, plan the kind of relationships you want to build with the various segments of your clients, and identify which platform is best geared to help you accomplish that goal.
> Listen and learn
If you aren’t comfortable posting — or if your firm isn’t clear on what you can and cannot do online — use social media tools as a way to listen in to what others are saying.
For example, you might find that an online discussion is taking place among clients (and others) who are interested in learning about critical illness insurance. Think of this exercise as market research that you can use when considering the products and services you should be offering, Gilbert says.
> Present a professional image
Even if you are not actively tweeting or posting updates, registering accounts on these platforms can improve your search engine optimization (SEO).
In particular, LinkedIn, which appears to be the platform most accepted by financial services firms, carries with it strong SEO potential. Having a registered LinkedIn profile will automatically move you closer to the top of search engine results.
“Even if an advisor is not going to be active on LinkedIn,” Gilbert says, “having a profile will put them on the map in Google.”
Many of the people you meet, she adds, will search you on Google: “It’s automatic and just the thing people do.”
That is why it’s important to spend those extra few minutes to properly fill in your details when you register. It just might be the first thing a new prospect reads about you.
This is the first instalment in an occasional series about how to use social media as a business-development tool. Tomorrow: Social media and setting limits.