Social media is not a passing fad, advisers told

In an opinion piece on ifa ahead of the ifa Future Forum 2022, Lifespan Financial Planning marketing coordinator Lyndal Higgins noted that 86 per cent of US financial advisers reported that social media activity has helped them gain clients.

“You may well be asking, ‘how can I use social media to grow my business?’” Ms Higgins said.

“You can’t expect to post a single tweet and instantly gain a client. It requires a series of ongoing interactions, to build the know, like, and trust relationship with the aim over time to become a trusted source of credible information and solutions, which culminate in a client or referral opportunity.”

For example, in Australia, the Yellow Social Media Report 2020 found that over half the consumers said they were more likely to trust brands if they interact positively with social media (51 per cent), make their content engaging and relevant (54 per cent), and keep content regularly updated (53 per cent).

The importance of a strong digital presence will be discussed at the upcoming ifa Future Forum 2022 in November, where speakers will also unpack the strategies advisers could implement to evolve their advice model and expand their reach into new markets.

Before getting started with social media, advisers must clarify who their target market or preferred client is and how they can help clients beyond the list of services they offer, Ms Higgins said.

They can then develop clear communication that appeals to their client prospects, but Ms Higgins said it’s critical to be valuable and relevant to stand out.

“Almost two-thirds of investors think financial advisers all sound alike, making the same promises, and making it difficult to distinguish between them,” Ms Higgins said.

“The more you know and understand your preferred clients, the better you will be able to uncover their needs and wants, engage with them, and be relevant and valuable to them.”

Updating an advice practice’s website is the first step to forming an online presence, as is ensuring that their brand and value proposition aligns with the look and feel that appeals to their ideal client, Ms Higgins advised.

“Your communication, online or otherwise, should focus on the person you seek to serve,” she said.

“It’s not about selling; it’s about solving problems and demonstrating value.”

Next, advisers could connect with existing clients on social media and ensure it is easy for clients to book appointments directly via an adviser’s website.

Finally, prioritising is critical for busy advisers, Ms Higgins stressed.

“As busy advisers, if you feel you ‘don’t have the time’, perhaps you can allocate time towards social media instead of other current marketing activities that may be less successful, effective, or efficient,” she said.

Ms Higgins concluded that social media could help advisers not only connect with potential clients but also maintain an ongoing relationship with existing clients, who could be their greatest referral sources.

“Often, your existing clients may mistakenly believe that you are simply too busy and don’t need them to refer clients. Social media can help remind them that you are looking for referrals of people just like your existing clients,” she said.

To hear more about the benefits for advisers of having a strong and productive digital presence, come along to the ifa Future Forum 2022.

It will be held on 16 November at Montage in Sydney.

Click here to register for free and don’t miss out!

For more information, including agenda and speakers, click here.