Nearly 44% of advisors do not utilize social media for one reason or another, but 81% of those who do claim it helped their practice, according to research from BlackRock Advisory Services. Of course, marketing is only valuable when it targets the correct market, so it is crucial to find the correct platform to speak to your desired audience. For example, according to research from the Pew Research Center cited in this piece regarding age demographics utilizing YouTube, Facebook, Instagram, LinkedIn, and Twitter, LinkedIn is the least popular amongst the 18 to 29 crowd, fourth most popular for 30 to 49 year olds, but third most popular for users between 50 and 64 years of age. YouTube and Facebook hold a commanding lead in all age categories besides 18 to 29 year olds, which speaks to how crucial it is for advisors to choose the correct platform to get their message across.
Furthermore, utilizing social media may not be as difficult or time intensive as one may believe; the same content - blog posts, links to thought pieces or white papers, and video recordings - can easily be shared across these different platforms, allowing advisors to communicate with their clients and prospects quickly, efficiently, and in a cohesive voice. Take this post for instance; I am writing this on my website’s blog page, but will post a link to The Valais Group’s different social media accounts, bringing the audience into the site to explore more about the firm. Building the content is difficult, but broadcasting it can be simple.
Of course, advisors work in a unique industry, so tact and compliance is crucial to avoid stepping out of line with FINRA. Making claims regarding returns or seeming to give blanket investment advice is always a lightning rod for regulatory repercussions, which is why working with a Compliance or Legal Department is always encouraged before publishing anything.
The room for advisors to gain a presence on social media is wide, and the value is evident, but advisors need to make a plan around their social media marketing, as they do with any other type of corporate communication. The Valais Group can help you build those messages, and we always strive to help you grow.