Social Media Best Practices For Financial Advisors

social media best practices for financial advisors

By now, we all know the power of social media. Its influence is significant enough to sway elections, change buying behaviors, and alter public opinion on almost anything! It’s too big to ignore, so rather than fight it, you should embrace the capabilities of social channels to help connect you with your potential customers.

By being on social media, you let your customers know that you exist, you’re open for business, and you’re ready to listen. It’s a tool you need to leverage as a part of your marketing strategy to remain relevant and competitive.  

Digital marketing for financial advisors can help increase your brand visibility and boost sales in a fast and cost-effective manner. Social media platforms act as mystical portals through which to channel your enchanting story. Cast your spell and put yourself in front of your ideal clients today.   It may sound funky, but the reality is that it works, but only if you actually do it.

 

When Should You Post On Social Media?

A frequency asked question is, when is the ideal time for financial advisors to be posting social media content? Although there is no universal handbook for posting times, and the algorithms of big platforms continue to change regularly, I still have some advice on how to go about your content scheduling. Here are some general rules of thumb:

  • The best time for click-throughs is around 1 to 4 p.m.
  • Wednesday is proven to be the best day to post.
  • The worst time for click-throughs are weekends between 8 p.m. and 8 a.m.

Take these times with a grain of salt. I’m not saying that you should only post to social media during these times, but as a virtual financial advisor who has been doing this since before mass adoption, these are the best averages to go on. 

Your posting schedule will be dependent on your target audience. Say, for instance, you’re a financial advisor who specializes in working with educators. You probably wouldn’t want to follow this advice because your audience will be in school teaching during the “prime times”. So, tailor your approach to your market to maximize exposure and reach. A/B testing is a great way to gauge response rates at different times and on different days. It’s how you find your sweet spot.  

Social Media Best Practices For Financial Advisors

Keeping It Real

Originality is everything when it comes to content and should be your main priority. Your content is an extension of yourself and your story. Please don’t be sending out canned spam into the ether, and by canned spam, I mean cold, generic, lazy and impersonal content.  You know exactly what I am talking about! The kind of content that makes a terrible first impression and probably does more harm than good to you and your practice.

Keep it real – when it comes to social media marketing, content drives engagement. When content is unique and original, it encourages clients to engage with you. Make it personal by writing for your audience. Ask them questions to grab their attention and make them feel as though you are having a conversation with them in an authentic way.

Originality is a brand builder. Posting original content will help search engines drive traffic to your website and boost your reputation in terms of creativity and trustworthiness. This approach can have potential clients feeling as if they know you before even using your service, which is a fantastic foot in the door on the way to building a lasting relationship. 

So, what should you post on Social Media?  A variety of original content.  Plain copy posts.  Pictures.  Short videos (try to keep them under 2 minutes).  Articles.  Audio clips of podcasts you are on or are producing.  The list goes on.  

All of it should be driven by WHO your ideal client is.  And stay out of the weeds, people don’t care so much about complex financial products, strategies, etc.  They want to know who you are.  They want to know how you can help them.  They want to know why you instead of the next advisor.  They want to know the benefits of working with you.  They want to know your why.

social media best practices for financial advisors

The Fundamentals For Social Success

Integrate social media into your overall marketing strategy – Think of social media as an element of, not a replacement for, your other marketing efforts. Start slow. You don’t need to break the internet overnight and trust me, and you won’t. Trying to do too much too fast can be overwhelming. Rome wasn’t built in a day. 

Your efforts will be most effective if you take your time, observing and learning along the way. This will allow you to grow in confidence before tackling a new platform. I recommend starting with LinkedIn, where networking is the game, then move on to Facebook to build some relationships.  A caveat here is that if you know your ideal client is on Facebook, Twitter, etc. more than any other platform then go to that platform and crush it.  You can always add another platform later once you are rocking it on one.

Engagement is key. Don’t post your content and then disappear.  If people are commenting on your content, then engage with them, thank them, ask them additional questions.  Make it a conversation.

Never stop learning from others. What effective financial advisor marketing strategies have you seen lately? What was interesting about their website? What type of updates generated the most interest and engagement? These are the questions you need to be asking yourself to find the most effective solution for yourself.

Set goals for your social efforts – lay out a plan for achieving them and track your progress. Set up automated reminders on your calendar to stay on track with your social ambitions. Be consistent in your messaging and what you post. Once you have set up a pattern for posting you are happy with, stick to it. This forms part of your social identity.  

Lead generation for financial advisors is all about driving traffic into your marketing funnel.  For example, you post on LinkedIn, you build an audience that gets to know you, you post about an eBook they can have for free on your website, you send them there. Measure your efforts by using Google Analytics to track referrals from social media to your site. When you find out what’s driving traffic to your site, do a heck of a lot more of it!

Social media for financial advisors is an art & science.  It is not something that magically starts driving in clients overnight, forget that myth.  If you build a robust digital footprint, which includes social media, and are actively engaged with amazing organic content good things will start to happen.  When you start to see what works then, and only then, should you venture into the world of paid advertising (boosting posts, etc.) to throw gas on a fire you have already started.

What is your favorite social media platform and why?

 

Thanks for taking some time to read this, I really appreciate it!

Best Regards,

Derek Notman

How Financial Advisors Can Develop a Compelling Online Experience

financial advisor social media and digital marketing

So here we are, about ten months into a global health emergency. Over the better part of a year, we have seen entire countries go into lockdown, with most of our country forced to work remotely from home.

If having an influential online presence was important before COVID-19, it is a high-priority now. You cannot survive without one. Look, our 2020 plans were through for a loop this year, but there also is a silver lining to it all for financial advisors especially.

Arguably our greatest attribute as a species is our resilience – our ability to come together and prevail through even the most treacherous circumstances.

So, although it has been some year, I’m here to show you how to embrace this new normal to your advantage as a financial advisor. It begins with developing a compelling online experience.

Adapt your Strategy

Due to the vast improvements in technology, many of our daily tasks have carried on the same, with some now automated. However, as a financial advisor looking to attract prospects (new clients), you cannot rely on previous marketing methods that are more than dated.

social media strategy

As a matter of fact, you’ve got to change your marketing strategy quite significantly.

By adapting your outreach and lead nurturing approach, you will ensure growth and sustainability. Although it first may seem a little daunting, once you’re up and running, it is more scalable and predictable, not to mention that the consumer expects it.

You can start shifting your strategy by working on your blog and social media presence. Everyone is at home, which means that most of us are on our devices more than usual, so it’s the perfect opportunity to engage with your target audience.

Try to build your new marketing strategy around giving your readers valuable advice that they can apply to their lives immediately. In other words, use your skills and experience to write guides, lists & tip style blogs, newsletters, and eBooks that are free to download. You will need to publish content regularly, at least once a week, so get creative and use your knowledge to reel prospective clients in.

Use Social Media to Promote Your Content

No one wants to be blatantly sold to. You have to base your social media strategy around providing real worth to your audience first. Sure, when you’ve built up a following, there’s no harm in a self-promotional post once a week, but for now, make sure your posts are giving something worthwhile to whoever they reach.

Your social media channels should be used as a conversion tool to serve as a source of credibility for your business and aid your SEO efforts. Your channels (compliance approved of course), such as Instagram, Facebook, Twitter, and LinkedIn, should always be kept active with relevant, helpful content and should never be directly used for finding new clients.

Content posted on social media should be broken down into the following categories:

Educational content

Educational content should be made up of posts that share helpful, informative, and valuable information to your audience on a topic that resonates with them. Think about what you can teach them about – top tips, how-to’s, infographics, did you know’s, blog posts, industry information, resources, case studies, etc.

Conversational content

Here, it would help if you tried to ask the audience questions and get people engaging with your brand – think ‘fill in the blank,’ ‘caption this,’ ‘give your opinion,’ or polls that they can interact with.

Entertaining content/Inspirational content

It would be best if you weren’t too serious all of the time. Have some fun and create posts that your audience will relate to and enjoy – think memes, quotes, fantastic imagery, motivational posts, feel-good stories, etc.

Brand connection content

As I’ve mentioned in previous posts, you need to make your clients’ experience more personal. Again, have a little fun and showcase what you’re all about. Brand connection content should be focused on behind the scenes, employee features, and your brand story.

Promotional content

Try to build a following first, and once you have, sneak in posts that promote your products, services, specials, deals, etc. Also, make sure to add a call to action so that your followers know exactly what to do should they be interested in what’s on offer.

Use Paid Media Campaigns for Promotion

There are so many ways to ensure your marketing efforts are impactful and effective. Once you publish content regularly and promote it across your socials, you can look at setting up paid ad campaigns.

facebook social media ads

Paid advertising is hugely beneficial because it garners instant results, can be measured, is cost-effective, and ultimately enhances your efforts towards building meaningful relationships with your audience.

Now that you’ve adopted a fully digital financial planning practice, your overhead can be considerably lower, so investing in the right tools to help you develop a compelling online experience is imperative to your success.

At Conneqtor, we have built a comprehensive set of processes that will help you establish yourself as a financial advisor in this day and age. Download our free eBook to find out more.

I hope you enjoyed reading this!

Kind regards,

Derek Notman

Digital Marketing for Financial Advisors: Compliance Guidelines

digital marketing compliance fir financial advisor

When creating a digital marketing strategy, compliance is often a complicated issue for financial advisors, usually turning out to be a bigger headache than it should.

I recently created a poll in a LinkedIn group, asking my peers what the biggest challenge preventing them from creating content on social media is, and 52% of them answered compliance.

Sure, digital marketing compliance for financial advisors is tricky, but you will never look back once you set up a proper process. After all, this is where most of your leads will come from, so you must come to terms with it.

Because social media posts are a form of advertising, your social accounts as a financial advisor are subject to specific regulations.

It all starts with understanding the law, on top of your company’s policies and procedures.

How you are registered as an advisor (RIA, IAR, Agent, RR, etc.) will partially determine what regulations you fall under but I believe it is safe to say that for an issue-free online presence, FINRA’s rules on communicating with the public as a financial advisor are crucial to follow. I think it equally important to abide by the requirements monitored by the Securities and Exchange Commission (SEC). These rules are in place to protect your audience from false, misleading claims, fabricated statements, and material breaches.

finra headquarters

As a financial advisor myself, I live in one of the industry’s most conservative compliance environments, so if I can do it, any advisor should be able to.

Here are some guidelines to follow when it comes to Digital Marketing for Financial Advisors.

Set up Your Social Accounts and Website to Be Compliant from The Beginning

As long as you are aware and understand the basic rules and set up your profiles to be compliant from the very beginning, keeping up with approved content will become second nature for you.

Most often personal & business profiles are subject to adhere to compliance standards for financial advisors. This includes any social account or profiles directly connected to and managed by you or your business. This will likely include Facebook, Instagram, Twitter, and LinkedIn. Your broker-dealer or another registered principal is responsible for having policies in place to archive, review, and pre-approve (when necessary) any content published on these accounts.

Get Your Content Pre-Approved from Compliance

The content you’ll need to get approved for publishing is any long-form content, such as blogs, whitepapers, eBooks, or newsletters. Long-form content or static content is usually published on your website and then shared to your social accounts – it lives on your site for an extended period. blog approval for compliance

If you have a digital marketing strategy and plan, you will need to get this type of content pre-approved by a registered principal. Whether this is through a broker-dealer or an independent RIA, it is imperative to get your content pre-approved before posting to avoid breaking any compliance rules.  Although a bit of a hassle this part is very important.  Your compliance back-office if there to protect you too so it’s imperative you work with them instead of against them.

Additionally, you’ll also be doing some community management, and hopefully, be answering a lot of inquiries through direct messaging. Anything interactive, such as tweets, videos, or posts to your wall, will happen in real-time and obviously cannot always be pre-approved for compliance. Although they can’t be pre-approved, they should most certainly be monitored & archived by someone who fully understands the rules and regulations.

Your best bet is to have a policy in place and train anyone who will be posting content on your business’s behalf, such as an assistant or a social media manager.

A lot of firms use technology made available from outside vendors that allows all of your content to be archived and monitored in real time, much better to do this than try and do it manually.

Put A Policy in Place

By having a policy that aligns with FINRA’s rules and ensuring that your employees understand and know how to follow it, you will always be in the clear.

When engaging with clients, prospective clients, or anyone you interact with online, it’s essential to keep up to date with any changes to compliance so that your business can stay away from any issues.

Make sure you understand which posts should be pre-approved, which posts need to be reviewed, and ensure that your employees understand the importance of adhering to your policy. You can view all compliance rules here.

If you are affiliated with a B/D or RIA they have teams that do just this and then educate the field on how to best interact online.  If you are independent this is on you and your firm to manage or find a firm to outsource it to.

Although being part of a B/D or RIA compliance environment can be frustrating it also is a major opportunity for you.  If you do things correctly and are respectful of your compliance department you can stand a chance to influence their policies to better reflect the world we live in.

You Need to Archive Everything

Regarding digital marketing for financial advisors, it’s an absolute must to keep track of and archive any content you publish online. Regulations demand that you archive all of your content and activity for at least three years. Why? For your protection.

If anyone has an issue or dispute with something you have published or shared further down the line, you will be able to dig it up and prove your actions.

Keeping tabs on what you’ve posted requires proper archiving tools. Each type of contact or update needs to be archived, no matter what account you’re using. This includes sent and received messages, which should be reviewed and monitored as they occur. The monitoring of these messages guarantees compliance for financial advisors, so action can be taken if necessary.

For your website this also can be automated and made simple with strong workflows.  I use Advisor Websites for my two sites and their dashboard is directly connected to my compliance back-office so they can review, archive, and approve all my website content.

Never Recommend A Particular Investment or Product

Again, this is for your own protection. By refraining from making any investment recommendations, you will not be held accountable for any of your audience’s choices. Your goal with social media, digital marketing, and your website should be to create an educational environment where people can come get to know you and learn about things in general terms.

You shouldn’t be recommend a product, investment, strategy, etc. since you have no idea who is seeing your message and what their situation is.

Instead you should be letting people get to know you, professionally and personally, sharing general principals and ideas, and so on.  Your digital marketing efforts should lead people down a path to eventually them wanting to contact you.  If done correctly people will know what you do and who you do it for.  So build your tribe and let people contact you when they are ready.

Be Mindful of Third-Party Websites and Links

Using third-party sites to deepen your content has enormous benefits. The most significant benefit is through backlinks, which can improve your organic ranking on search engines and generate referral traffic.

Just take the same approach as with any of your other activities online, be wary of whether the content or website you are linking to is compliant with the rules and regulations set out by FINRA and SEC.  This will be a tough one to manage but what you can do is make sure in your disclaimers that people understand you are not responsible for the information you linked to and are providing it as a value add since you believe it helps further your point and message.

In short, don’t link to any sites that may contain false or misleading information. As you begin to post compliant content, it will take no time at all for you to identify what kind of content is acceptable.

You do not want your firm to look as if it is endorsing any cunning content.

Lastly, my advice is to add a disclaimer on your social media profiles stating that none of the information you provide should be construed as investment advice – this will act as an additional barrier of security against any disputes.  In fact, this is required by virtually all firms and is simply a best practice you should be using.

So, there you have it, digital marketing compliance for financial advisors in a nutshell.  Yes, there is a lot to it, but it is clear you can be successful with your efforts if you stick to being honest, ethical, and following the letter of the law.  Feel free to check out my advisor websites for Intrepid Wealth Partners and Tribe of Luxury for ideas and inspiration.

If you have any further questions in connection with digital marketing for financial advisors, please feel free to contact me – I am always happy to help!

I hope you find this article useful.

Kind regards,

Derek Notman

7 Books Every Virtual Financial Advisor Needs to Read

books that financial advisors should read

As a virtual financial advisor, there are 7 books you simply have to read. With the times we currently find ourselves in, adaptability is key – using the plethora of information available to not only maintain your financial advisory practice but flourish like never before.

I’ve always been an avid reader but the following 6 books are the ones I keep going back to when it comes to business, being virtual, and just rocking at life!

I’ve learned a great deal and have taken the liberty to review the 6 books I’ve read that stick out, books that every virtual financial advisor should be reading in the current climate; for productivity, sales, and a positive mindset.  These books have materially improved my life and business, I simply would not have the success I do today without having had read them.

1.  The 4-Hour Workweek by Tim Ferriss

Ok, so what about the 4-hour workweek haven’t you heard already? Well, it has never been put in a book like this before. It is fun and easy to read too.

A book about how many of us follow the rules and stick to the system, striving to do the same thing repeatedly for 40+ years, in the hope of a stable lifestyle and a secure retirement.

Tim Ferriss has a straightforward plan for achieving an entirely different kind of life where you take “mini-retirements” throughout your time here on earth.

He gives you a practical plan for setting up an online business (in your case, a virtual financial advisory practice), so you can live a life of balance, the difference between being a business runner and a business owner. The latter giving you much more freedom and time to do what you love.

2.  Think and Grow Rich by Napoleon Hill

One of the best books you will ever read about money. A book published in 1937 during the great depression – it’s about convincing yourself that you can be wealthy – that there’s no reason you can’t have exactly what you want.

You can, however, apply the principles in this book to anything in life. To get what you want, you must have the desire, belief, act on these, and then persist. A brilliant and timeless read!

3.  Virtual Freedom by Chris Ducker

You don’t have to go at it alone, nor do you have to spend thousands of dollars on office space and employee benefits. An incredible book for small business owners, virtual financial advisors, and online entrepreneurs on the power of building teams of virtual employees to help run, support, and grow your business.

Going hand in hand with my online system Conneqtor, this read will give you great tips on how to find and manage virtual staff. You should read it directly after you have read the 4-hour workweek by Tim Ferriss.

4.  Social by Matt Lieberman

A book that explores how our need to connect with each other is even more fundamental than our need for shelter or food. Lieberman provides insight into the necessity of human connection.

There are many examples here that you can apply to the relationships you have with your clients—a book for anyone who wants to understand themselves and others better.

5.  The Art of War by Sun Tzu

A book that was written 2500 years ago, yet the information conveyed can be applied to today’s fiercely competitive business scenarios as well.

For example, “In conflict, straightforward actions generally lead to engagement, surprising actions generally lead to victory.”

This read gives insight into how vital discipline, honesty, wisdom, and courage are for everything you come across in life.

6.  Swim with The Sharks by Harvey Mackay

As you transform yourself into a Virtual Financial Advisor, this book will come in handy! An essential read for lead prospecting and selling your services.

He offers a million ideas for being the best businessperson you can be, how the most crucial function of sales is about being relatable with other human beings.

7. Virtual Culture: The Way We Work Doesn’t Work Anymore, a Manifesto by Bryan Miles

Number 7 is one of the most relevant books to any business person, entrepreneur, and most importantly financial advisor at the moment.

Virtual Culture by Bryan Miles explores the outdated reality of our corporate work system and how the rapid transformation of technology continues to evolve the workplace environment.

 

$13.99

Combining these books with my virtual financial advisor system will undoubtedly set you up for success. You have just got to be open to change and, of course, keep persisting.  I highly encourage you to buy the physical books instead of the digital ones.  There is something powerful about having the actual book in your hands, something that stimulates your mind more than a digital copy.

You owe it to yourself to buy, read, and learn from these books.

Thanks for reading!

Warm regards,

Derek Notman