Exclusive coverage of Charles Schwab's IMPACT 2013 conference from November 10-13 in Washington, D.C.
Social media, I think, is a really interesting time right
now for advisers to be thinking about this trend. And
I think, you know, it's complex because there is, you
know, one continues but just afraid of it because there's
a lot of confusion as to what's compliant and what's
not, and then there's this fact that a lot of
advisers are still working through creating a marketing plan. So
where does social media even fit on that marketing plan?
So, I think there's a lot of complexity in figuring
out those decisions. But the opportunity with social media with
regards to a small firm and a small business like
in RIA is really tremendous because these small firms have
such great credibility. They have such great reputations, and today,
they have to rely on the human referral to get
the word out, and now all of a sudden you
have this great technology that you can go out and
actually build that credibility virtually through the network, and, you
know, that's how prospects and clients are finding out, educating
themselves, validating decisions, is actually going online and doing research.
And the more that firm's name is out there, the
more they can build that credibility in a positive way.
We are already seeing that some advisers are starting to
use social media for prospecting purposes and the advisers that
are really doing this a lot are-- you know, if
they're doing PR, if they're doing events, they have the
ability to take the snippets of that and actually share
it, and when it's shared through a network, then other
people have the ability to share it. So all of
a sudden now, I'm on LinkedIn or I'm in Facebook
and I see, "Ha, that's interesting. This person went to
this event. Let me look at that video," and you
hear about this adviser that maybe you wouldn't have had--
you wouldn't have known or asked your friend about, right?
So it's a way to build that network and start
building the credibility before that decision-making time has even come
for that particular prospect.