Tapping into social media as a prospecting tool

  • Published: November 15, 2013
  • Runtime: 1:48
Neesha Hathi of Schwab Advisor Services on how advisers are using social media as a way to make connections with clients and build relationships, making it an expanding arena for prospecting.

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.

Recent Events

InvestmentNews Video Channels