The Interactive Adviser: Expanding your firm online

As social networking infiltrates all aspects of everyday life, financial advisers are getting the message – connect! Evidenced by the growing use of LinkedIn, Facebook and Twitter, more and more advisers are posting, tagging and tweeting their way to business growth.

In a short period of time, the question has changed, from, “Should we use social media for business?” to “How can we best leverage social media?” Advisers recognize the power of social networking, but are unsure how to tap that power. They want to connect without intruding and raise their profile without selling. More fundamentally, they struggle with folding social networking into their broader marketing plan, company website, and compliance environment.

Online networking tools – the door to unlimited contacts
Initially, many advisers held back on social networking, believing it was a trendy fad for the young and mass affluent. They couldn’t see a connection to their core business – the high-net-worth and 50-plus markets.

That tune no longer plays well. Multiple research studies show the use of tools like Facebook, LinkedIn and Twitter are growing at a rate nothing short of phenomenal – for people of all ages. More to our point, growth is greatest among seniors. SEI research suggests social networking is also growing among the wealthy. Among ultra-high-net-worth investors surveyed in an SEI “quick poll,” 50% said they use Facebook, 37% visit YouTube and just under 35% use LinkedIn.

Begin with web in mind
Because online tools are best used to drive people to your website, we recommend committing resources there. Why spend money and time pushing prospects to your site if it doesn’t portray you in the best light? But even before you start revamping your site a little strategic planning is in order. Develop a website strategy as a part of your larger marketing plan. Your strategy should clearly define your value proposition, your audience (from both a client and prospect perspective) and your objectives.

It’s important to make a good first impression. If you’ve attracted someone to your site, you want them to stay long enough to get to know you. Build a compelling home page, both visually and content-wise, that allows visitors to assess what you do within seconds should be simple, clean and professional, with your logo and tagline prominently displayed.

Is your website optimized?
The more specific your content, the higher you will likely appear in a search. Therefore, headline writing and page titling should be well thought out. Fortunately, there are multiple tools to help with this, including Word Tracker and Google Optimizer.

In addition to being properly optimized, it is also important to keep your site current and fresh. About 38% of advisers surveyed say they update their sites only quarterly, while 24% said never. Assign someone to be responsible for keeping all content up to date. When you make changes to staff or services, revise the site immediately. Remove content more than a year old – you don’t want your site to look dated.

Blogs and eNewsletters move up the research ladder
The more quality content posted on your site, such as blogs and eNewsletters, the higher you’ll place in searches. More to the point, they position you as an expert, educate clients and provide excellent marketing opportunities.

Newsletters generally include news about the firm, market updates and articles on key issues like saving for retirement. Blogs are a “client conversation tool,” and offer the adviser the opportunity to share opinions on a timely topic and give readers something to think about and comment on.

One caveat about blogs: It takes time to build an audience, so commit for the long haul and don’t let it die on the vine. Set a publishing schedule – monthly or weekly – and stick with it. Posts don’t have to be lengthy; in fact, shorter is usually better.

Tying it all together
The elegance of online networking is the ability to tie it all together. With links to LinkedIn and Twitter on your website, a blog post or other content will automatically go out to all of your followers on Twitter and your LinkedIn connections – and potentially to their followers and connections.

Looking forward
The persistent uncertainty around what’s appropriate and what’s not underscores the fluidity of the social media environment. As we look forward, however, one thing is certain. We live in an online world where people of all ages are dependent on the Internet in their personal and business lives. The adviser who learns to leverage these new marketing channels – whether it’s a fully optimized website, blog, or online networking tool – is far more likely to remain relevant and front-and-center in the lives of their clients and prospects.

John Anderson, head of practice management solutions for the SEI Advisor Network, writes a Practice Management blog for financial advisers: Practically Speaking .