Mastering the use of social media for client prospecting
Financial professionals can reach a broader group of prospects — of all ages and in all locations — on their social media channels with fewer mechanics involved than planning an in-person event.
In today’s world, people go to social media to find almost anything. Luckily for financial professionals, social media has become a powerful and efficient tool for client prospecting, and it creates an environment to network at little to no cost.
Financial professionals can reach a broader group of prospects — of all ages and in all locations — on their social media channels with fewer mechanics involved than planning an in-person event. Eliminating factors like securing a venue, making catering plans and covering travel expenses can save time and money, and financial professionals may find that client relationships can become established just as easily online — but first you must build your brand.
When it comes to reaching and converting leads via social media, it’s important for financial professionals to maintain a visible online presence. Putting out a consistent stream of good, legitimate content (following your firm guidelines) will keep you top of mind when a prospective client is thinking about hiring a financial professional. This can include articles, commentary, posts and insights, but the key word to remember here is consistent. If you have large gaps between posts or you don’t have very many posts at all, that could cause a prospective client to become less engaged or turn away completely. In addition, whenever they search your name, it will reflect much better on you if you have an established brand rather a few arbitrary posts here and there. Having a strong presence will add credibility and could be a determining factor in influencing a prospect’s decision.
It’s also helpful for financial professionals to understand what type of content should be posted on which platform:
LinkedIn is an online business network where you can increase industry knowledge and build up your book of business. Here, you can identify prospects based on skills, experiences, and geographic location. You can also join groups that connect you to target prospects, which makes reaching out easier than cold calls or unsolicited emails. Since LinkedIn is a more business-first platform, you can post interesting articles, suggestions for podcasts you like, original content you created, etc.
Important tip: Aim to post one to three times per week, and create a schedule to stay accountable and organized. LinkedIn is a good place to establish yourself as a subject matter expert.
Facebook is a good tool to nurture and strengthen existing client relationships. It’s a place where you can get to know clients better (and vice versa). You can post a little more frequently on this platform than on LinkedIn, and you can add more of a personal touch to what you share.
Important tip: Financial professionals should have a separate business account for Facebook that is public and should keep their personal Facebook page private. This will make you searchable for business purposes while maintaining a healthy separation from your personal life.
Twitter is a social media tool where users go to track current events in real time. On Twitter, you can search for people and content using a hashtag, or you can use a hashtag so that others can find your content. Because of its immediacy, it’s okay to post on Twitter more frequently than you would post on both LinkedIn and Facebook. The tweets should be brief and current, such as your thoughts on a significant market event, reaction to a relevant news story, or highlights from an industry event.
Important tip: Feel free to follow clients and prospects on Twitter — this is a great way to connect and deepen your client relationships.
[More: Advisers get political — and confrontational — on Twitter]
This may feel like a new world of networking, but once you master the mechanics of social media, you should find that it can be very similar to other client prospecting events. You’re still working to meet new clients, build relationships, and provide your trusted service. Remember that you already have the skill set to put the social in social media.
Bill McManus is vice president and managing director of applied insights at Hartford Funds.
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