As someone who works closely with Hearsay Social clients to ensure their success on social media, I often hear advisors ask many similar questions. Sometimes advisors are entirely new to social media, sometimes they don’t understand how it can benefit their business.
With that in mind, here are my answers to the top five most frequently asked questions advisors ask about social media:
1. Why do I need to be on social media?
Social media is a place for you to build your brand and show your customers who you are. In the past, it was silly to try to do business without a telephone, just as it’s silly to do business today without a digital presence on social media.
Additionally, it’s a place to be available to your customers and prospects. Eighty-seven percent of people with an advisor are on social media today, according to a study conducted by FTI Consulting and LinkedIn. That means your customers are sharing information you can use and asking questions you can answer. As an advisor, you can answer questions via LinkedIn Groups, post credible content to your social media accounts, and engage with your customers online. Social media is one of the fastest and easiest ways to share more about your experience and credentials to help build your business.
2. Aren’t the people on social media just young kids?
Actually, that’s no longer the case. The fastest growing demographic on social media is age 35 and older, and the average Facebook user has an income of $75,000 per year. These people are your customers: they are buying houses, having families and making big life decisions. They need their financial advisor to be there and help them weigh their options. And now, three out of five financial advisors are able to gain new clients through LinkedIn because social media has become an invaluable business tool to help you grow your network, build credibility, and engage with your customers about financial decisions.
3. Which network should I start with?