The SEC has cleared the way for advisors to begin using review sights such as Yelp. So is it time to jump on the Yelp bandwagon? Here are 3 good reasons to start Yelping:

1.     To combat negative reviews. Some firms may find that reviews already exist on Yelp without their involvement. And, unfortunately, those reviews can be negative. Prior to the SEC update, there was little a firm could do about a negative review. Now advisors have the ability to claim their profiles and gather positive reviews to help neutralize anything negative.

2.     To proactively build a positive online reputation. Yelp is popular, so it will rank highly in search results (assuming your firm is mentioned there). If you’re not already on Yelp, take a proactive approach and create a profile to gather positive reviews before someone posts a negative review, which could damage your online reputation forever.

3.     To capitalize on the first-mover advantage. Advisors who took advantage of social media in the early days of its popularity clearly benefited from being early adopters. Since few advisors can be found on Yelp (or any other review site) there is an opportunity to take advantage of being an early adopter before it becomes mainstream.

If you feel your social-media marketing campaign is missing something, Yelp just might be the answer.

Sign up for The Lead and get a new tip in your inbox every day! More tips:

Kristen Luke is the principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for registered investment advisory firms. For more information, visit www.wealthmanagementmarketing.net.