There’s no question that financial advisors are increasingly using social media platforms to communicate with current clients and to prospect for more, but exactly how they engage and how often depends in large part on their individual firms.
Mark Kaschenbach, a financial advisor and vice president of investments at Wells Fargo Advisors, uses LinkedIn and Twitter at work, to communicate with current and prospective clients, as well as Facebook, on the side, communicating from is personal Facebook page, before and after work hours. “Twitter is how I communicate with the world, then LinkedIn. Facebook is for clients only.”
That’s not the case with Daniel Masiello, Jr. a chartered retirement planning counselor at Ameriprise Financial, who uses Facebook during working hours, in addition to other social media platform, to stay in touch with clients. “You can get in in touch, personalize relationships, wish clients happy birthday,” Masiello said.
He and Kaschenbach were panelists at Thursday’s SIFMA social media seminar about how advisors are leveraging social and digital tools to serve clients.
Also on their panel, Julia Fellerhoff, digital content specialist at Janney Montgomery Scott , which uses Hearsay Social, as a one-stop destination for advisors can communicate with clients across several social networks including Twitter, LinkedIn, Facebook and Google+.
In her monthly reviews of advisors’ online activity Fellerhoff found, however, that it’s not market commentary that does well with clients but the personal or human interest pieces such as one on how golfing with clients can lead to better business. “Personal content is the most rewarded.”
“Insert yourself into what people are interested in,” said Kaschenbach. “They’re not as interested in financial planning.”
Kaschenbach explained that he gets many more comments from clients about his Facebook posts with pictures of his four kids than about any communications that are industry-related.
Kaschenbach posts at least three times day on Twitter and LinkedIn and on Facebook during his train ride to and from work. At Wells Fargo his tweets have to pass through Socialware, a modular platform to mitigate risk, then the compliance department before they can be sent, but that only takes minutes.
Social media is so important to Kaschenbach that when he was looking to change firms – he was previously at Morgan Stanley – a firm’s social media platform was a major consideration.