Hearsay Systems says that advisors using its platform for social media can now communicate with their investor clients and prospects on Instagram, the photo-sharing network that has about 105 million users in the U.S. — most of whom are under 35.
The social-media tech firm says Instagram should help advisors work with younger generations and tap into the potential transfer of as much as $30 trillion in wealth over the next 10 years, according to Cerulli Associates. Just 20% of advisors currently target younger family members as clients, Corporate Insight says.
“Instagram is important to Gen X as their communication channel, so now is the time for … advisors to start working with them as clients are using it,” said Donna Prlich, Hearsay’s chief business officer, in an interview. “We have wanted to get ahead of that [wealth transfer] and … to support financial advisors in successfully using Instagram within the industry’s constraints.”
Hearsay will review, track and store content for advisors on Instagram as it does already for content posted on Facebook, Twitter and LinkedIn.