Martin Bamford, a chartered financial planner and CEO of Bamford Media, believes financial advisers can use social media to “build trust” and “prompt action, by regularly posting relevant content, in the form of written word, audio and video.”
Bamford adds: “Social media is a very effective place to answer the questions prospective clients have and position yourself as their preferred solution. Advisers growing their businesses with their demographic need a presence on Facebook, Twitter, YouTube, Instagram and LinkedIn, with experimentation on emerging platforms including TikTok.”
According to research by Hootsuite1, 45% of the total world population (approximately 3.8 billion people) are using social networks and a further 366 million new people have started to use social media in the past year. So, it is difficult for financial advisers to ignore.
“Advisers need a strategy in place for growing their next generation of clients. Social media platforms are often viewed as a young person’s domain, although plenty of older clients are lurking on the likes of Facebook too; they just don’t tend to post as often,” concludes Bamford.
Stuart Anderson, Director and PR practitioner at Alpha Public Relations, a firm that specialises in financial services clients, says that many advisers “tie themselves up in knots” about compliance and social media “because they believe everything needs to be signed off by their firm’s compliance officer.” They then lose the immediacy that is required on social medium platforms.