How to Use Social Media in Your Independent Advisory Practice
As print and broadcast continue to lose eyeballs to pocket screens rapidly, consumer-focused brands and businesses have had to learn to adapt and integrate their strategies to embrace the hyperconnected, content-driven digital landscape or risk being left behind. While it’s no secret that social media has become a powerful force for building brands, how to use it successfully remains largely enigmatic –ask any of the thousands of self-made social media millionaires for the formula to their success and see that no two answers are the same.
On the other hand, many digital-focused marketing firms will have you believe in a one-size-fits-all strategy, but the result is a lot of canned, one-dimensional spam that wastes money and resources. Now that we live in a time where everyone from preschoolers to grandma is communicating and consuming content on their devices, audiences of all demographics have matured. Their expectations are clear: most people rely on social media to research, connect, and maintain connections with brands and professionals.
And with AI tools like ChatGPT pumping out content at warp speed, it’s more important than ever to focus on building a genuine and authentic digital identity.
The great news for financial advisors is that your business is all about relationships and trust, making social media a ripe modality for enhancing existing relationships while establishing a connection with potential clients long before you ever meet. But before you create your accounts or carve out a budget for ads or professional help, consider the following dos and don’ts of using social media to build your firm’s brand.
Create Content That Makes You Shine
If you hate going to the gym but love running, what exercise plan are you more likely to stick with for long-term success? Keep this concept in mind when thinking about what type of content you will create. For example, are you a writer or a talker? Are you a camera ham? If you get nervous in front of a camera but love to talk, a podcast would be a better fit than YouTube videos and Instagram reels. If you feel like your ideas always come across better on paper, then blogging on LinkedIn or tweeting wisdom snippets trumps starting a podcast. The point is that you should avoid forcing yourself to create content that makes you feel uncomfortable or awkward because audiences will sense that and abandon ship. In contrast, they will be naturally attracted to content built with confidence.
Hot Tip: In addition to traditional audio-only platforms, podcasts are extremely popular on YouTube. You can simply overlay your audio with a static image or slide show.
Don’t Blindly Follow Trends
On a similar note, just because TikTok is the hottest app on the planet does not mean you should start uploading videos of you doing the latest TikTok dance (please don’t do this). Instead, think of social media as an extension of an in-person gathering. If you don’t feel comfortable doing or saying something at an event with clients and colleagues, don’t do it on social media. At the same time, you do need to be mindful of the flavour of the platform you’re using. For example, posting a lot of photos on LinkedIn is not going to be as effective as Instagram, just like posting a blog on Instagram will not be as effective as LinkedIn.
Do Your Research
Because financial advisors assist people and families from all walks of life, you can cast a larger net than brands targeting only teenagers or new moms. But before you start posting, take the time to look into the demographic data of a platform to understand what the audience looks like and what type of content garners the most attention in that space so that your chosen content style and substance fits the platform you’re using. Also, take advantage of insight from your own clients to seek information and inspiration. Where do they spend their time online? What brands do they follow, and where do they look for professional content? What are their most common questions, goals, or struggles?
Hot Tip: AI is a great tool to gather and drill down on data to save time on consumer and topic research.
Don’t Skimp on Quality Tools
This is very, very important. Poor quality audio, video, and design is a huge distraction that sends a message that you’re sloppy no matter how brilliant the concept. Investing in the tech and tools for recording, designing, and editing will elevate your content to a level that meets the expectations of audiences living in an HD digital world.
Hot Tip: For every expensive piece of software, a near equivalent freeware is available online. Save your budget for a good camera, lighting, or microphone.
Do Colour Outside the Lines With Content
Just because your expertise is financial advice does not limit you to content about finances. You are not a two-dimensional being! What passions do you have that will connect with your clients? For example, if you share a love of golf or hockey with many of your clients, supplementing your usual content with posts about your new clubs or starting a debate about the latest game is as naturally engaging as bantering with your clients about these topics face to face.
Don’t Engage for the Sake of Engaging
Unless you’re an A-list celebrity, posting “How is everyone doing today?” is not going to do much to engage people or make you memorable. While it is important to maintain two-way communication on social media, limit your questions and comments to thoughtful input only, including conversing with clients who you follow online. The fact is that most people are savvy enough to know when they’re being messaged by a professional for self-serving purposes, so it’s better to avoid commenting or reaching out unless you have something meaningful to say.
Hot Tip: Use extreme discretion before making personal conversations online. Getting too personal too soon can be off-putting and may actually ruin an existing or potential relationship. Always err on the side of caution.
Don’t Lose Patience
Social media marketing is a long-term investment. You probably wouldn’t tell your clients that their investments will pay off in a few months, and the same goes for using social media to build an audience and reach potential clients. Steady, consistent, patient investments in content and engagement over the years will serve to benefit you well in the long run. The point is not to look for measurable results that produce closed deals but to build an extension of your professional identity previously limited to direct contact and referrals.
The Bottom Line
In your practice, your services are not your brand — you are. Your clients are with you because they like and trust you, so reflect on what brought them to you and build on that in the digital world. Approach social media as a reflection and extension of your voice and personality through various mediums — and continue to do what’s made you successful in the first place. The most important thing to remember is that this is an investment and will take time to yield results. As they say, Rome wasn’t built in a day.
-Vanessa Markov is a Business Operations Associate at Purpose Advisor Solutions and has previously developed brands for small businesses.
