INSIGHTS

On October 12, 2011

5 Reasons Advisors Should Be Using Social Media

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After years of wondering whether social media would be a fad limited to the spectrum of teenage drama, the speculation is finally over and the financial industry has slowly begun to adopt. Are we telling you that a digital world is going to trump human interaction? No. What we are saying is that utilizing social media can enrich and broaden your human interactions, and help advisors grow their business.

Whether you realize it yet or not, people research the people they do business with (or are thinking about doing business with). So if people are looking up information about you online, don’t you want them to see the best representation of yourself as a professional?

Here are five reasons why we at AAM believe advisors should be using social media to improve their book of business:

1)     Branding YOU: Branding isn’t just for large businesses, so start building your personal brand. Social media is a great tool for getting started. Sites like LinkedIn provide you with an easy way to promote your personal brand by highlighting your professional credibility and industry experience.

2)     Networking: Word of mouth referrals are one of the best ways to grow your business. With social media, people no longer have to live near one another to spread information through word of mouth. With hundreds of millions of people networking online every day, who wouldn’t want to tap into the networking opportunities? Advisors can use social media to stay at the forefront of clients’ minds.

3)     Get Found: You may be the best at what you do, but if no one can find you online, it’s a moot point. Website search engines (Google) pull elements from your social media profiles, so be sure to utilize keywords and other terms that apply to who you are as a professional. For example, if you specialize in wealth management, be sure to include it in your profile!

4)     Efficiency: Social media is a great, low cost way to develop and deepen client relationships because you have access to a large pool of potential clients. While social media does require a time commitment, it doesn’t take a lot of time – especially after you are able to establish your profile. Try to view your social media tools as valuable – just like your telephone.

5)     Join the Conversation: They say that the early bird gets the worm. Social media isn’t much different. Adopting earlier allows you to establish yourself and your brand online and get a leg up on your competition. Advisors should utilize social media to stay abreast of current industry trends and stay relevant. Remember, social media is simply another tool to help you build and promote your personal brand.

My hope is that by this point, you’re wondering where and how to get started using social media for your business. Check back for more social media advisor best practices or subscribe to the AAM Live Blog and you’ll receive updates as soon as they’re available. If you can’t wait that long (I love to hear that answer!), feel free to shoot us an email at eServices@aam.us.com!

Happy networking!

Advisors and registered representatives should consult their firm’s social media policies and Compliance Department before participating in any interactive communications.

This commentary is for informational purposes only. All investments are subject to risk and past performance is no guarantee of future results. Please see the disclosures webpage for additional risk information. For additional commentary or financial resources, please visit www.aamlive.com/blog.