Social Media Marketing for Financial Advisors
A well-planned social media strategy should be an important part of your digital marketing
It takes specialized knowledge and skills to build a robust social media presence for RIAs and financial advisors who want to make the Internet an important source of new clients. There are currently over 2.38 billion monthly Facebook users! And billions more are using the various other channels. You could become lost in the vast number of these users without a solid social media plan, and a dedicated person or team to execute it. Social media will not replace your other marketing methods. Rather: it will enhance your overall marketing strategy. If your social media plan is well executed it will:
- Increase your brand recognition through:
- Organic social growth
- Paid social traffic
- Establish you/your firm as subject matter experts on specifics topics that are important to investors
- Connect with social influencers who can help you reach more potential clients
- Increase your brand recognition through:
Whether it’s a social media profile on Facebook, Twitter, Instagram, LinkedIN, Pintrest, or videos on YouTube: creating an online presence with content people care about will connect you with more potential clients.
Ask yourself: What makes me/my firm so special? What is my story? The answers should compel connections with your targeted audience
Investors are more likely to select you as their advisor when you build strong connections by engaging with your ideal types of clients. Increasing engagement across your social media takes time, skill, and patience. Simply putting a post ‘out there’ does not mean anyone will read it. By creating a buyer persona and then targeting that persona in the content you post, you will increase the likelihood of engagement. The more engagements you have, the stronger your connection is with your audience. Not sure how to get started? Here are some social media tips from the pros.
Increasing your website traffic will directly influence leads and conversions. A successful social media advertising campaign will drive high volumes of traffic to your website. More traffic=more clicks=more conversions.
Social media digital advertising can be a very cost-effective form of advertising. On average, you can spend $5 and reach 1,000 people. Advertising through social media is powerful because you can target your ideal types of clients. You can reach the right people based on:
- Demographics: Run laser-targeted advertisements to reach people based on their interests and online behaviors. Target specific ages, locations, income levels, and more
- Email Lists: Run custom ads to your email database.
- Website Visitors: Add retargeting pixels to your website and advertise to recent website visitors. Only 1-2% of visitors convert on their first visit. Use retargeting to increase your conversion rates.
Social Media gives you the opportunity, how you use it will determine the outcome
- Assign a dedicated social media manager or team to develop your strategy and execute it. This person should already know about your business or will learn it.
- Keep in mind: Financial advisors have specific requirements when it comes to social media, we help you make sure you’re compliant.
- Perform market research and develop a tailored strategy for your firm. Great social media is not one size fits all. Remember you want to resonate with your target. Consider a competitive analysis, identify your ideal client’s personas, and develop an effective content strategy. You should be solving for the investors problem or pain point. Posting just to post something is a waste of time and money.
- Execute your plan! Using your content and advertisements unique to your firm. Your compliance department may want to review and approve all of your content, so be sure to check in with them.
Paladin Digital Marketing has used Digital Marketing strategies since 2003 to produce qualified referrals for a select group of RIAs and IARs who are members of its Registry. Paladin has packaged its unique Internet knowledge and experience into Digital Marketing and Consulting Services. No other firm provides this combination of expertise and services.