Facebook for Financial Advisors

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How important is Facebook for financial advisors?

It is hard to ignore a social network that has over 1 Billion members. Facebook has essentially become the “personal” web. Therefore, it’s important to build a presence and become visible where your clients and potential clients are spending their time.

With Facebook Graph Search, Facebook’s internal search engine, you now have the opportunity to be found within Facebook. In order to surface in Facebook searches, you need a Facebook Business Page to start with. Currently you can build both a personal profile and a separate business page on Facebook. Your business page is completely separate from your personal profile! (Many financial advisors worry that the two are integrated)

Whether you decide to become active on Facebook is secondary. Most importantly, building a personal and business presence on the network will create strong digital reputation assets for your name and your company name online inside and outside of Facebook. These links to your profile and page will serve as positive gateways to your brand.

Do I need to have a Facebook Personal Profile?

By building a personal profile on Facebook, you can connect with family, friends new or old, and anyone you are comfortable letting in to view the more “personal” aspects of your life such as your passions, hobbies, interests, family, activities, etc. A good rule of thumb when it comes to sharing information about who you are as a person is to share as much as you are comfortable with.

What truly differentiates you from anyone else is your personality. Facebook personal profiles are built for showcasing personalities.

Many financial advisors complain that they do not want to connect with old friends. Keep in mind that you do have control over who you connect with as well as your privacy settings.

Remember, we build relationships around common interests. In fact, in many cases it’s a common personal thread that tips the scale from prospect to client. Your Facebook personal profile can be a great way to be visible in a way that shows your human side. You will not want to share information about your practice here, however, from time to time it is very acceptable to post financial articles of interest that you stumble across online.

What Privacy Options are Recommended for my Facebook Personal Profile?

When determining the privacy settings for your personal profile, consider choosing the option to allow everyone find and discover your profile. You can determine who can see what you share publicly with each update you share on your timeline categorizing your updates as public, visible to friends, visible to friends of friends, and visible to friends but not acquaintances. If you receive invitations from people you don’t know, suggest that they “follow” your updates instead of “friend-ing” you on Facebook, and explain that you only connect with family and friends.

In this article, the Wall Street Journal provides an excellent, in-depth overview of Facebook privacy options:  A Guide to Facebook’s Privacy Options. Regardless of how you decide to utilize your Facebook personal profile, always maintain your professionalism.

Normally your personal profile will serve as a personal community for following and sharing updates and photos with family, friends, and business colleagues who are friends.  Don’t minimize the fact that these contacts can be valuable referral sources for you!

Examples of the opportunities that developed from having a Facebook personal profile:

Recently I was introduced to a local attorney at an event by a friend of mine who I’m connected with personally on Facebook. At the event, the 3 of us discussed wine and travel. Later, I saw an update in my newsfeed where my friend had posted something about an upcoming trip she was taking. Underneath her update, I noticed where that same attorney that she had introduced me to at the event had also posted a comment to this stream. I decided to add to the discussion as well which continued on for a bit. From there, I was able to easily connect with the attorney on Facebook. Not only had we met in person, but we had both participated in an online conversation together with a mutual friend! To connect directly on Facebook was a simple and natural next step.

Now we could both learn more about each other with regard to background, family, and business (depending on what we decide to show on our respective profiles). Remember, ultimately you have control over what you share with whom through your privacy settings and at the individual post level.

I also have an attorney friend who was ultimately chosen by a new client because they discovered on Facebook that she loved to snow ski! (and they did too)

This is a perfect example of how establishing a personal profile can help you to get one step closer to the people that you meet in your community and stay top of mind.

Is it worthwhile to create a Facebook Page for My Business?

Facebook Business Page is an important digital “reputation” asset for your business. The link to your page will rank well in search engines, and the page can showcase your branding as well. This allows you to create a consistent presence across your website, blog, and Facebook. Consider your Facebook Business Page a “mini” website.  Even if you never populate your page with updates, it is still an important search engine asset.

In order to build traction with a Facebook Business Page, you need to build your community of fans first, update your page frequently and consistently with insightful information, and foster engagement with your fans.

To build fans for your page, consider the following ideas:

  • Send an email to your list of clients, prospects, and professional contacts asking them to “Join Your Community” on Facebook (be sure to tell them the benefits of doing so)
  • Send an update to your connections on your personal Facebook profile announcing your page
  • Place a Facebook Fan Box on your blog or website (social proof)
  • Post status updates to your page that engage your fans (use image posts, questions, polls, etc.)
  • Share your Facebook page posts across your other social networks
  • Run targeted Facebook Ads (Learn more about Facebook Ads in this post)

Get creative with the status updates you post to your page. Not only can you share financially-related insights and information on your business page, but you can also share information about your community involvement, local events, speaking engagements, and even your own prospect or client events. Use photos and videos to tell your story, share quotes, and ask questions.

Review your Facebook page insights to determine which updates get more views and engagement. As you start to track your activity, you can make better decisions about what resonates best with your audience.

Learn more about Facebook Business Pages straight from the source; Facebook.

Should you ditch your website or your blog in favor of Facebook?

Absolutely not.  Building digital assets that you OWN is critical. Think of your digital real estate in terms of renting and owning. Your profiles on social media sites are rented. You don’t own them. They can be deleted by the social network without any warning or explanation (and this has happened to many businesses on Facebook in particular). Additionally, Facebook changes it’s algorithm (called EDGERank) for how visible your posts will be to your community. Currently only an average of 16% of the fans who opted in to join your page see your updates!  You can’t build your primary digital home on shifting sands.

The ideal “financial advisor digital marketing portfolio” should be anchored by a professional website and blogging platform as a home base with your social media channels tightly integrated. Ultimately websites as we know them will give way to blogging platforms due to the ability to easily self-publish or embed content (articles, videos, podcasts, ebooks) and share that content with your social communities. Search engines don’t favor static or dead websites.

Blogging technology plays very well with Facebook and other social sites. Not only can you integrate Facebook “social plugins” into your blog to tie in more closely with the network, you can share your blog posts to your Facebook Business Page manually or automatically through tools.  Lastly, a Facebook “Like” button can be place on each and every blog post to encourage social sharing from visitors.

More posts to read about Facebook for Financial Advisors:

7 Tips for Powering Your Facebook Business Page

Facebook’s Graph Search Important Development for Financial Advisors


Have you established your Facebook presence yet? Are you active on Facebook? What do you believe are the pros and cons?

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About Stephanie Sammons

Stephanie Sammons is the founder and CEO of Wired Advisor™. She's been named as a Top 25 Social Media Expert and a Top 30 Marketing Thought Leader by LinkedIn. Stephanie helps professional services entrepreneurs build their digital influence. Follow Stephanie on Twitter

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8 Responses to Facebook for Financial Advisors

  1. Brent Carnduff September 20, 2011 at 4:08 pm #

    Great article Stephanie. I was recently talking to one adviser that found the greatest use of facebook for his firm was in using it to connect current or prospective clients and tract what is happening in their lives. Every once in a while he would comment on a birthday, wedding, or photo. He felt that it really allowed him to get to know them much better, and allowed him an opportunity to make the “personal” touch.

    • Stephanie Sammons September 21, 2011 at 7:16 am #

      Brent I agree. Facebook can give us a window into the lives of our clients so that we can be more in tune with what they care about and what they are experiencing! I think this is an enormous privilege and that financial advisors should treat it as such and be careful not to abuse it!

  2. Ben September 20, 2011 at 5:46 pm #

    But how does one go about this whole social media thing? I’ve tried Facebook– not enough time to follow the mindless steam of conscious that passes for “news”. I’ve tried Twitter: The ephemeral conversation, constant attention it requires, and risk of getting viruses form shielded links. And now Google+?

    Sure, a blog. I get the blog thing. Still, much easier said than done. Even with a virtual stable of writers (hard to find, mind you), I’m struggling to keep up the flow of content. The challenge of voicing the content, and being consistent.

    And content: so much of what i know, I know so well that it’s challenging to get excited about it. So much of what advisors do is not “new” or “news”: it’s the same good, old-fashioned stuff done well, repeatedly.

    When I read your blog (via Google Reader), I get excited and depressed all at the same time. Then one day I tried to visit your site, and give you a call. Couldn’t find your phone number, and didn’t know how to “tweat” at you.

    I wonder if I speak for other advisors? I’m no luddite: I configured an Enterprise installation of Salesforce and moved all my stuff to the cloud. But the constant attention that the social media requires (not to mention thinking that no one is listening) leaves me a bit befuddled. Would love to hear from you.

    • Stephanie Sammons September 21, 2011 at 7:22 am #

      I think you’ve summed it up in a nutshell. Using “social” to communicate, share your thought leadership, and engage with existing and prospective customers takes time and commitment. You’ve got to figure out a way to get creative with content so that you’re not talking about the dry and mundane. What’s going on in your community? What are you passionate about? What are the success stories of your clients?

      What I would suggest is that you choose ONE social network or channel and go deep. In addition, set up tools that can allow you to be more intelligent about the communications. Use tools like Nutshell Mail (http://www.nutshellmail.com) to manage social media from your email inbox, on your time schedule, for example. Take a look at LinkedIn “Signal” (under the news tab on LinkedIn) and search for the latest updates and conversations.

      Finally, focus on engaging…CONVERSATIONS. The return on social networking is relationships, but you need to focus on talking and connecting with people as well as creating content that speaks to your target markets. The more narrow the target market the better.

      Hope these ideas help you some!

  3. Ric Bender March 9, 2012 at 12:52 pm #

    Great topic and helpful

  4. makemyblogmoney January 28, 2013 at 6:11 pm #

    Hello, I recently found you from your guest post on social media examiner. I think that Facebook is crucial to any type of business. Depending on who you are trying to reach, Facebook can be used for almost anything in the online world.

    Look forward to connecting with you on more networks!


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