A recent NY Times article entitled “Technology’s Impact on the Value of Financial Advice” discusses the increasing role of technology in an advisor’s practice, and whether or not it benefits the client as well as the advisor.
The specific comments in the article about the use of social media in financial advisory practices was centered around fear, risk, and a very limited understanding of what social media really is. In fact, I believe the article completely misses the point on social media.
Social media is a tool that facilitates communication, engagement, and relationship cultivation with real people. It’s a tool that, if used correctly, can create significant trust and loyalty between you and your connections. What financial advisor doesn’t want to achieve that?
Social media makes your network more scalable
Don’t ask yourself if you can benefit from social media “marketing”, ask yourself if you can benefit from developing new relationships and strengthening existing ones.
You absolutely need a professional online platform and presence that ideally showcases your unique thought leadership perspectives, but equally as important (if not more so) is what social media affords by way of relationship development. It’s not just a tool for sharing content, it’s a tool for building community. A focus on content AND community results in the potential to truly build online influence (Whether or not you reach that potential is determined by the true value that you add to your community.)
In this day and age, it’s the online influencers who are going to take market share. Resisting social media is only going to delay the pain, not eliminate it.
Think beyond using social media to educate (you still need to do this) and consider the bigger picture: help your clients and prospects solve a problem, get smarter, and achieve more. That’s a win-win for them, and for you.