By Zoe Menendez, Senior Digital Media Manager.
There’s no more excuses for financial advisors not to have a social media strategy… and the data proves it. From 2022 to 2023 there was a 3.2% increase in new social media users. If we break that down that’s 410,00 new users daily. That’s potentially thousands of new people that could be introduced to your firm. You may be thinking that this number is all younger people, but you’d be wrong!
A recent study by Pew Research states that:
- 69% of all people ages 50-64 are on Facebook and 58% of all people ages 65+ are as well.
- A staggering 83% of all people ages 50-64 are on YouTube and 60% of all people ages 65+ are as well.
The audience is there and waiting for you! Not only is this demographic on social media, but they spend more time on Facebook each day than any other age group with 45 minutes per day. The argument that “our demographic just isn’t using social media” doesn’t work anymore, and it’s time that financial advisors adapt.
However, if you don’t have a social media strategy in place to attract and retain them, someone else will…
In this blog, I’ll be discussing why it’s so important for financial advisors to fully embrace the modern era of social media and how it can help you create deeper connections with your audience.
Times are Changing
I’ve been with Simplicity Lone Beacon for 5 years, and in those 5 years I’ve seen countless changes in the social media landscape. From interface updates to new platform launches, it’s surely an ever-changing challenge! However, all these changes are designed to account for all the new users on the platform.
The chart below by Pew Research shows how social media usage for all the major platforms has increased in the last 10 years. Nearly every platform is on the up, with Facebook staying the same.
Solidifying Your Strategy
We know for a fact that the audience is there for financial advisors. Now, let’s discuss the basics of getting your strategy set up.
The most important thing to remember before going too far into your social media strategy is that your goal is not to become “viral” or “social media famous”. Your goal is to connect with your followers to educate them and build relationships. Just think, if you only have 100 followers who are all prospects, that’s 100 potential future clients whom you have a direct line to. And when it’s time for them to need a financial advisor, you’re the first person they think of.
Don’t forget to think about your clients too. Your social media pages will be the way they stay connected with you between meetings. Show them the exciting renovations you’ve made to your office or post a video about how a new investment product can help them. These are simple things that can go a long way in client retention.
Posting on a consistent basis is highly important to make sure you retain your current followers. If you’re constantly posting content, then it gives them a reason to keep following you and keep checking in on your page. This is also important for piquing the interest in potential new followers. Nothing is worse than when you go to a company’s social media page and see no posts, or the last post is from over 6 months ago. This can tell a user that the company isn’t in business anymore and that’s why they aren’t posting to social media. That’s potential business that you just lost!
Cater to what your audience wants to see. People are on social media to learn and to connect with people in their community, so if all your posts are asking people to book a complimentary meeting with you, then your followers will lose interest. Make sure you’re posting content that focuses on reflecting their financial challenges and triumphs, their lives, and educating them first. Once they trust you and know you can help them, then qualified leads will come. Blogs and short videos are a great way to achieve this! They’re easy to digest and they’re easily shareable meaning more eyes on your content. If you’re looking for video content, reach out to our team because we have a whole portal full of hundreds of video scripts!
People also LOVE to get to know you and your team on a personal level. Some of the most successful financial advisor Facebook pages I’ve seen have at least 1 post per week that is dedicated to showing their team members, showing their office, or showcasing and valuing their clients and how they are enjoying their retirement. This goes back to trust. Before people invest their life savings with your firm, they need to trust you. By showing them how authentic, smart, caring, and real your team is or how you’ve successfully helped your current clients, it makes working with you feel more accessible. They feel like they already know you and are ready to work with you.
Making Time for Content Creation and Sharing… It Will Pay Off
I get that this can sound like an intimidating task and it’s something small that unfortunately is easy to push off until next quarter or next year even. But by allocating only 1 hour each week to creating 2 or 3 social media posts, you can make your firm stand out from most of your competition and take advantage of the audience that is there and waiting for you.
Once you’ve gotten started, be sure to check out this recent blog by Kirby G Mack, Vice President of Digital Media at Simplicity Lone Beacon, titled “9 Tips to Boost Your Social Media Engagement” where he dives into ways to boost your engagement and make the most of the hard work you’re putting into your page!
About the Author: Before Zoe came to us she worked with two well-known New England advertising agencies where she honed her skills at digital marketing serving both local and national accounts. She attended Johnson and Wales University where she won two national collegiate advertising titles and graduated with a BS, as well an MBA in Advertising and Marketing. Zoe is a native New Englander and grew up in New Hampshire, but happily for us left for the city life in Boston where she resides and is a proud mom to her cat, Winston.
