Do Financial Advisors Really Get New Clients From Social Media? (How to Use Social Media to Grow)
We’ve seen many advisors ask the same question: do financial advisors ACTUALLY get new clients by using social media? Spoiler alert: the answer is yes.
Still, that brings up a second question: how? Today, Samantha Russell from Twenty Over Ten discusses how to approach social media, its unique role in the marketing funnel and how any advisor can utilize it to attract more prospects.
The median age of a new client that a financial advisor gets from social media is now 40 years old. That’s up from 2018 when the median age was 35, so we’ve seen a five-year jump in a very short period of time. Additionally you might be interested to know that the average AUM resulting from social media initiatives from a financial advisory firm is 4.9 million, including 1.4 million in just the past 12 months. These stats all come from the 2019 Putnam Social Media Advisor study, and we will link to them below- but the reason I want to share these stats with you is because we are asked all the time: do financial advisors actually get new clients from social media? The answer is yes, but how they get them and what you need to know in order for you to get clients from social media as well might surprise you.
The first thing I want you to think about is that, when you’re creating social media posts, I know that sometimes it’s frustrating if you don’t see a ton of likes, comments and shares on your content. That might be because the content that you’re sharing on your website, which you’re trying to use to convert prospects at the end of the funnel, is also the content that you’re sharing on social media, when you’re trying to attract prospects at the top of the funnel. But these are really two different things, right?
Why Do We Use Social Media?
First, let’s think about why we go to social media. We go onto social media when we’re bored, or when we’re looking to be entertained, or we want a break from our day and we have a few minutes. It’s not usually when we have a problem like, “I need a better strategy to handle the complicated taxes that are coming from owning this business.” So we’re not going to social media to find an answer to that, that’s when we do a Google search.
So the content that you put on your blog needs to be pitched in a way to answer problems and provide solutions that your niche audience has, but what you share on social media needs to be different. You need to have personal information that you share about yourself, you need to entertain people, you need to be humorous. Yes, you want to also share things that are pertinent to your business and help educate and inform and provide value, but the way that you pitch it is going to be a little bit different, so think about that when you’re creating a social media post, right?
How to Boost Engagement With Your Social Media Posts
Somebody isn’t necessarily going to social media to find the information that you’re sharing, so how can you stop them in their tracks when they’re scrolling through their feed and make them pay attention to your posts? There’s a few things to keep in mind.
1. Grab the Attention of Prospects
Number one, you want to grab their attention. So you might want to use emojis at the beginning of your post, or maybe you want to have a really captivating image, or include a video where you’re talking to the camera like this. Those are all great examples. Telling a story is also a great way to capture someone’s attention, or use a moving video, like a GIF. So those are all great ways you can capture attention on social media.
2. Tag People in Related Networks to Your Niche Audience
Another thing you can do, you can tag people in networks that your intended audience would also be following. So if you’re trying to attract physicians and medical professionals, you might be talking about something and tag the hospital in which they work, or maybe a group or an association that they belong to. Think about ways that you can get their attention that don’t necessarily work always the same way on a blog post.
3. Share About Local Events
So if you’re trying to attract people in your local area, you might talk about upcoming events that are going on, right? You live in Iowa in a small town, there’s some great local events going on, you post about that on social media. After people see you in their feed enough, they’re going to start to wonder who you are. Again, top of the funnel, very different than the bottom of the funnel.
Your most engaging article on social media is almost never going to be something you wrote about tax strategy, but that same article could be the number one converting piece that’s on your website. So do not equate social media performance with website conversions, those are two separate things and there’s two separate purposes for that type of content.
So I hope this helps you frame how you want to think about social media content versus content that you’re going to put on your website or your blog. For even more tips on how to write both social media posts and blog content, again, you can head over to blog.twentyoverten.com and make sure you follow us on LinkedIn, Twitter, Facebook and YouTube, where we will share more marketing tips just like this to help you grow your business every single week.
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A part of Twenty Over Ten’s digital marketing team, Katrina is passionate about creating content for others to enjoy. You can typically find her with an Americano in hand as she makes (yet another) bucket list, writes songs or watches wedding videos.