Social Media

What Social Media Platforms Should Financial Advisors Be On?

There are many social media platforms today (with new ones popping up regularly – have you heard of TikTok?) But which platforms are worth spending your time on to promote your business? The best way to decide is to look at WHO is using which platforms. Knowing the demographics of each channel will help you and your fellow financial advisors initially choose where to spend your time, efforts and budget (if you are paying to boost posts). Below we’ve outlined the key demographics of the most popular social media platforms, and then provided you a key takeaway as to whether your advisory firm should be using each.

Facebook

  • 74% of users log in daily
  • Facebook has over 2 billion users
  • 51% of users are aged 13-17 and 79% are aged 25–30
  • More than half of Americans check Facebook every day
  • Facebook is the most popular social network in rural areas
  • 96% of Facebook users check Facebook from their phones
  • The majority of Facebook’s users are in the Asia-Pacific region
  • More women use Facebook than men- roughly 74% and 62% respectively
  • People over the age of 50 make up the smallest percentage of users, but Facebook is the most popular social network for these seniors.

The key takeaway is that Facebook is the most popular social network for people over 50. Older Americans use Facebook to connect with friends that have moved far away, to see pictures of their kids and grandkids, and keep in touch with those they don’t see every day anymore. If your advisory business is focused on retirees and pre-retirees (the 55+ crowd), then you need a Facebook strategy.

Instagram

  • Majority of users live in urban areas
  • 23% of 50–64-year-olds use Instagram
  • More female than male users (43% vs 31%)
  • 72% of users are aged 13-17 and 62% are aged 18–29
  • 63% of users log in daily, falling second behind Facebook
  • The US has the most users at 116 million, followed by India 73 million

Instagram’s demographics definitely skew younger, and it’s a great platform if you are targeting millennials or those in the accumulation stage of wealth-building. It is important to note though that 23% of 50–64-year-olds use Instagram, and that number is growing every month, as more and more older Americans are signing up on Instagram so that they can see the photos their families are posting there (that haven’t been shared on Facebook). Instagram is a highly visual platform, so you’ll want to make sure you have a strategy in place to produce great imagery (using a tool like Canva for instance).

Twitter 

  • Only 22% of US adults use Twitter
  • 44% of 18–24-year-olds use Twitter
  • Twitter has over 330 monthly active users
  • 32% of Twitter users are college graduates
  • 80% of users view Twitter on a mobile device
  • 26% of those living in an urban area use Twitter
  • 24% of users are male and 21% of users are female

From this data, you can see that you should use Twitter if your site and content is mobile-friendly. 80% of users view Twitter on their mobile devices, so if your social posts link to your blogs or website, this becomes really important. In general, Twitter is not the place to go to find new clients, but instead to interact with journalists, the media, and your peers. It’s a great place to network and stay on the pulse of what is happening in your industry. In fact, if you are on Twitter, follow the hashtag #fintwit (Financial Twitter) to stay up-to-date on all things Financial Services related.

YouTube

  • 2+ billion users
  • 78% of men vs. 68% of women
  • 73% of adults in the US use YouTube
  • 91% of users aged 18-29 use Youtube
  • 80% of Youtube users are from outside the US
  • YouTube has launched local versions in more than 100 countries.
  • 35+ and 55+ age groups are the fastest-growing YouTube demographics.

No matter who your target audience is, how old they are, or where they are located – they are using Youtube. Every business should have a Youtube channel and be using video to connect with their audience and share content. YouTube is the second-largest search engine in the world (after Google), and video content is the most engaging type of content you can create.

LinkedIn

  • 660 million members
  • Available in 24 different languages
  • 29% of adult men and 24% of adult women use LinkedIn
  • Only 9% of US users go on Linkedln more than 1x per day
  • The US has the largest number of Linkedln users, with 160 million users
  • The majority of Linkedln users are young adults – 44% of 25–30-year-olds use LinkedIn

LinkedIn started as a job-hunting social network. It is still considered to be the “professional” network, and the vibe on this platform is much more corporate and “buttoned-up” than on other platforms (though that has been shifting a bit in recent years). If you target individuals who are still in their working years, then LinkedIn is where you want to be (whereas if retirees are your audience, then they most likely will not be using LinkedIn). In many of the conversations we have with advisors, they report LinkedIn to be most successful for them in finding new prospects.

 

 

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About The Author

Namisha Goel

Namisha is a Content Creator at Twenty Over Ten, passionate about fostering community growth. A Bollywood enthusiast, she loves to travel and hopes to experience all seven wonders of the world.

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