Social Media

Which Social Media Platform Should Financial Advisors Prioritize Spending Time On? | 2021 Demographics

With more than a handful of social media platforms to choose from in 2021, many advisors are left wondering which platform should you truly prioritize spending time on? In today’s video, Samantha Russell, Chief Evangelist for Twenty Over Ten and FMG Suite shares statistics from 2021 Demographics and also goes over which social media platforms you should spend more time on.

Which Social Media Platform Should You Prioritize?

Which social media platform should you prioritize using the most? As a financial advisor today, we’re going to unpack this in a very easy to use graphic to give you the answer. I’m Samantha Russell, the chief evangelist at FMG Suite and Twenty Over Ten. And of course, the answer to this question, which social media platforms should you prioritize spending your time on is really going to vary from firm to firm. But I’m going to do my best to break it down and give you a pretty generalized answer that you can use as a guide when determining where to spend your time.

Okay, so Let’s jump right in. So I put together this graph here that outlines the Big five social media platforms that we see firms choosing between most often. And you can see we also have included YouTube on here, which we’ll get into in a minute of why we’ve included that one. But you won’t see things like Snapchat or TikTok on here, because as of right now, for most financial advisors, you just aren’t able to use them because of compliance. And the target demographic that you’re looking to attract is least likely to be spending their time on there. Right. The demographics for those platforms skew much younger and less affluent. So Let’s focus on these Big five.

Facebook

First, we’re going to start with Facebook. So many financial advisors have told me that they get great response from Facebook, and that makes sense. That is where the majority of people who are 50 and older, pre retirees and retirees are hanging out. So it’s a great platform if that is your target audience. And it’s also a great platform to specifically use ads on. So if you’re looking to go beyond just organic social media, but really start using ads, that is a platform that you want to use. It’s also great if you’re really honing in on a specific geographic area or community. So if you’re not just targeting people throughout the entire country, but maybe a small town in Indiana, you can get really, really specific with your geographic range.

And because a lot of people within Facebook are connected to other people within their local community, if you get people to engage with your posts, other people in the community who are connected to those commenters and people liking it will also see your content. So Facebook is great for pre retirees and retirees, for retargeting ads and for community based practices.

Twitter

Okay, Let’s move on to Twitter now, completely on the opposite end of the spectrum. Almost no financial advisor I’ve spoken with has ever actually gotten a client from Twitter. But it is a fantastic place to be spending time if you’re trying to connect with journalists with the media, to get quoted in CNBC or the Wall Street Journal, or to be asked to come speak at an event and talk to potential prospects. So in short, it is a great place to interact with the media with journalists and also to connect with peers. Right. To meet other financial advisors and to connect with them, learn from them and share stories. So I love Twitter for that reason. For example, here’s a successful Twitter post from Chad Chubb intended for other advisors:

Instagram

Okay. Moving on to Instagram. Instagram is demographic really skew to be younger and more female. Certainly there are people of all different ages, but that is really what to think about. Excuse to be more female and younger. It’s also an incredibly visual platform. Right? So when you’re posting content to Instagram, you’re going to use photos or you’re going to use what’s called a story and create a short video. So if you’re going to use Instagram, you really need to be focused on how are you going to create all of this visual content? We love a tool called Canva that’s free for anyone to use, and it will really help you create powerful infographics.

I have heard from some firms that are really focused on working with people between the ages of 30 and 45 who are having tremendous success on Instagram. And it is a great platform if that is the age group that you are trying to target. So keep that in mind there.

LinkedIn

All right. Let’s move on to LinkedIn. If you are targeting people who are business owners, executives, middle managers, anyone really in their working years trying to work their way up in their career, LinkedIn is a great platform for you. The people who are on LinkedIn tend to have a much higher level of education and also a higher income level than some of the other platforms. So we see much more affluent people in their working years that are spending time on LinkedIn. It’s also a great platform because people expect to see business related content. So that includes financial services related content. We’re going there to advance our careers to learn things that are going to service in our careers. And that also includes things regarding our financial lives. So it just makes sense to have that financial services based content there on LinkedIn. One thing I will say for LinkedIn is many companies just have a company page on LinkedIn. Instead, you want to have your individual staff, your individual advisors be active under their own profiles, because that’s how you’re really going to get that engagement. People connect with other people, they’re not going to be as likely to follow a business page.

 

YouTube

All right. And the last platform is YouTube. The Pew Research Study does a report on social media trends every single year. We’ll put a little graphic of it up right here. And there is a tremendous number of Americans who are using YouTube now more than ever 81%, as reported in 2021.

So it actually has the highest adoption of any platform out there. It is also the second largest search engine after Google. YouTube is something that I see a lot of firms not embracing, and it is always a platform that I suggest everyone claim their business on and create some content for it. And that’s because we like to watch videos from the brands and businesses that we’re considering doing business with. We like to hear someone’s voice. Do they talk with their hands? Be able to get to know them a little bit more before we even have that first meeting. So having some short YouTube videos where you delve into different topics in your areas of expertise is a fantastic way to allow prospective clients to get to know you better and also to post things that you want your clients to listen to. So YouTube is a channel that is something I think everybody should get started on in 2021 if they haven’t already. All right, so you may be wondering of these five, how many should I be on? Right. I suggest prioritizing just one or 2 of the social media platforms so that you can again go really all in on creating great content for that particular audience.

If you need help determining which platform is right for you, leave a comment below and let us know more about the audience you’re trying to connect with. And we will do our best to give you some quick advice on what we would suggest if you found this video helpful. Don’t forget to give it a thumbs up or leave a comment on what part was most helpful to you. That really helps our content get shown to more people watching these videos. And don’t forget to Subscribe. So every week you’ll get the next marketing tip from us here at FMG Suite and Twenty Over Ten.

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