As social media becomes more widely used among business owners, it’s important that financial professionals to remember that the experiences they share with clients can be equally valuable to others.

According to a study by Investment News, the top three reasons financial professionals do not use social media in for business purposes are:

  • Fear over compliance and regulatory-related issues – 47%
  • Think social media will not be beneficial to business – 36.9%
  • Too time-consuming – 26.1%

Based on 111 respondents; multiple responses were allowed. Source: Investment News Magazine, June 18, 2012.

Financial professionals should know that there are many benefits to having a strong social media presence. Here are three ways to make the experience worthwhile.

1. Showcase your industry experience and expertise

You’ve set up all your social media profiles — now what? One trend in social media is professionals establishing themselves as experts in their fields. The content of their social media sites relates directly to their brand and their market. They are not just posting random information, instead, they are posting relevant content for others to share and engaging in meaningful discussions.

This use of social media is a great way to inform others about things you value and of which you are knowledgeable. What it does not mean is to push your message as a way of making a sale or advertising how to make a quick dollar. Give people a reason to want to engage with you and others through your social media sites.

2. Share relative industry news from other credible sources

Sources such as Forbes, CNN, MSNBC and other news outlets regularly provide wonderful content relevant to the financial market. Sharing articles with your followers and friends on social media, and providing your thoughts and opinions on them, is a great way to get people reading and conversations started. Sharing can include developing posts, tweets and/or retweets of the article.

3. Networking with other professionals and prospective clients inside and outside your market

Social media is a phenomenal way to share and engage in conversations with others inside and outside the industry. You may find that someone you follow has the same hobbies or have interesting opinions on topics that you’re passionate about.

Social media has become the enhanced new way of marketing and communicating to expand your reach. Learn more about how it can benefit you, and don’t forget to visit WFG on Facebook, Twitter, and LinkedIn for all company happenings and updates.

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One Comment

  1. Great article. As someone who spent 14 years in Investment Banking & premium Finance and the last 4 years running a Social Media Marketing company, I really appreciate this article and the lack of use of Social Media and online marketing tools by Finance Professionals.

    You can take care of the 3 main issues as follows:

    1. Sit with compliance and follow industry standards. Improve your understanding. This isn’t going away it is only going to get bigger.
    2. Social Media WILL benefit your business. You just need to know which platform works best and how to use that platform. Hire a professional if you need to.
    3. Get someone to run this for you. Hire the right company who understands your business and your needs and leverage the benefit of Social Media.

    This works when in the right hands coupled with understanding. As I mentioned above, ignoring it won’t make it go away. Social Media is only growing so embrace it soon, before it is too late.

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