Your clients don’t want to have to rely on you for everything—they want information to make educated choices. And the way to engage them and other prospective clients is through content development and social media, found a recent study.
The study, titled “Communication Evolution: Financial Professionals and the Future of Thought Leadership and Social Media,” was conducted by the Financial Planning Association and LinkedIn was conducted by If Not Now Research, found that was the case.
The study found that clients crave more knowledge and many high-growth advisory firms are satisfying that craving by curating content and sending it out to current and would-be clients via social media, which is termed in the report as “thought leadership.” And it’s paying off.
“The study draws an important connection between the drivers of client engagement and communications strategies that will help advisers stand out from the crowd,” said Julie Littlechild, President of If Not Now Research.
“This report aims to help financial advisers of all business models understand how their peers are engaging in social media and thought leadership, the connection between business growth and these communication tactics ,” writes Lauren Schadle, CEO and executive director of the Financial Planning Association.
Some of the study’s biggest takeaways include the following:
Clients are engaged online. All age groups surveyed engage in online searches, but different age groups do so differently. While younger clients (ages 18-44) are more likely to search prior to meeting an adviser, older clients (ages 55-64 and those over 65), are more likely to look up an adviser to validate their impression of them.
Clients are engaged in social media and they expect you to be too. The age range of those most engaged in social media is 18-44 with 62 percent of respondents active on LinkedIn, 86 percent active on Facebook, and 55 percent active on Twitter. LinkedIn is the primary site advisers are using—76 percent of those surveyed—which is a good thing because the clients surveyed said they expect their advisers to at least be on LinkedIn.
Clients want education. They sought you out because they want professional help, but they also want to be educated on the issues so they can make their own informed decisions.
Firms that curate and push out educational content grow. Firms that wrote blogs, newsletters and other informational content and pushed it out via social networking sites and email saw growth over those who didn’t. The study found that 67 percent of high-growth firms said they added new clients as a direct result of using multiple professional and social sites, including Facebook, Twitter, and LinkedIn.
“Today we have a choice: to watch how the change plays out or to take action and be part of the change,” the report notes. “The data suggests that the leaders are the high-growth firms that are reaping the rewards of driving the change.”
You can find the full study here.