The top 3 questions we get from financial advisors about social media are:
- Why do I need social media?
- Which platform should I use?
- Oh crap, what should I post? (Sometimes, there’s a more colourful word used instead ☺)
1.Why do I need social media?
“Marketing gurus always tell me I need to be on social, but I have no clue why.….”
Let’s be straight- you don’t need social media to grow your business. Okay, so I said it.
You don’t have to do social media to run a successful advisory practice; however, over 89% of Canadians are on social media.1 This means there’s a high likelihood that your prospects are hanging out on social and are interested in your financial services.
Social media also helps your practice unlock another level of growth. If you’re looking to keep growing your business, this is another way to create awareness about your insurance or investment services.
2. Which platform should I use?
“Marketing gurus tell me I should be on every platform, but it feels overwhelming….”
Of course, in an ideal world, if you have unlimited time, it’d be great to be on every platform, but the reality is that advisors have limited time. There’s a lot of mixed advice on what social media platform to be on for advisors. Advisors can stress themselves out by trying to post to all platforms… So, this is what we tell our advisors:
- Pick your top 20 ideal clients.
- Google them. Find out which platforms they live on.
- Note the platforms, then choose your platform based off this.
Focus on one platform at a time and do that one well.
3. Oh crap, what should I post?
“I know I need to post two times a week, but I have no idea what to post.”
Ah, what should I post? Should I post a cat video? Ask these questions before posting to social:
- Why should people follow you on social media?
- What’s the problem your social media should solve for your clients and prospects?
- What are the solutions to the problem?
Example #1: Financial Tech Tools
At Financial Tech Tools, advisors follow our social media because they want to learn about financial marketing and how it can grow their business.
The problems and solutions are:
- I don’t have time to do my marketing. It’s okay; we’ll take care of it for you.
- There’s no clear path to financial marketing. Yes, there is; it’s our four pillars of financial marketing.
- I want to do marketing, but what about compliance? We deal with compliance.
- Does financial marketing work? Yes, it does, and we have the testimonials from our advisors to prove it.
Example #2: Advisor that works with young families.
A mother or father follows an advisor’s social media to get financial tips on family finances.
The problems and solutions they face are:
- How much should I put into my RESP? It depends on your budget but enough to get the Canada Education Savings Grant.
- What about retirement? Should money go into my company pension plan or RRSP? This depends on your situation, but here are the differences between the two. Then, we can sit down to talk about what makes the most sense.
- How much money should go into an emergency fund? We usually recommend 3-6 months’ worth of expenses, and here’s why.
- What happens to my family if I die or get sick? Make sure you have life insurance or critical illness to take of your family and peace of mind.
- Should I get mortgage insurance from the bank? Here’s the difference between bank-owned insurance and personally held insurance.
At Financial Tech Tools, we work exclusively with financial advisors to help them grow their businesses through online marketing. If you need help or want a free consultation, just book a meeting.