Do you know of any success stories of licensed financial advisors using social media to grow their business?
I'm speaking soon to a conference of financial advisers (wealth management) and looking for real life examples of success.
Good Answers (15)
Ross D.
Futurist, entrepreneur, keynote speaker, strategy advisor, author
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In Australia I've noticed Greg Nazvanov is doing quite a bit. There are a few examples in Canada and US. Though overall very sparse.
I have a similar presentation coming up soon so also interested! :-)
Links:
Sadly no.
I have been talking to a couple of firms who are trying to get their head around social media. Continuing under their own steam thinking they will try Facebook and see what happens.
No concept of the true power of social media.
Others I have spoken to have issues around being seen to be 'giving advice' which they feel potentially could jeopardise their license.
There is now evidence small accounting firms are using social media to build strong client lists from spaces traditionally seen as the province of personal financial advisers
The Financial Review has recently published articles reflecting this trend.
Also alarming is the number of personal financial planners I have spoken with who have little understanding of the concept of social capital and the value of social presence. With these now becoming balance sheet items (see World Bank http://bit.ly/zerqQx .) I wonder about the advice 'these professional advisers' are giving clients who have strong social media based businesses.
I also wonder what social media policies these advisory businesses have for handling the opportunities and threats attached to clients, who say have a social network of 100,000 people. Easy to see the implications in such an environment.
Anita C.
CEO of Small Business Trends LLC SmallBizTrends.com
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Because of strict laws and internal controls by large financial companies, it's difficult for many financial advisers to use social media as freely as the rest of us. In fact, if the advisers are part of a large insurance or banking concern, they are probably forbidden from using social media except for some usage of LinkedIn to maintain networking connections, or monitoring of social media for purposes of some light prospecting work (although they probably can't reach out to prospects through social media, only become aware of potential prospects).
I've spoken a few times to financial advisers and was very limited in what I was permitted to cover with them.
Daniel G.
Simplifying Digital Marketing for Small Business | Digital Marketing Strategies | CEO
Des
I have a close friend that would fit the bill, I'll be talking with him this weekend and see if he has anything to share
Dan
Stormy K.
Owner at Net101.com - Small Business Internet, Mobile & Social Media Marketing
I think I'd come at this from the other direction - look at which financial advisors bubble to the top when doing a search in social media for "financial advisors" and then contact them directly. I'm guessing you'll probably find 2 flavors. 1 would be big firms that can afford to have a social media person consulting or on staff and small independent advisors who are handling their own social media.
Good Luck!
Scott A.
Digital Marketing Strategist | Digital Media Mogul
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I don't specifically know of any financial advisers, though I know of several CPAs and other financial professionals.
You may want to take a link at the story below, which just happened and is highly relevant to this question. I've also provided a link to a publication the U.S. Securities and Exchange Commission (SEC) just put out with social media guidelines for investment advisers.
Links:
- http://linkedintelligence.com/sec-charges-adviser-with-defrauding-investors...
- http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
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Clarification added 4 months ago:
Doh! Thought of someone... Paul Finkelstein -- linked below.
Fergal C.
Advisor on Social Media, Online Strategy and Web-Enabled Businesss, Business and IT Alignment
HI Des,
None come to mind I'm afraid - I do know some accountants starting to dabble with social media but no more than that.
Let me ask a few colleagues if they have any examples and ill get back to you
Fergal
Axel S.
CEO, XeeMe Corp - living across all networks http://XeeMe.com/AxelS
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Des - I do know of two cases but not in the typical social media marketing sense.
1) Client identification
One agent network is using it to simply keep in touch with their clients. It's a XeeMe customer but for obvious reasons not a referenceable customer.
2) Market research
One organization uses it for market research and competitive analysis but that is more a HQ driven initiative.
Sorry, nothing to point to with a URL and fancy promo. But the XeeMe case is super successful :)
I will actually write a white paper about it ;)
Cheers
Axel
Kenneth F.
Speaker, Experienced Software Professional, Enterprise Mobile Apps Developer, Systems Engineer
Yes, I know of several financial advisors, CPA and license insurance professionals which have use standard and social media.
There is a workflow, trust standard and unique social media compliance process which is critical.
I speak from experience, since I have had exclusive and licensed financial wealth management, CPA's and insurance agents. My team and I manage online business marketing, social media and reputation marketing online for more than 15 years.
I will arrange a special event with qualified licensed advisor that train marketing for wealth management marketing. There is a unique style to it.
Kevin K. L.
Google TV Community Manager | Social Media Consultant | Network Marketing Business Coach
Try this-- http://on.fb.me/xOrId0
It's a search result for financial advisors on facebook. To narrow down your search, look for the ones with the most number of fans and/or friends on their profile. Another consideration is the quality of engagement and conversations going on in their fan page or profile.
Hope this helps.
Links:
Jennifer B.
Strategic Social Media Marketing ►LinkedInologist►B-to-B Digital Change Management►LinkedIn Keynote Speaker
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Aaron Zelman, a client of mine, successfully uses Linkedin and is a Licensed financial adviser in Melbourne
Rich V.
Owner & Founder of PremiumShare. Helping others find the right Life Insurance policy.
As the founder of PremiumShare an online life insurance agency that relies 100% on inbound marketing we are having great succes with our model. However, we do not have the same compliance issues that registered representatives have. Actiance is a company that you may want to look up. They were just hired by Raymond James to monitor their social media channels in real-time. Good luck and please let me know if you have any questions.
Links:
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I directed marketing and communication for a wealth management firm. The CEO and Chief Financial Advisor was reluctant to engage in social media activity because the SEC did not have clear direction on the use of that medium of communication. The SEC has not clarified its stance on social media. Advisors to partake in social media as a marketing function do at their own risk.
Since the SEC is the government regulator of all things financial, including how advisory firms market, more conservative firms will not step into the social space until clarification comes from on high.
Using social media and other web tools to get media attention is a tactic advisors continue to use. I have written on this topic and used it myself.
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Sorry no I don't know any but am really keen to hear how you get on.. Good Luck Des, I know you will add so much value to those financial advisers and show them how to use social media to grow their business so that they in the future will be great success stories x Kerry
Walter A.
Principal iGo2, Business Savvy Social Media Strategist, IT Exec, Business Strategist, Cloud Advocate.
No, sorry to say. But I see many helpful responses.
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Wallace J.
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Victoria Ross
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Maria M.
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Clarification added 4 months ago:
More and more FA's are being allowed to use social media. But not in the same way most of us can do it. Look into FINRA rules which make so many things "promotion" and therefore a no-go, or a web to get through.
However, most FAs I have worked with have LI accounts, Twitter accounts they send posts of interest to their ideal clients, and blogs that have nothing to do with finance. I know some with FB accounts, but they don't use them too often right now.
You might find some stories by asking your question in GROUPS here on LI since most FAs don't visit ANSWERS too often.
William T. C.
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No, because of the strict laws forbidding most of the productive activities.
