Tips for using social media

Tips for using social media

Just as our clients engage us for advice and guidance on regulatory matters, so do we engage with experts in certain fields.  One such field is digital marketing.  Recently I was having a discussion with one of our experts in this field about how to improve our social media presence. 

Based on that discussion, I have outlined some simple strategies that can help you build your brand and engage with clients and prospective clients, all while remaining compliant.

Who is your target audience?

When creating engaging, relevant content, you must first know who you’re engaging. To keep your content relevant content, picture your ideal client. Think of demographics like age, occupation, and primary financial goals.

This isn’t meant to limit you but rather help tailor your content. For example, if your ideal client is a professional in their fifties who prioritises preparing for retirement and their children’s education, an article aimed at young people entering the workforce isn’t relevant content to share.

Valuable content is key

Every social media post should serve a purpose. For example, if you share an article written by someone else about market volatility on a specific asset class, it should include intuitive commentary that emphasises your expertise.

As it’s free to post on social media, it’s easy to approach the selection process more randomly than you might with a more costly marketing campaign.  Having this mindset wastes time, resources and could even negatively impact your brand.  Clients want to work with credible, organised, and trustworthy financial advisers.  If your social media content is disorganised and irrelevant, prospective clients may assume your firm is, too and if that’s the case, do you really expect clients to trust you with their money?

Prioritise consistency 

Consistency is important when posting.  If you post every day for a week, then stop for a month, you may not stay top of mind.

You may be handling your own marketing, if you’re a smaller practice, in which case you may not have time to post every day. If you believe you can only post four times a month then do so once a week, keeping the quality of the content in mind. Four insightful, engaging posts that highlight your voice will almost certainly have a better return on investment than daily posts made only for the sake of posting.

Engage with others to build relationships 

To increase efficiency, it is advisable to schedule posts ahead of time, but you still need to engage beyond posting. If you only log in to your social media accounts once a month to schedule posts, you’re missing out on a major benefit of social media and are unlikely to grow your reach.

A major part of your social media presence, both in terms of algorithmic effectiveness and branding, is engaging with others.  Start commenting on relevant posts, reshare content you find interesting and respond to comments on your posts.

Use social media as a learning opportunity

Social media doesn’t only provide a channel for you to let others know about your practice. It’s also a great way to learn more about other financial planning practices, prospects, and clients. If you’re new to social media, or looking to improve your social media strategy, look at how competitors engage over social media.  Decide what you like or don’t like about their social media presence and use that as a starting point for building your own social media strategy.

You can also learn a lot about prospects and clients through social media. You can learn what sort of content they share; accounts they follow or causes, or values do they talk about?

Share your values

Sharing your values is a great way to connect with clients and prospective clients. For example, if creating a supportive work environment is important to you, post content about your employee appreciation. If you value giving back to the community, share causes and organisations important to your business. Or if financial literacy is a priority, highlight events or resources that support financial literacy education.

Compliance needs to be top of mind

Posting on social media is marketing, and as such needs to comply with Legislative and Regulatory guidelines.  While it may feel more informal, non-compliant social media posts can be construed as advice and lead to regulatory action.

Be aware of information you cannot share on social media. This includes but is not limited to investment or insurance advice; performance data; guarantees of future returns or market/asset performance; and any content a reasonable person may consider misleading.

It’s important to keep in mind that any content you share constitutes marketing material and therefore must also be compliant. In other words, any content you share must comply with regulatory guidelines, whether you created it or not.

We are always more than happy to assist you with reviewing potential posts to ensure they stay within the guidelines.


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