Which are the most popular marketing tools for financial advisers?
According to recent research, twice as many advisers now use social media as their chief marketing tool compared with older methods such as sponsorship of teams and social occasions.
Social media coming top
Of the 379 advisers polled, 70 per cent get involved in social media for business reasons – up from 58 per cent in 2014.
When asked about other marketing aids used, over one-third (36 per cent) said events to which clients are invited came top, with sponsorship second (31 per cent) and email in third place (30 per cent).
Financial advisor software can be a key part of an adviser’s arsenal and is available from providers such as https://www.intelliflo.com/.
Ratings for social media platforms
Figures revealed that Facebook has become less popular, with 37 per cent of the respondents using it for business compared with 41 per cent in 2016.
Similarly, compared with 43 per cent usage of Twitter one year ago, the figure dropped to 40 per cent.
57 per cent were using LinkedIn, making it the most favoured social media platform for commerce.
When the advisers were asked why they got engaged with social media, 56 per cent said they wanted to keep up with up-to-date communication systems.
Attracting new clients came in second place at 54 per cent.
Amongst those who engage with social media, governance is greatly improved. This year, 58 per cent have written policies for dealing with social media, compared with 25 per cent in 2014.
In 2018, just 11 per cent said they did not know whether such policies existed, compared with 52 per cent in 2014.
According to specialist social media service Hearsay, lots of those who use social media to showcase their businesses could make it work better for them. An article in the Financial Times has some great ideas.
The executive chairman of Intelliflo, Nick Eatock, said it is positive that governance for social media usage is developing.
He noted that advisers appear to be more at ease about using social media platforms to contact clients; however, he pointed out that advisers can make promoting themselves via social media much more targeted if they change their posts to appeal to those who engage with the different platforms rather than focussing on finance-related or corporate messages.