Financial Planning
You got me at like: Advisers tap social to retain clients

Social-savvy financial advisers share their winning strategies at the AFA conference.

Sam Robinson from Pursue Wealth, Nicole Heales from Nicole Heales Financial and Glen James from Fortify Financial have one thing in common: they are all certified champions of social media as a client retention strategy.

There's the usual stuff: an Instagram account, a Facebook page and a snazzy-looking website.

But then there's the level-up material: SEO-optimised video content, different landing pages and social campaigns for different client segments and, in Glen James' case, a completely separate digital persona for his millennial clients called 'my millennial money'.

"I wanted a business to compete with my own financial planning business," said James, who runs a separate social media strategy for his company Fortify Financial while employing a social media manager to drive the content on his own business disruptor, my millennial money.

Heales said social media is simply what the phonebook directory was to the previous generation. It's a means to communicate, contact and connect with existing and prospective clients.

The format has changed but the utility is the same, albeit with emojis.

Jenny Pearse, social media consultant at Jenesis and facilitator of the conference panel session, said there's a lot to gain from taking social media as a legitimate business channel for advisers.

"There are 15 million Australians who are actively using Facebook (or about 60% of the total population). They are now using Facebook to search for products and recommendations - including financial planners," said Pearse.

Robinson also said that the appeal of social media cuts across multiple demographics, not just the millenials, which is a common misconception.

"In fact the Baby Boomers segment is the fastest growing market segment on Facebook," she said.

Besides Facebook, James said that any financial adviser who doesn't have a video (YouTube) presence is not doing themselves any favour.

"Video is where it's at. YouTube is the second largest search engine in the world," he said.

In the US, social media is a well-established channel for Gen-X investors. Social media outfit Hearsay said that in 2017, a high 80% of high net worth investors (HNW) age 40 years and under are specially reliant on social for finance-related content.

More than a third of them use social media for financial transactions, to query their bills and to find a financial adviser.

Read more: AFAFortify FinancialGlen JamesNicole HealesJenny PearsePursue WealthSam Robinson
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