Living in the digital world: Three ways to connect with clients

Where do financial advisors add value for investors?

According to a recent Vanguard Investor Survey, relationships – including trust and personal connections – account for 2% of the perceived value of financial advisers. The remaining 28% of investors provide actual service advisors, such as financial planning and maximum return on investment.

This study emphasizes that many in the industry already know: Client relationships are the foundation of financial advice.

It is not surprising that advisers have not adopted technology at the same pace as other professions. There is a concern that digital connections may not offer the same benefits as face-to-face meetings in the same level of personal, trusting relationships.

But that fear has gone wrong: with the right tactics, it can, and in the age of Kovid-1 of, it must. Meetings in private are no longer a safe option for communicating with potential individuals or clients, so technology is essential for these counselors who want to continue their practices during and after this epidemic.

Where technology fits into a client-advisor relationship

Technology is the only way to build trust and human connections when you can’t see clients face to face. Moreover, your chances To expect It’s your business. Of the consumers surveyed, 95% think that consultants are important to be technicians and up to 96% think that they want to use technology-based tools of their advisors. But respondents weren’t just interested in technology solutions: 88% said technology should complement, not replace, human financial advisory services.

As we know, even before the epidemic disrupted life, clients wanted a technology-capable experience, but still valued human touch.

The following strategies can help you use technology to strengthen meaningful connections and, instead, build trust with potential clients:

Relationship Alpha Tile

1. Start seeing clients and prospects where they are on social media.

With traditional thematic personal communication strategies off the table for the foreseeable future, you need to change how you meet and engage with clients. This means connecting with clients and prospects on social media.

It’s easy to build active relationships on platforms like Facebook and LinkedIn. It’s all about finding the right people and sending messages in the right way. Social media helps you build trust and build relationships, but your impact depends more on your personal communication with clients than on your consulting organization. After all, their financial advisors can generate double the click-through rate (CTR) of a brand when sharing social media content with a network 10 times larger than their employer’s list of followers.

2. Share relevant content that establishes your credibility.

Use your social media channels to educate potential clients about financial concerns related to them personally. This will not only help you build trust and connectivity, but also show your network that you are an expert source of financial information.

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The social media search function can help you decide who to share information with. For example, if you’re interested in helping young adults develop their investment strategies, you can search for recent college graduates on LinkedIn and think about questions that might inform someone in this population.

No matter what content you share, make sure it feels like a real effort to help. A sales pitch that highlights your products and services will do nothing to build a trusting relationship. Instead, stay up to date on your connections, follow them on social media, and apply that information to personalize messages. For example, if you see that one of your new connections has just bought a home, you can send a congratulatory message with some of the financial advice for first time homeowners.

3. Invest in paid social promotion.

As you become more proficient in social media, you can increase your publicity level by investing in strategic paid social advertising. Organic posts help build credibility and trust, but sometimes they are not enough. In order to reach the right potential clients at the right time on the scale, targeted paid social advertising may be required.

These paid social ads should complement the informative and educational messages you share with your audience. They should help build your reputation as a financial thought leader and raise awareness about your practice to your target audience.

Financial Analyst Journal Ad

Be intentional and precise. There is no substitute for money for thoughtful targeting and sending messages. In order to return on investment, you need to be strategic about how you distribute your paid social. Social media management software can help you find the best placement for each ad and optimize its reach.

Financial advisers may have at one time moved away from integrating technology solutions into their practice. But completely eliminating digital equipment is not an option. Proper technology and digital outreach strategies can help you re-imagine how to reach and engage clients in a virtual world.

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All posts are the author’s opinion. As such, they should not be construed as investment advice, or the opinions expressed do not necessarily reflect the views of the CFA Institute or the author’s employer.

Photo Credit: © Getty Images / Drazen_

Doug Wilbur

Doug Wilbur is the CEO of Denim Social, a social media management software company that provides marketers in the regulated industry with tools to manage organic social media content and deliver social media ads on a single platform. Trusted by more than 250 organizations in banking, insurance, mortgage and asset management, Denim enables social brands to engage consumers on social media, deepen relationships with the community and close more contracts while in agreement. Wilbur has worked in the Fintech space for over a decade and has experience working with Discover Financial Services, and Assembly Payments, among others. He has suggested several fintech-centric start-ups in the Greater St. Louis area.

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