Financial advisors are stepping up use of social media. Seven out of 10 advisors surveyed for a report last year by FTI Consulting and LinkedIn said they already are using social media for business purposes. But for advisors on the sidelines, the big question is, How do I start?
An Aug. 8 webinar, “Strange Bedfellows—Compliance and Social Media,” sponsored by Financial Advisor magazine and Finect, the simple, compliant social media platform, went to the source for answers: top financial pros themselves.
The panelists were Michael Kitces, partner and director of research at Pinnacle Advisory Group and author of the popular “Nerd’s Eye View” blog; Brittney Castro, founder of Financially Wise Women; Charles Massimo, founder of CJM Wealth Management; and Bob Bacarella, founder of the asset manager, Monetta Group. Finect President Jennifer Openshaw moderated the discussion. Here are some key takeaways from the talk. ( Click here for the slides.)
What did you wish you knew when you started using social media?
"You ultimately need some way to keep the connection and go further.” Social media, he says, is much like attending a networking meeting—you can show up, but you won’t generate any business unless you leave with a business card. As effective a tool for interaction that social media serves, “there’s still relatively limited interaction,” he says.
How long were you doing social media before you could see it making a difference in your business?
Kitces: He saw a 12-month ramp-up before he saw meaningful interactions that could be traced to social media activity. But his experience is based on a period years earlier when there was a smaller audience in his industry. He suspects that a ramp-up today would move more quickly because more people are in social media.