But change is coming faster than ever for the bank channel. Once banks take the plunge into investments—and assuming they can get past any culture issues—they’re going to find a fast-changing business. Disruptive technologies and social media are changing the landscape in banking and elsewhere. (As someone whose career has been in print journalism, believe me when I say: Don’t ignore this.)
Our sister publication Financial Planning has an interesting blog post on this topic from contributor Ron Carson, founder and CEO of Carson Wealth Management Group and founder of Peak Advisor Alliance, a coaching program. (Joe Steuter, marketing and communications specialist at Peak also contributed to the article.)
Carson’s entire article does not apply to the bank channel, but much of it does. Below is a modified version:
Whether advisors want to admit it or not, the digital age is here. Technology is transforming our business and changing the behavior of our clients like never before. It’s made the world smaller, given us shorter attention spans, and increased the number of ways we learn and connect with each other.
It’s also made our clients and prospects hungry for information. The question is, are you doing everything you can to satisfy that hunger when a potential client considers doing business with your firm?
If you can’t answer this question with conviction, it’s probably time you take a detailed look at how you position your firm with prospects and clients. No matter how successful you are, there’s always room for improvement. I realized this myself recently, so here are enhancements I’ve made in the last few months to make my own digital brand more effective:
REVAMP YOUR SOCIAL MEDIA APPROACH
Start a company page on Facebook and LinkedIn, write a blog and set up a Twitter account to communicate with your target audience and showcase your firm.
As the lines between communication and marketing blur, it’s becoming more important for advisors to develop a social strategy that serves both of these business functions. The key with social media is to provide valuable content and communication. Without these components, your social strategy will end up like everyone else’s – unsuccessful and unproductive.
Through blogging and social media, you have a tremendous opportunity to paint a masterpiece that will attract your ideal clients. If you need a push in the right direction, here are three things you can do right now:
- Create content that gets shared on mobile devices: Regularly schedule tweets and posts that can be delivered automatically. Link the content you share, like motion-graphic videos, articles, and calculators, back to your website.
- Let your personality show through: The beauty of social media is that you can demonstrate value while also showing your personality and the culture of your firm. Showcase a picture from one of your client events or of one of your team members in action with a client.
- Collect and use information from clients’ social profiles: To make sure your social content is relevant and meaningful to your target audience, collect information from your current clients’ social profiles or those you are interested in prospecting.
DEVELOP YOUR DIGITAL BRAND
In the past few years, marketing budgets for advisors have shifted online from the traditional offline channels. That’s because consumer interest – and influence – has moved to areas like social media, marketing websites and online news.