Asked and Answered: How Social Media Can Take Your Practice to the Next Level

Clients are using social tools to connect, share and explore the world in increasingly greater numbers. Last year, Fidelity Investments, in its annual survey of American millionaires, found that more than a third (34%) of today’s millionaires are using social media professionally and 85% are using it for personal reasons. Online and mobile social connectivity is now fully integrated into the modern way of life for your clients. If it is important to clients, it should be important to advisors, says Mike Langford, senior social business strategist at Socialware. Langford spoke to Financial Planning about a few main reasons why advisors should start connecting with their clients through social media:

Get access to this article and thousands more...

All Financial Planning articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

Comments (7)
Social media can be a business-builder but there are strategic and compliance considerations. See our post on Common Questions about Financial Social Media at our fsmhandbook blog.
Posted by Evelyn E | Monday, April 23 2012 at 1:10PM ET
I agree with Mike that this is our e-commerce moment and in an industry where knowing your customer is not only a good idea but part of your responsibility as an advisor- social connection becomes more important and relevant. Our industry has challenges on the regulatory front, however the SEC and FINRA have been forthcoming on their expectations and it's up to the individual firms, broker-dealers and RIAs to determine their own social media policies. Early adopters are finding new ways to engage and connect with clients and prospects and those that do will leverage these relationships to drive new business. It's no longer a question of IF, but WHEN.

Victor Gaxiola
Posted by victor g | Monday, April 23 2012 at 1:42PM ET
Mike makes good points about the importance of connecting with clients via social media. As the social media manager for Nutmeg, a UK-based online wealth manager, I agree that our industry is in an "e-commerce moment". I think social media will become an increasingly important (and increasingly common) way of interacting with clients and prospects in the future. - Julie
Posted by Julie F | Tuesday, April 24 2012 at 10:41AM ET
Mike great points. I advise advisors to bring their books of business online. It is in their best interest to do so for the many reasons you have pointed out. If their client's aren't social, make them social, educate them on the benefits. It's a great chance to hold a client appreciation event, where you go over educating them on the benefits of social networks. For both personal and business use.

Great article! I love the Amazon comparison!


Rich LoPresti
Posted by Richard L | Friday, April 27 2012 at 9:54PM ET
Very attention-grabbing particulars you've remarked

commission vantage.
Posted by Anes A | Friday, June 15 2012 at 9:59AM ET
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here