How many times has someone told you that social media, referral alliances with CPAs and attorneys, client events, or some other strategy is “the silver bullet” to transforming your practice? Don’t buy into the hype. There is no silver bullet to achieving success in our business, despite what some people would like you to believe.

Case in point: social media. Recently, there has been a number of vocal “experts” who insist social media is the key to success for advisors. Unfortunately, many firms who are trying to capitalize on this resource have been disappointed with their results. Does this mean social media is worthless? Certainly not. Leveraged properly, it can be an effective platform for engaging clients and prospects. Social media is a wonderful tool in the right context, but by itself, can also be a huge waste of time.

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