By creating a social selling/employee advocacy program via social media, wealth managers can see several tangible benefits. Some are outlined below.
Lead generationLinkedIn is an efficient way for relationship managers (RMs) to seek introductions to new clients via their existing network. LinkedIn allows RMs to research their second line connections to find specific, named individuals they would like to be introduced to. There are an almost unlimited number of demographic searches that wealth managers can run on LinkedIn to find their ideal new client, and then leverage off their existing network to facilitate a warm introduction. Many wealth management firms can evidence significant new business from their advisers utilising LinkedIn in this way.
Amplify your brand
By having your employees act as advocates of your brand via social media (for example by ‘liking’ and sharing your firm’s content), firms can extend their reach to a wide audience, thereby creating brand awareness to a large community of social media users.
Drive traffic to your websiteBy posting content onto social media, wealth managers have a simple and cost-effective way to drive traffic to specific web pages, for example newsletter sign-up or market news pages.
Raise awareness of your products/servicesAthough social media shouldn’t be used for ‘product pushing’, with a little creative thought it can be great way to promote your latest products and services. Video is a great way to sell the benefits of a product to a wide audience.
Inform and educate your clients, prospects and business contactsBy posting informative, non-sales related content on social media, individuals can position themselves as experts and leaders in their field, while at the same time informing and educating their network.
Deepen client relationshipsSocial media allows you to have on ongoing dialogue with your clients via multiple online ‘touchpoints’.
Reputation managementFrom both a consistent branding perspective at a company level and in relation to an individual employee’s personal brand, LinkedIn allows firms and individuals to control and enhance their online brand. Individuals can create a professional LinkedIn profile that showcases both their own and the firm’s expertise.
Monitor the competitionA firm should follow all of its competitors on social media to keep up-to-date with market developments and new products and services. Relationship managers could follow some of their direct competitors as this can be a great source of market intelligence.
Improve client communicationsTraditional client communications were usually limited to a quarterly valuation and market review. Social media allows you to keep clients up to date in real time with market developments.
All of this is of course subject to your local regulatory requirements and internal policies on the use of social media, but with a focused and controlled strategy, there are clearly significant benefits to a firm-wide employee advocacy program via social media.
This article was originally published on LinkedIn. Adapted and published with permission.