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Advisors - December 22, 2020

3 Tactics for Advisors to Increase Their Social Media Reach

Could you imagine getting tens of thousands of eyeballs on your next Tweet or LinkedIn post? Charlie Bilello, founder and CEO of Compound Capital Advisors is a social media pro… his Tweet on asset class returns drew thousands of likes and hundreds of retweets in just a few hours

Bilello Asset Class

You don’t need to be an expert to try a new tactic or two to build your brand, engage with your clients and prospects and win new business (and no need to ask your kids how to create a new TikTok account).

Why should financial advisors use social media?

Only 43% of advisors say they use or plan to use social media channels in their marketing efforts, according to a WealthManagement.com survey. This means that not only is it not too late to start using social media effectively, but you’ll be ahead of the curve and one step closer to make your practice stand out from the rest.

More than half of advisors currently on social media use it to increase their firm’s visibility for when prospects are researching them (58%), and nearly half use it to enhance their current relationships (48%) — 2 birds with one stone. And in the next two years, the advisors surveyed largely plan to increase their social media presence, either significantly (26%) or somewhat (42%). The time to start using social media, or improving upon your current social media strategy, is now.

If you’re looking for additional resources to enhance your client communication strategy, take a look at this brief video explaining YCharts’ Advisor-Client Communications Framework, and the accompanying downloadable worksheet.

What are your clients saying?

As advisors continue to adopt social media as a part of their outreach strategy, YCharts wanted to hear from their clients directly on what advisors are doing right, and what they’re doing wrong. In YCharts’ survey of over 650 clients of financial advisors, we found that: advisors’ clients aren’t feeling the love.

64% of clients feel their financial advisor communicates with them infrequently or very infrequently. Considering so many people spend a chunk of their day on social media, an effective strategy will remind your clients of all the hard work you’re putting in on their behalf. Additionally, 85% of clients consider their advisor’s communication style when deciding to retain or refer their services. If you aren’t staying up to date on the best communication outlets and tactics, your clients may look elsewhere.

3 tactics to engage with your clients on social media

We’re constantly seeing financial advisors leverage easy-to-digest visuals to engage with their clients on social media. Leverage any combination of the tactics below to improve your engagement. They say a picture says a thousand words and we think it’s an excellent way to start a conversation with your clients and prospects.

#1 Provide Real-Time Analysis — “Hey, check this out!”

On-the-go analysis can spark conversations with other industry professionals, build your social media following and presence, and demonstrate thought leadership to your clients on the most interesting market developments. 

Manish Khatta, Chief Investment Officer & President of Potomac Fund Management, regularly shares his portfolio research on LinkedIn, including an insightful statement and compelling visual:

When you come across an interesting nugget during your research, even if its a small insight, try sharing it on social media. There are two ways to share from YCharts: 1) To share directly to Twitter from Fundamental Charts, click “Share” then “Tweet”, and follow the prompts to link your YCharts and Twitter accounts; 2) Save the visual by clicking “Export” and “Download Image”, then upload it to the social platform of your choice.

Download Image

Modify in YCharts

LinkedIn, Facebook and/or Twitter may already be in your social media toolkit, but make sure you aren’t limiting your audience reach by just using one platform. Consider leveraging YouTube and/or Instagram to capture even more eyeballs. Instagram “Stories” are growing in popularity as a great medium to share thought-provoking and fun ideas through a quick visual. Sherman Wealth, for example, often share quick insights like these with their followers on Instagram:

Ad hoc analysis is great to share with your network, but to truly be a partner for your clients on their financial journey, providing regular market updates is crucial—and also a key part of a consistent and timely outreach strategy.

#2 Give Regular Updates — Be your Client’s Financial Partner

Publishing timely market commentary and thought leadership, whether through quarterly market perspectives, newsletters, blogs, or other mediums, shows your knowledge and the value you can provide to your clients. 

Not only do they keep your current clients informed, but these content types can also grow your brand and help win new business. Some more social media magic from Charlie Bilello — a simple “roundup” tweet re-sharing your latest or most helpful content can be an effective way to draw page views to your blog, newsletters, or your firm’s website.

Bilello Twitter Blog

If you want to keep your clients up-to-date in a more personalized way, YCharts has a range of tools to help you out. YCharts Custom Reports allow you to create tailored overviews of clients’ portfolios, complete with your firm’s logo and colors. You can also create Custom Email Reports within YCharts, or subscribe to our weekly and monthly market updates and forward to clients directly from your inbox.

#3 Incorporate News about your Firm — We’re all Human

While LinkedIn and Facebook can be great places to share market perspectives, they’re also primed for sharing firm or personal news. See how a small note from Tyrone Ross Jr., CEO of Onramp Invest, about his firm’s new CTO added a human touch to his social media presence and drove engagement.

Engaging with your clients and prospects online is a can’t miss opportunity for advisors. Some of the best in the business are already seeing these tactics pay off, and you might, too.


Connect With YCharts

To get in touch, contact YCharts via email at hello@ycharts.com or by phone at (866) 965-7552

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